It may seem strange to think about needing insurance when you’re young and healthy, but that’s exactly what critical illness insurance is for.
Common sense will tell you that if you are young and healthy, your chances of surviving a critical illness like a heart attack or cancer is much greater than if you are older and not in good health. Also, thanks to medical advances, many people today can survive illnesses that were fatal just a few decades ago. But survival does come with a price.
The cost of surviving a critical illness
Survivors will tell you that recovering from a critical illness and managing their life during and after treatment wasn’t easy. In addition to physical challenges and family stress, a critical illness can also take a financial toll. Along with lost wages, there may be unexpected medical costs such as private nursing or the need for home modifications and mobility devices like a wheelchair.
How Critical Illness Protection can help
Critical Illness Protection from ivari pays out a one-time, tax-free,1 lump-sum benefit if you are diagnosed with one of the conditions covered. You can use the money however you wish. Some people choose to use it towards unforeseen expenses, some use it to replace a spouse or caregiver’s income during their recovery and some use it to celebrate good news from their medical team with a well-deserved and relaxing vacation.
Available in two different coverage options, Critical Illness Protection from ivari can be purchased on its own, or it can be layered, as a rider, onto your new ivari Universal policy.
Any critical illness policy from ivari comes with access to Virtual Healthcare by Maple, which allows you to get quick medical advice and treatment from a qualified medical professional without having to meet with a physician in person. Plus, this free, easy-to-use service is available to you and your eligible dependents2 and is accessible up to four times per year (per insured) for any medical condition without the diagnosis of a critical illness covered condition.
- Under the Income Tax Act (Canada) and at the date of publication, the receipt of Critical Illness Benefits is not currently taxable. ivari does not guarantee nor is it responsible for the tax treatment applicable to this policy feature. Please consult your legal or tax advisor for an opinion on this matter in relation to your particular circumstances.
- Eligible dependents are anyone for whom the person insured is legally authorized to make healthcare decisions (e.g., a partner, a child under 18, or an elderly dependent). Read Maple’s Privacy Policy for more details. “Partner” means a person with whom the Insured is (a) legally married, (b) in a civil union, (c) in common law relationship, (d) live together in domestic partnership, or in an adult interdependent relationship and either have lived together for at least one (1) year or are together the parents of a child.
Virtual Healthcare by Maple is a non-contractual benefit and is subject to program availability.
Disclaimer
This article is intended for general information purposes only and should not be considered specific or personal investment, insurance, estate planning, legal or tax advice or a solicitation to purchase insurance. Nor should any medical information provided in this article be considered medical or health advice and should not be considered a substitute for advice from a qualified medical professional. While reasonable efforts have been made to ensure that the contents of this article have been derived from sources believed to be reliable and accurate at the time of publication, ivari does not warrant the accuracy or completeness of the information contained herein.
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