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  • Glen Griffiths

Here’s Why I Am Passionate About Critical Illness Insurance

One thing you should know about me is that I am passionate about critical illness. Before you think that’s weird and a bit morbid, let me explain.

A few years ago, I did a little experiment. I asked a room of 300 people to stand up. Then, I asked everyone who knew someone with cancer to sit down, and less than 10% of the room remained standing. What a way to drive home the fact that critical illnesses are prevalent in all our lives!

So, when I say I am passionate about critical illness, what I mean is that I care about helping people protect themselves and their loved ones from the financial impact of getting seriously ill.  

Is Critical Illness Insurance Worth Buying?

In most cases, Critical Illness insurance is worth buying. Medical conditions don't improve by worrying about money, but financial preparedness can be a lifeline during health crises. 

Many believe they won't get sick due to a lack of family history of illness or great health habits, but there are no guarantees. My personal experience highlights the unpredictable nature of health: two of my siblings passed away before the age of 50 despite no apparent family history of medical conditions.

Critical Illness insurance in Canada provides a tax-free lump sum payment if you are diagnosed with a serious medical condition. Each policy includes a list of covered medical conditions. You choose the benefit amount that works for you and your budget. 

Critical Illness insurance is a living benefit, unlike life insurance, which means the policyholder is also the beneficiary. You can use the money for anything you need, like

  • Bills,

  • Medical expenses,

  • Home modifications or assistive devices, or even 

  • A vacation with loved ones.  

Critical Illness benefits alleviate financial stress, allowing you to focus on recovery without rushing back to work. It covers medical treatments, improves the quality of life, and gives you the freedom to spend precious time with loved ones. 

Simplified Issue Critical Illness Insurance

Simplified Issue Critical Illness insurance is a straightforward and accessible form of coverage designed to provide financial protection even if you have health conditions. Unlike traditional insurance, it involves a streamlined application process, making it easier and quicker to obtain.

In short, it ensures that even people with medical conditions can qualify for coverage, with some exclusions and limitations. Simplified Issue Critical Illness insurance ensures peace of mind through a straightforward path to comprehensive coverage.

Children and Critical Illness Insurance 

Purchasing Critical Illness insurance for your children gives you an extra layer of protection for life's unexpected twists and turns. 

Imagine the stress and fear of your child facing a critical illness. Critical Illness insurance can alleviate some of that stress with a lump sum benefit that gives you the freedom to focus on your child's recovery without stressing over finances.   

Similar to Critical Illness insurance for adults, policies for children cover a range of medical conditions like cancer, heart conditions, organ transplants, neurological conditions, and more. 

Get Your Premiums Back 

Yes, you read that right! Sometimes, you can get your premiums back if you don’t make a claim. 

A rider is an optional add-on to your primary policy that lets you customize your coverage. One such powerful rider, particularly in the context of Critical Illness insurance, is the "Return of Premium" rider. If you don’t use your Critical Illness insurance policy, the premiums you paid are returned to you at the end of the policy term.

This makes Critical Illness insurance an even more powerful financial tool. You are covered if you get sick or you receive a lump sum return of premiums at the end of the term. Win-win! 

Better Coverage With an Experienced Broker

There are a lot of Critical Illness insurance products available, all with various pros, cons and price points. Partnering with an experienced broker ensures you get the best coverage tailored to your circumstances. I collaborate with over 20 insurers to help my clients get the right coverage.

Here are just some of the advantages of working with me:

1. Diverse Product Knowledge

  • Critical Illness insurance products vary significantly, covering different illnesses, offering distinct benefits, and including varying terms and conditions. I can help you navigate options and find the policy that aligns with your needs and budget. 

2. Tailored Coverage

  • Critical Illness insurance isn't a one-size-fits-all solution. Your health, financial situation, and plans are unique to you. Partnering with an experienced broker ensures your coverage is tailored to your circumstances. You can’t get that level of customization by buying your policy in a few clicks online.  

3. Flexibility in Financial Difficulties

  • Life is unpredictable, and financial difficulties arise unexpectedly. I can add another level of protection by helping you get a policy with the flexibility to remain intact even if you are temporarily unable to pay your premiums. 

4. Guidance and Education

  • Understanding the nuances of Critical Illness insurance can be complex. I help you secure coverage and ensure you are well-informed and confident in your insurance choices.

Peace of Mind and Options

Critical Illness insurance offers coverage, protection, and peace of mind. As I said at the beginning, I am passionate about Critical Illness insurance because I have seen its positive impact.  

Get in touch for a free quote for Critical Illness insurance and take the first step towards a more secure financial future. Life happens – let's be prepared for it!

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