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Taking Care of the Financial Stress
What if you suddenly had to face a critical illness? When you're fighting for your recovery, you don't want to also have to worry about paying the mortgage and finding the money for ongoing expenses. With Critical Illness Insurance, you don't have to be concerned with the financial stress of an unexpected illness such as cancer, heart attack, blindness, stroke, kidney failure, etc.
Get up to $2 Million if you suffer a Heart Attack or Stroke or are Diagnosed with Cancer, M.S., Kidney Failure, needing By-Pass Surgery or any one of over 20 illnesses.
And get ALL OF YOUR MONEY BACK IF YOU DON'T!!!
This coverage can also be provided on a group basis to protect a firm's employees.
Protecting Your RRSP
Where is the first place most Canadians turn for quick money in an emergency situation? That's right, their RRSP savings.
Imagine for a moment that you have been diagnosed with cancer. The life-saving surgery or treatment you require can be obtained only by travelling to the U.S. based Mayo Clinic. The fee is $50,000 US. For many people who have saved and continue to save diligently throughout their lives, the funds stored in an RRSP may be the only lump sum money available in an emergency situation.
Fifty thousand dollars US translates into approximately $77,000 Canadian. If you are in a 40% tax bracket, you will need to withdraw $128,000 from your RRSP in order to net the $77,000 needed to pay for the surgery that will save your life.
The financial impact becomes even more serious when you consider the potential growth of that $128,000 if it had remained invested in your RRSP until retirement age. Depending on your age and investment performance, that growth could have been well over $1 million.
Approximately 129,000 Canadians are diagnosed with cancer every year and 150,000 will suffer a heart attack. 1 in 4 males before the age of 65 will have had either cancer, heart attack or stroke.
If you are diagnosed with a critical illness, you may or may not liquidate your RRSP's, however, you may no longer be able to continue to invest for your retirement. The proceeds of a critical illness policy could be invested to provide income when you retire.
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Professional and Friendly Service
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Why is Critical Illness Insurance so
Important?
You Will Probably Recover ... But Will Your Wallet?
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