Much has been discussed about Critical Illness insurance ( CI) lately and I thought it would be helpful to clear up some points.
I'm guessing you have now heard about this product and how could you really not with the hundreds of ad's on the radio about CI providers. Is it just me or is buying something as important as CI over the web a cause for concern??????
I've recently bought a golf club from eBay and was a little disappointed when it was delivered as i didn't feel like I got the product in the shape it was described on eBay. What are you going to do? my mistake and I will have to deal with the consequences. If this type of issue happened to one of my clients through a product I helped him/her decide on I would feel sick to my stomach.
CI is designed for 1 main purpose, to provide funds that will pay for any incurring costs of a Critical Illness.
Here are some typical expenses related to critical illnesses:
Out-of-system surgery ($25,000 and up)
Drugs (One cancer drug costs $30,000 and is not covered by provincial plans.)
Out-of-system tests (Example: A single PET scan costs $2,500-$5,000. PET scans are the best way to determine tumour size for cancer diagnosis and after each stage of treatment.)
Travel to testing and treatment centres
Parking at hospitals (now as much as $3 or $4 per half hour)
Meals at or near hospitals
Accommodation near out-of-town hospitals
Travel for visiting loved ones
Child care
Ramps, fixtures and equipment to make your home more accessible
Enabling your spouse to take time off work
Replacing your own lost or reduced income
Would you buy this product over the web???
Please look to a professional insurance advisor who can walk you through all the product options on the market without any incentive to sell a tailored product from their company. CI is one of the most popular forums of insurance and because of it we have seen numerous company's established to fill this need, ironically named by the catchiest website title (COUGH....righchoiceinsurance COUGH....illnessprotection etc......)
Look to a Insurance advisor who will sit down with you and discuss all the pros's and con's of these types of products. Often consumers have buyers remorse and there is no need for that when buying something this important; it's not the products fault, it's the advisor who recommended the product.
See you tomorrow!
Tucker Wright- Toronto Life Insurance
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Critical illness insurance is now a necessity for all walks of life. Some of us do have disability insurance coverage to protect us from fatal injuries. Little are we aware of what might happen if a severe disease strikes all of a sudden.
ReplyDeleteCritical illness insurance covers us from such risks and offers the entire policy limit as soon as we get spotted with one such listed disease.
All insurers issue what are called Key Features Documents, which allow you to compare policies fairly easily. Examine these documents closely to determine which provide the best definitions of illnesses covered and value for the money.
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