Provide for Loved Ones


Given the choice, you’d rather leave your loved ones financially secure than struggling with debts and insufficient income. Life insurance can help create financial security for you and your family. If you should die prematurely, it can be used to:

  • Pay off debts and final expenses
  • Provide your family with an source of income
  • Help your family maintain a comfortable standard of living
  • Leave a legacy to your favourite charity

During your lifetime, some life insurance policies can:

  • Build tax-advantaged savings you can put toward personal or business opportunities
  • Supplement your retirement income or provide home medical care for yourself or a family member

Protecting your gift

Becoming disabled or seriously ill could threaten the legacy you leave to your heirs. The unexpected costs of medical treatments or long-term care, either in a facility or at home, can put a dent in your estate goals. While making healthy lifestyle choices can help defend against health risks, anyone can suffer a critical illness such as cancer, stroke or heart disease. Consider the following:

  • Cancer risk increases with age: 43% of new cancer cases and 61% of cancer deaths will occur among those over 70
  • The incidence of stroke also increases with age
  • After age 55, the risk of stroke doubles every 10 years

The good news is that, due to advances in medicine and awareness, chances of surviving are better than ever:

  • 62% of people are expected to survive for 5 years after their cancer diagnosis compared to the general population of the same age and sex, based on 2002-2004 estimates
  • Of the 50,000 Canadians who will suffer a stroke this year:
    • 10% will recover completely
    • 25% will recover with a minor impairment or disability
    • 40% will be left with a moderate to severe impairment
    • 10% will be so severely disabled they require long-term care

The costs of recovery – from private nursing care to home or vehicle modifications – aren’t covered under provincial health care and may not be covered under your employer-sponsored health plan. Challenges like finding the best doctors and managing stress make recovering even more difficult.

Why critical illness insurance?

If you’re under age 65, you may be eligible for critical illness insurance, which provides a lump sum financial benefit if you are diagnosed with, and survive, a covered illness. You can use this benefit payment to supplement your health insurance plan and any group disability coverage you may have.

Typically, a critical illness benefit is used to:

  • Reduce financial burdens – pay off or reduce your mortgage or other debts, and avoid dipping into your children’s inheritance
  • Maintain your independence – modify your home or vehicle to improve your mobility or hire domestic help during your recovery
  • Access cutting-edge medical services – pay for medications and treatment not covered by provincial health plans, including alternative healing modalities. You could also use the benefit to pay for treatment options only offered internationally
  • Assist your recovery any way you choose – spend more time with your family or take a holiday to help you focus on getting well

Contact us today to keep your legacy safe from unexpected medical problems

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