Knowledgeable, dependable, and responsive, they were able to provide me with the right insurance products well suited to my needs. They were very accommodating and ensured our questions were answered. As our priorities and needs grow, we look forward to a continued relationship with the team at J.W. Larmond Life Insurance & Benefits.
You are 10 times more likely to develop a Critical Illness than you are to die prior to age 65, so if you own Life Insurance, shouldn’t you also consider how a Critical Illness Insurance policy might fit into your insurance & financial plan?
Critical Illness Insurance pays a lump sum benefit after the diagnosis and survival of one of the covered conditions in the contract. The typical survival period required for payment is 30 days.
Note: Some Critical Illness policies don’t cover all of these conditions.
The idea of Critical Illness Insurance was originally thought of by world famous heart surgeon, Dr. Marius Barnard, of South Africa. Dr. Barnard realized that after he had saved his patients’ lives medically, his patients struggled financially in the months of recovery after surgery. He lobbied insurance companies to create a product that pays a lump sum benefit based on the diagnosis of a serious illness, and Critical Illness Insurance was born.
The money received is provided to you on a tax-free basis and you are able to use the proceeds as you please. The most common uses are:
- Reduce financial stress allowing you to focus on recovery.
- Pay down debts (mortgage, line of credit, credit card).
- Pay for lifestyle expenses (regular monthly bills) – top up your disability insurance benefits.
- Pay for your partner to take time off from work to help with the recovery process.
The benefit truly allows you to focus your full attention on recovery – both physically and emotionally – so that you don’t have to worry about your immediate financial obligations.