About one in 2.2 men and one in 2.4 women in Canada could develop cancer in their lifetime and up to 63 percent is expected to survive, thanks to improved medical technology. However, with the improvement in medical technology comes an astronomical increase in medical costs. Critical illness can put you and your loved ones in serious financial stress if you don’t plan for it.
With Canada Life’s critical illness insurance, you can protect yourself and your loved ones in the event of such a life-threatening condition.
If you are looking for a financial protection that will help you to cover the costs associated with recovery from a life-threatening illness condition, you need this critical illness insurance plan. You also need this plan to protect your loved ones. The plan includes a lot of benefits such as support services, coverage for uncovered expenses, protection for your retirement and so forth.
How Canada Life’s Critical Illness Insurance Works
If diagnosed with a critical illness condition, you will receive a tax-free lump sum after surviving the survival period specified in the policy. In addition, you are free to spend the lump sum amount the way you want and as you deem fit such as covering lost income, paying off a mortgage, paying for private nursing and so forth. This helps you to focus on your recovery.