Preparing for the worst case scenario is one of the fundamentals of an insurance policy. While we tend to think of our possessions as our most valuable assets, it is really our health that becomes top priority. As the name suggests, Wawanesa Life’s Quick Issue Critical Illness insurance is a policy that protects you in case of critical illness. Here’s everything that you need to know about it.
The Hidden Cost of Critical Illness
Two out of five Canadians will develop cancer in their lifetime and every day, 500 more people are diagnosed with it. In addition, 70,000 Canadians suffer a heart attack each year and 50,000 suffer a stroke. While the chances of surviving these medical crises is higher than ever, recovery can take months or years and have dire financial consequences for you and your family.
Even with Canada’s universal healthcare, a serious health issue can drive someone to financial hardship. Typical causes include expensive out-of-hospital drugs, which are very common in treating cancer, as well as a loss in income due to a difficult and long recovery.
Why You Need Critical Illness Insurance
The unfortunate reality is that such illnesses can strike anyone. However, critical illness insurance allows you to protect yourself and your loved ones from the financial strain of dealing with medical costs that aren’t covered by your provincial or employer-provided health insurance.
Critical illness insurance should be thought of as a companion to life insurance. Your life insurance policy ensures that, in the event of your death, your dependants will be taken care of. Similarly, critical illness insurance guarantees that should you become unable to provide for your family, they’ll be taken care of.
How Does It Work?
The insurance policy provides a tax-free lump sum payment to the policy holder 30 days following the diagnosis of one of 14 critical illnesses and conditions, including kidney failure, heart attack, stroke, and major organ transplants. The policy also offers flexible plans to meet the needs of a variety of different people. The policy can be issued to anyone between the ages of 18 and 60 and provides coverage worth between $10,000 and $100,000 until the age of 75, with three different premium structures – including an option where your premiums can be returned if you do not claim under the policy by your 65th (50% return) or 75th (100% return) birthday. In addition, Wawanesa Life offers special non-smoker rates to applicants who haven’t used tobacco products in the last year.
Qualifying for the policy is a simple matter of answering eight questions, which you can see here along with more information about Wawanesa Life’s Quick Issue Critical Illness insurance.
Find a Qualified Insurance Broker in Edmonton
When looking for insurance of any kind, working with an experienced broker will allow you to find an affordable policy that meets your needs. Trust MBS Insurance Brokers Ltd. and contact us today to make an appointment with one of our brokers or to learn more about the policies we offer.