Bill’s Blog | July 21, 2022
An important question, do you currently have some critical illness coverage? After life insurance, I will discuss the importance of critical illness. Why? Well, we all have a 100% chance of death. Therefore, most people need life insurance. Second, Canadians have about a 50% chance of cancer? We live in a far more toxic world than our grandparents, and cancer rates have increased decade after decade. Most people do not like to think about cancer or any other critical illness, and I get it. However, many things happen in life that we do not expect. I know many people who have had critical illness events and made no financial preparations. When I do seminars on these topics, I often say, “You do not need a dual crisis, health and financial at the same time?” The vast majority of Canadians do not have adequate cash/savings, for a significant financial setback. So, let me introduce you to a straightforward solution that can provide cash in a health crisis.
The No Medical Guaranteed Critical illness up to $50,000 (that means anyone in the age brackets), and with a simple questionnaire, if you answer NO to about ten questions, you can qualify for up to $100,000. I can help anyone in BC with a simple online quote and application (no face meeting needed). So, what is covered, and what are my benefits and conditions?
- The Policy covers 23 critical health conditions (cancer and heart/stroke are the most common events claimed, with over 80%).
- Available to ages 18 to 64 and can go up to age 70.
- There is a 90-day cancer exclusion (meaning after 90 days, you are covered for cancer).
- A person must survive 30 days after diagnosis to receive the benefit.
- After five years, you receive an additional 5K coverage at no added cost.
- The Policy does not include past or present conditions.
- The Policy has a second-event benefit, meaning you can receive a second payment for a second CI event based on certain conditions. For example, many policies expire after one event and the payout.
- Tier one: Guaranteed issue from 5K to 50k with no questions.
- Tier two: Up to 100K (can be any 5K increase over 50K up to 100K) with a short questionnaire. No family or diabetes questions.
- Add dependent children for $6 and receive a 10K CI benefit for all of your children. From baby to age 21 or FT post-secondary students to age 25.
- Many people have group plans which is a great benefit; however, often, they do not include CI, and if they do, they are usually a small benefit. I always encourage clients to have a personal policy to top up or become their exclusive coverage, as if you quit or your employment ends, you will have no coverage.
- Best to have one to two years of coverage based on your salary. Why? A CI event can often take two years for a full recovery. Critical illness insurance allows you to focus on health and not be concerned about money.
- The payment usually comes within 30 days of diagnosis by your doctor after the insurer receives the paperwork, and the payout is TAX-FREE.
If you would like more information, please get in touch with me, and I will send you a two-page PDF with more details. bill@fivefoldfinancial.ca or 778-539-7107
Remember, this is a straightforward process of just a few minutes, and you can have coverage and protection. No signatures are needed, no meeting in person is required, I can create a quote, and the online application is just a few minutes and you are covered.
PS, I will host a webinar with senior active portfolio manager Mark Taucar of Acclient Capital in the 3rd week of August. Learn what Mark is sensing regarding the markets and how to protect your capital. Once the date and time are confirmed, I will send out a Zoom invitation, and we look forward to you joining the webinar (45 minutes with Q&A, questions welcome!)
Best regards,
Bill Westmacott, Owner
fivefoldfinancial.ca