Critical Illness Insurance
If you suddenly had to face a crushing medical crisis such as a heart attack, cancer or stroke, you would want to focus all your energies on getting well. What you would not want at a time like this is the added burden of a financial crisis in the face of many costs that would surface, which are not covered by traditional health or insurance plans.
You will need some help to keep your life together while you focus on recovering.
Provincial medical plans and any private medical insurance may only pay for some of the medical bills. Who will pay for the significant non-medical expenses that arise during the recovery process?
For example, if you were debilitated and needed a wheelchair or other equipment, would you have to renovate your home to make it wheelchair accessible? What about specialty medications, treatments and care? Could you afford these sorts of expenses while working full time, let alone if you were on Disability Benefits?
Unfortunately, your financial obligations don't stop while you are convalescing.
Critical Illness Insurance has been designed specifically to address these problems. You will receive a lump-sum tax-free payment, usually 30 days after the diagnosis of one of the covered illnesses.
Douglas Pinnell -
Insurance Consultant & Guest Speaker
Statistically speaking 1 in 3 Canadians will be diagnosed with a critical illness
Testimonial from Josh Bedard, OAA, M.Arch, HBAS
"Mumby worked hard to put a plan in place that gives my family peace of mind at very affordable pricing. I’m looking forward to being a Mumby client for many years to come!"
You could receive a cheque for up to $2,000,000 depending on the coverage chosen. You could use this money for anything from paying day-to-day bills, to hiring private nursing care or needed child care, to taking a vacation to help you convalesce, to investing for future income. What you do with the money is entirely up to you.
Critical Illness Insurance pays if you get sick with a covered illness. It has nothing to do with being terminally ill. In fact it is survival through modern treatments that led to the development of critical illness insurance. Again, if you survive the illness, you keep the critical illness payment.
Because the chances of getting sick are much higher than they are of dying, critical illness insurance is not an inexpensive policy. It is also harder to quality for than life insurance.
Statistically speaking, 1 in 3 Canadians will be diagnosed with a critical illness, so the pricing and underwriting reflect this.