What is Critical Illness Insurance?

What is Critical Illness Insurance?

What is critical illness insurance? Critical illness insurance is a form of health insurance that provides you with a tax-free lump sum payment to use however you need should you become seriously ill. 

This type of health insurance is suitable for anyone seeking financial protection to help cover the costs associated with recovering from a life altering illness or for those looking to protect loved once in the event they experience a life altering illness. 

The cost of this insurance varies depending on your age, so the younger and healthier you are, the lower the premium is going to be. However, there are also several other factors such as medical condition, the insurance company, the amount of coverage, and the number of illnesses covered by the policy. 

What are the types of illnesses covered by Critical Illness Insurance?

The types of illnesses covered by critical illness insurance differ from company to company. However, typical illnesses covered by critical illness insurance may include:

  • Cancer
  • Stroke
  • Heart attack
  • Multiple sclerosis 
  • Blindness 
  • Alzheimer’s
  • Paralysis
  • Kidney failure

You’ll be able to make a critical illness insurance claim if a physician, licensed to practice medicine in Canada and specializing in your particular illness, has diagnosed you with a critical illness covered by your insurance policy.

If the claim is approved, a lump sump benefit payment will be made to you after 30 days. If you don’t make a claim, for example if you die for a reason that isn’t covered by your insurance policy, the premiums you paid may be refunded to your beneficiary.

How does Critical Illness Insurance benefit you and your family?

The physical and emotional strain of a critical illness, as well as the financial impact can be devastating. You may face additional costs in the event you experience a life altering illness such as childcare, medication, home modifications, or treatments out of pocket. 

Critical illness insurance can help offset some of the costs that isn’t covered by the Ontario Health Insurance Plan (OHIP). Critical illness insurance can also offer financial relief that can help you keep your retirement plans on track, so you don’t have to worry about the additional costs eating into your retirement savings. You can use the tax-free lump sum payment however you need such as supplementing lost income and covering private nursing costs. 


5 Ways to Know You Found the Perfect Home

5 Ways to Know You Found the Perfect Home

There is no other decision in life that is more nerve-racking than choosing which house to buy. For many homeowners, buying a home or getting a mortgage is as major financial decision. We fear about making the wrong decision when looking at homes to buy. This is because many of us wants to ensure we’re making the right choice before jumping in. So how can you tell if you’ve found the perfect home? 

Here are the 5 ways to know you found the perfect home:

1. You want to go inside the house

You know you found the perfect home if you want to go inside the house. One of the exciting things about looking at home is not knowing which could be your new home. Maybe it’s the one of the right or maybe it’s the one of the left. If you like the house on the right, more than the house of the left, it could be a sign. This sign could mean there’s something about the house that appeals to you.

2. You are possessive about the house

You know you found the perfect home when you are possessive about the house. For example, your real estate agent points out a flaw about the house. Do you feel defensive about your real estate agent saying something so mean about the house? Maybe you see the flaws, but right now it doesn’t matter. If you think you found the perfect home, you’ll want to defend every flaw you see. 

3. The house fits your basic needs 

You know you found the perfect home if the house fits your basic needs. Maybe the house doesn’t give you everything you’re looking for. However, the house fits your basic needs since it has the number of rooms and space you’re looking for. 

4. You want to stop looking at other homes

You know you found the perfect home if you want to stop looking at other homes. This means every house you’ve been to doesn’t appeal to you anymore. Maybe you had a home previously rated at #5, but now you’ve had a change of heart and has a #1 rating in your eyes.  

5. Every thought in your mind tells you to buy that house

You know you found the perfect home when every thought in your mind tells you to buy that house. You’re so in love with this house, you can’t stop thinking about it. Your mind is so consumed that every other thought in your heads saying that this is the perfect house for you and your family.