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Getting sick is not something any of us like to think about. But it happens. Thanks to improvements in healthy living and medical science many illnesses that were once critical can now be treated with great success. So, there is a good chance you will recover and get on with your life. But getting better is not that easy. Lots of important things are needed, one of which is money.
Lets face it. If you are diagnosed with a critical illness, you will probably spend lots of time waiting for appointments, test results, treatments and so on. The net effect, you will miss your work and will have loss of income. Even if you continue working, do you think you will be able to concentrate on your work and perform? If you decide to stay home and focus of your recovery or treatment, who will pay your mortgage/rent, medical expenses or other living expenses? The cost to treat and cope with a critical illness is often significant and unexpected. That is where Critical Illness insurance can help. It provides a cash benefit if you are diagnosed with one of the Covered Conditions described in your contract and you survive the waiting period. Critical illness insurance provides you with a lump-sum payment after a critical illness is diagnosed. As a result, you can devote 100% of your energies to your recovery, without worrying about the financial impacts of the illness.
Who Should Consider Critical Illness Insurance?:
Anyone who wishes to be protected against financial concerns resulting from a critical illness
Features and Advantages of Critical Illness Insurance
- You obtain a tax-free lump-sum payment 30 days * after diagnosis of a critical illness. This payment may be used in any way you wish, without restriction.
- Your premiums and protections are guaranteed, renewable every 10 years or level up to the age of 75 years or for your lifetime.
- You can obtain protection of between $10,000 and $2 million.
- In the event of no claim, you can choose option of premium refund to your beneficiary upon death.
- You may surrender your insurance and obtain a refund of your premiums.*
- Additional benefits are available.
* Certain conditions apply.
Disability Insurance
Disability income insurance provides you with a source of income to replace your salary during a period of disability resulting from an accident or illness.
Who Should Consider Disability Income Insurance?:
- Persons who have jobs that do not provide a group insurance plan
- Self-employed workers
- Small-business owners
- Employees, whether or not they are covered by the Workers' Compensation Act
Features and Advantages of Disability Insurance
- It provides you with disability income insurance in the event of an accident.
- You receive monthly benefits of between $500 and $4,000 (up to a maximum of 67% of your monthly income).
- Your benefits are paid for 2 or 5 years or until you reach the age of 65 or 70, depending upon the plan you choose.
- You may choose a waiting period of 0, 30, 60, 90 or 120 days.
- The waiting period is the period between the beginning of the disability and the beginning of benefit payments.
- You can also choose premium refund option *
- Additional protections disability income insurance in the event of an illness, business overhead expense insurance and hospitalization insurance are available.
* Certain conditions apply.
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