CI insurance typically pays a tax-free, lump-sum benefit 31 days after diagnosis of a covered condition. Typically those conditions include heart attack, stroke or cancer, however there only a few insurers that offer coverage for those of us with pre-existing conditions and some will cover different health issues.

CI insurance was originally conceived by Dr. Marius Barnard from South Africa. Dr. Barnard recognized that patients would often rush to get back to work, rather than giving their bodies time to fully recover from a serious illness- only because they had bills to pay.

He worked with an insurance company to create a new type of policy, one that will pay a benefit upon the diagnosis of a serious illness, providing people financial security and chance to fully recover.

We’ve always been strong believers in Critical Illness insurance and have watched numerous claims paid out over the years. Dr. Barnard was right, CI insurance allows people to rest and recover and not have to worry about paying for heat, shelter, food and car payments.

I have a simple question I like to ask people- “if you were off work because of a serious illness, how long could you last with your current savings?”

Most people don’t realize that even if you have a benefit plan at work, there’s usually a 4 month waiting period before you can make a long-term disability claim. Taking money out of your RSP is another option, but any withdrawals are taxable.

If you’d like to learn more about critical illness insurance or obtain a quote, please send an email to wayne@itsallhere.ca