An important part of every financial plan, critical illness insurance provides a lump-sum, tax-free benefit upon diagnosis of a covered condition.
Critical illness insurance was designed by Dr. Marius Barnard back in 1983. He saw a need for an insurance policy that paid a “living benefit” to people who survived a major illness, to offset the lost income and to pay for additional expenses.
Here’s why you need this
Most people have long-term disability insurance coverage through their employer. But most don’t realize that the waiting period is 4 months, and even if you qualify, you won’t receive your 1st cheque til the end of the next month. That’s 5 months without an income coming in!
Who will pay your bills if you get sick? Your mortgage, food, car payments, cell phone?