Critical Illness Insurance
Getting sick isn’t something everyone thinks about, but it happens. Fortunately, improvements in medical science and healthy living have increased chances of recovery. However, recovery costs money. Treatment, caregiving, and loss of income – these are all contributing factors to an individual’s recovery process.
Having critical illness insurance means peace of mind during recovery. This type of policy is specifically designed to cover you if you become afflicted with one of the most common, serious illnesses. A critical illness policy is paid to you in a lump sum, to cover your medical expenses and income during the recovery phase.
Critical illness insurance covers an individual against illnesses such as heart attack, stroke, and cancer, and is sold in terms of 10 years, 20 years, to the age of 75 or the age of 100, with the option to lock in premiums. Policies can range from covering three medical conditions to as many as 24. There are also a variety of riders, such as a return-of-premium rider; a second-event rider, which offers limited coverage if you are diagnosed with a second critical illness; a loss of independent existence rider; and a disability waiver-of-premium rider, which lets you off the hook for the premium if you’ve been totally disabled for 90 days.
Steers Insurance is a broker. We maintain relationships with all major carriers, including Manulife, Sun Life, etc. and can find the best coverage for each individual case. Contact Brad Cheater of Steers Insurance today, to find the coverage that best fits your needs.
Brad Cheater, CFP, CLU
Account Executive – Employee Benefits