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:
Coronary Artery Bypass Surgery
Heart Valve Replacement
Loss of Limbs
Loss of Speech
Major Organ Transplant on Waiting List
Major Organ Transplant
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.