The Patrika
Friday, June 5th, 2015
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Ask Bharathi My friend has critical illness insurance and was telling me that it’s a good thing to get. Can you clarify what exactly it is and how it works? Almost anyone you talk to nowadays knows someone who has suffered a major disease such as cancer or heart disease. You are about 4 times more likely to suffer a serious illness than die before the age of 65. It’s important to understand that while survival rates for major diseases are at an all-time high (thanks to advances in surgical procedures, drug therapies, and preventative efforts) the costs of living still exist after diagnosis and often increase over time. A critical illness policy in Canada is a form of insurance that would pay you a tax-free lump sum pay-
ment should you become seriously ill. You are free to use this money as you pleasure, such as to cover debt, to cover the cost of any alternative therapy, or travel to a religious place for example. It can save you and your family a lot of heartache and angst, and can allow financial flexibility to stop working should you choose.
sitting down with a qualified professional before making any decisions. To a good financial future!
Determining if you need it should first entail outlining what you currently have. You may have some level of coverage through a policy at work, which should be looked at first. Secondly one should consider the cost of the policy, as you don’t want to be paying a premium that is putting you in financial hardship.
Do you have a question?
Everyone’s need for Critical Illness Insurance is unique so please consider
Bharathi Sandhu, BBA, Financial Advisor Raymond James Ltd. Suite 200-2881 Garden Street, Abbotsford BC V2T 4X1
Email it to me! Bharathi. Sandhu@raymondjames. ca Bharathi Sandhu is a financial advisor with Raymond James Ltd. The views of the author do not necessarily reflect those of Raymond James. This article is for information only. Raymond James Ltd. member of Canadian Investor Protection Fund.
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