HRM Parent Blog

Most of us optimistically go about our daily lives, firm in the belief that a terrible health problem or a critical illness will not strike us.

But it could. Too many Canadians have already discovered that a critical illness can have a devastating impact on their lives - and the unfortunate reality is that suffering a critical illness or condition is more likely than you think.

And what if it did? If you're like many people, you probably assume our health care system will pay all your expenses if you become critically ill - but you'd be wrong. Many drugs aren't covered. Additional expenses like travel, day care and home care and private treatment may not be covered. In fact, to cite just a single alarming example, The Canadian Cancer Society estimates that two-thirds of cancer treatments are indirect expenses not covered by provincial health plans.*

Many other expenses, such as modifications to your home or business losses caused by an owner's critical illness, are also not covered by provincial health plans. And as health-care costs for professional services and pharmaceuticals continue to escalate, government aid continues to fall further off the pace.

How would you keep going? A critical illness may require you to hire a nurse or domestic help. Your spouse may need to take time off work. You might require timely, non-insured or experimental treatment outside Canada. These all cost money and most of us will do everything we can to preserve our health, regardless of cost. If that cost includes withdrawing money from your Registered Retirement Savings Plan (RRSP), it could mean a serious depletion or even the loss of your retirement savings. In some cases, you could find yourself deeply in debt.

There is a bright side. You're more likely than ever to recover from a critical health problem. The remarkable strides in medical technology have made it possible for growing numbers of people who experience a critical health problem to live long and fruitful lives, perhaps even making a full recovery. And there is a reasonably-priced way to help ensure you'll have the finances to keep going until you can once again earn a living. It's called Critical Illness Insurance.

Critical illness insurance enhances your medical insurance by providing options that would otherwise not be available to you. It usually pays a lump sum to the policyholder after the diagnosis of a specified life altering illness, and the satisfying of a specified survival period. Once you qualify for the payout, you usually get it with no strings attached. First of all, it’s a tax free benefit. You can use the money any way you wish - for private treatment, paying down the mortgage, modifying your home, financing a recovery vacation or to keep your business going. This can help to protect your retirement savings.

Depending on the coverage you choose, critical illness insurance can cover cancer, heart attack, stroke, paralysis, MS, Parkinson's disease, Alzheimer's disease, kidney failure, burns, diabetes and many other ailments.

Critical illness insurance - and other types of insurance such as disability and long term care - can help you achieve and maintain financial security no matter what life brings.

It’s never too early, or too late, to start investing.  But what’s the best option for you and your lifestyle?  A Financial Consultant can advise you on how to improve your saving and investment habits and help you make the very most of your money. Call us to find out more about how The Plan™ can help you prosper now… and over time.  Investors Group – Halifax, NS. (902) 423-8294.  www.investorsgrouphalifax.com