Critical Illness – Insurance or Savings… Why Choose?


CRITICAL ILLNESS                                                                   June 6, 2013

Jon Glougie, Investment Advisor, CFP ®, BA

Insurance or Savings… why choose?

You may think that your financial plan is only big enough for saving for your future, and

that there isn’t enough room to insure your plan is protected from the pitfalls of life.

Consider what might happen if you were to get sick, whether it be while you are working

and saving your hard-earned money for retirement or a major purchase, or whether it be

while you are retired and using your hard earned savings to fund your retirement lifestyle.

How would you pay for your medical expenses? Where would that money come from?

You work hard to fill your RRSP, your TFSA and your other savings accounts. Don’t let

a life-altering illness deplete your savings. You can now insure yourself, protect your

savings and save for retirement… all with Critical Illness insurance.

Critical Illness insurance can protect you and your family from the negative affects that

an illness can have on your financial plan. It is intended to provide you and your family

with a one-time, tax-free, lump sum benefit if you are diagnosed with a Critical Illness.

These Critical Illnesses include, but are not limited to:

Alzheimer’s Disease



Coronary Artery Bypass Surgery


Heart Attack

Heart Valve Replacement

Kidney Failure

Life-Threatening Cancer

Loss of Limbs

Loss of Speech

Major Organ Transplant on Waiting List

Major Organ Transplant

Multiple Sclerosis


Parkinson’s Disease

Severe Burns


source : Canada Life


Okay, so we know how Critical Illness can help protect your financial plan, but how can

it be used to save for your future?

Critical Illness is the only insurance available, where if you do not get sick and you do

not use the insurance, you will get ALL of your money back. So consider this…

You have the opportunity to protect your family, your financial plan and, most

importantly, yourself from an unexpected illness. In a worst case scenario, and you get

sick, the insurance will help cover any costs that you may incur (treatment, monthly

expenses, etc.) and if you don’t get sick, you get all of your money back!!! Now all of the

money that you have used to insure yourself, has become savings that you can use to fund

your lifestyle in retirement.

If you want to learn more about what Critical Illness can do you for you

and your financial plan, you can contact us.

* Insurance products are provided through Dundee Insurance Agency Ltd.