Canada Life has extended its 5% critical illness insurance premium reduction until June 30, 2023. Read on to learn why now is the perfect time to take the steps to help protect your family’s lifestyle and savings if you’re faced with a serious illness.
A critical illness diagnosis can change everything. When confronted with unexpected news such as a cancer diagnosis, we need emotional support, but financial support is often the next significant concern.
Unexpected health problems can throw your plans and goals off track. Getting sick can be expensive. Critical illness insurance gives you a one-time payment that you can use however you want:
Supplement lost wages because of time away from work
Manage every day costs like mortgage, food, vehicle costs or child care expenses
Access treatment that might not be covered by your group benefits or provincial coverage
Cover your business’ operating expenses
Protect your Savings with Critical Illness Insurance:
If you’re unable to work or face additional medical expenses due to a critical illness and must withdraw money from your RRSP, did you know that more than 15 years of retirement savings could disappear in just one year?
For example, if you required $100,000 to cover expenses during your recovery, you would need to withdraw $191,388 from your RRSP to net $100,000 after taxes.
Once you recovered, would you rather:
Increase your monthly RRSP contribution to 3x what you normally added,
Or retire with 74% less income than what you had planned.
You likely know someone who has faced a serious illness like cancer, heart attack or stroke and may have witnessed their struggle firsthand.
Critical illness insurance can ease the financial burden and let you focus on what matters most to your wellbeing and recovery.
If you’d like to learn more, we would be happy to discuss how this product would fit into your financial plan. Book a meeting today to discuss options.
Meet with us and apply online
No paper forms
Lab results may not be required depending on your age and health history
We look forward to hearing from you!