Critical illness insurance or critical illness cover is an insurance product, where the insurer is contracted to typically make a lump sum cash payment if the policyholder is diagnosed with one of the critical illnesses listed in the insurance policy.
The question of need can only be answered by you. Being fully informed is the best tool you can have as you make your decision.
Ask yourself a few questions:
- Can you afford to shoulder the costs associated with becoming critically ill? Take a look at some of the possible costs and imagine the impact to your savings.
- What would the impact be over the long-term? Would your retirement goals be met if you were to remove, say, $50,000, from your savings plan? Would you have to postpone your retirement by a few years? Probably.
- Consider the effects of financial stress at a time when you should be 100% devoted to recovering from your illness. Do you think removing this stress would be a good thing?
Manulife’s Lifecheque Basic Critical Illness Insurance offers:
– Coverage for 5 major illnesses including cancer, heart disease, stroke, aeortic surgery and coronary artery bypass surgery.
– Lump sum payments of $25,000, $50,000 or $75,000 with a Return of Premium option.
– Coverage for applicants between the ages of 18 and 75.