Every year, social media channels and workplaces alike sport pink ribbons and shirts during October to raise awareness for Breast Cancer. It is estimated that about 1 in 8 Canadian women will develop this disease during their lifetime, and 1 in 33 will die from it.1
Your risk for breast cancer is highly personal, arising from some factors that you can’t control, such as your genetic makeup, to other factors that you can. Having risk factors doesn’t mean you will inevitably develop breast cancer: Many women with risk factors thankfully never develop breast cancer at all. On the other hand, women with no apparent risk factors can indeed develop it. Unfortunately, this isn’t something we can foresee or even plan for.
At ZLC, we focus on planning – a plan for your retirement, a plan for the transfer of wealth to your children, a plan for estate taxes… and a plan to ensure your health, and the risks associated with health are protected.
Have you considered the financial impact a diagnosis would have on you and your family? Would you need to take time away from earning an income for treatment and recovery? How much would that cost your family and what are the limitations of government programs like Employment Insurance?
What if there was cost-effective insurance that you could purchase to help cover this risk?
Thankfully there is a solution – such an insurance product does exist. Critical Illness insurance pays a one-time tax-free lump sum upon the diagnosis of any of a number of serious conditions. You can use the lump-sum benefit as you wish – you may need to make monthly mortgage payments, hire some support for your home and family, or even just take a vacation with family for some much-needed rest. Financial security reduces stress which can assist in the recovery process.
Not all covered illnesses are life threatening. The impact of a non-fatal illness can often be more financially devastating than death when costly treatment and lengthy recovery is involved.
Below is a comprehensive list of coverage that might vary slightly depending on each insurance carrier:
Children can also be insured with Critical Illness insurance. Practically speaking, if your child has a serious condition that requires extensive treatment, it is likely that at least one parent will need to take substantial time off work. A Critical Illness policy for children is quite economically priced because of their young age and minimal risk, and can provide that extra peace of mind.
Critical Illness insurance can be bundled with regular life insurance in a single application for a reduced overall premium if you also have a need for life insurance. There is also a return of premium option that can be added to a Critical Illness insurance where the policy can be stopped after 15 years or more and some or all of the premiums returned to you if no claim was ever made.
If you would like to review your risks and exposures, a member of our team of experts would be pleased to work closely with you to provide recommendations that suit your needs and particular circumstances.
Source: 1Government of Canada – https://www.canada.ca/en/public-health/services/chronic-diseases/cancer/breast-cancer.html
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