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Critical Illness Insurance & Long Term Care Insurance

Giving You the Freedom to Focus on Recovery

Your business is key to supporting your lifestyle today and accumulating wealth for your future…but could a serious illness get in the way of your business plans?

Critical illness insurance exists so that you don’t have to choose between your health and your business. It provides funds that cover your personal expenses, so you can take the time you need to become healthy again. If you need long term personal support, long term care insurance will be there for you.

Why Purchase Critical Illness Insurance?

Advances in medicine mean more people survive illnesses like cancer, heart attack and stroke than ever before, but recovery may come with a significant financial cost that can throw your business off course.

Critical illness insurance can provide you with a lump sum payment to help you recover on your own terms while your business continues to operate.

By having critical illness insurance, you don’t have the added stress of weighing what’s best for your business versus what’s best for your recovery. Critical illness insurance can be used to help support the costs of your recovery so you can maintain your commitment to your business and your future.

You can use the money to:

  1. Supplement your income due to time away from work while you recover.
  2. Cover debt repayment obligations, salary for key employees or other fixed operating expenses.
  3. Cover the cost of medications, medical devices and treatment not covered by provincial health plans and other benefit plans.
  4. Access private or out-of-country medical treatment.
  5. Bring in additional help at home for you and your family.
  6. Cover travel costs to get to treatment facilities (gas, hotel, meals, parking).

How Is Critical Illness Insurance Different from Long Term Care Insurance?

Critical illness provides a lump sum payment if you become seriously ill. While the exact conditions covered will differ from insurer to insurer, typical examples of illnesses include:

  • Serious cancers
  • Heart attack
  • Stroke
  • Kidney failure
  • Multiple Sclerosis
  • Conditions necessitating organ transplant

Long term care insurance funds personal care services over an extended period of time if you develop a condition that means you need assistance with the essential activities of daily life. This may be due to a disability, cognitive impairment or chronic illness. Generally, long term care insurance policies provide funds for nursing homes or home health care services.

Advantages for Business Owners

Offering your executives and other key employees critical illness insurance and long term care insurance can help you attract and retain top talent.