CI pays you a tax-free lump-sum in the event that you are diagnosed with a serious illness. There are 25+ ”covered conditions”, but the most common are cancer, heart attack, stroke and MS. CI can allow you to travel to another country to expedite treatment, or pay for drugs, home health care or other expenses that may arise. It can offset the loss of your income or the income of a spouse or family member who supports you in treatment or recovery. There are no restrictions on how you spend the funds.

Most of our clients purchase a version of CI in which 100% of the premiums are refunded if no claim is made. The refund can be available as soon as 15 years after taking out the policy. Many incorporated clients will use corporate dollars to fund the premiums, reducing the effective cost and potentially saving income tax down the road.

In comparison with Life and Disability Insurance, it is more difficult to medically qualify for Critical Illness Insurance. Obviously, if you already have a covered condition, that condition will be excluded and you may be declined. If you have a medical condition that makes it more likely that you will develop a covered condition, you may be declined. For example, while diabetes is not a covered condition, it puts you at a higher risk for heart disease, stroke, and blindness, and will likely result in a decline. Finally, many of the covered conditions have a strong hereditary component, so the health of your parents and siblings will be assessed. So for these reasons, we strongly encourage you to look into CI when you are young and at your healthiest. As a bonus, it is also less expensive at younger ages.

We understand that nobody wants to think about the possibility of a serious illness, but most of us know someone who was unexpectedly diagnosed with cancer, experienced a cardiac event or had another serious illness. These things happen even to the healthiest and lowest-risk individuals among us.

It’s important to be prepared. CI can provide peace of mind and protection for you and your family. If you have any questions or would like to schedule a call, please do not hesitate to reach out.

Thank you for your continued confidence in us.