Written by Susan DaSilva-Romeo
If you’re like most Canadians, you’ve worked hard to plan for an enjoyable retirement, and to develop a sound investment plan. You’ve carefully thought about your pension, your RRSP, and other sources of retirement income.
But what would happen to all your plans if you had a heart attack or stroke or were diagnosed with cancer today or a few years from now? How would your lifestyle be affected? What would happen to your savings? What would happen to your family and your future?
Using your current investments could have a long-term impact on your portfolio, which may be difficult to recover from. Your retirement income goals could fall short of allowing you to retire on your terms.
Critical Illness Insurance is valuable protection that you need to know about. It can help protect your retirement savings and preserve your lifestyle while relieving the financial burden of suffering from a serious illness – including heart attack, stroke and cancer.
How does it work? With critical illness insurance, if you become ill and survive a waiting period, you will be paid a lump sum amount that you can use any way you choose, including:
- taking an extended leave from work
- having a family member take time off to be with you
- travelling for treatment
- covering everyday expenses like mortgage payments and retirement savings contributions
A critical illness can have a devastating effect on finances. Critical illness insurance can help protect assets by paying a lump sum amount that can help with medical bills or lost income. By diverting a small amount of retirement savings to pay for critical illness insurance, clients can protect themselves against the financial aspects of a critical illness and help preserve their lifestyle by ensuring their retirement savings are protected.
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