With any decision that has a financial, physical and emotional impact, we need to weigh the pros and cons to make the best decision for ourselves and loved ones.

The Bad News About Critical Illness: The Cons

• Instances of health issues are on the rise
• Critical illness costs more than life insurance
• Pre-existing conditions are excluded – you can’t take out a policy for cancer if you already have it.
• You are more likely to make a claim for critical illness than life insurance (especially when you are younger). Note; this is a pro AND a con

The Good News About Critical Illness: The Pros

• Payments are tax free
• It makes a substantial impact on your quality of life while you adjust to your new circumstances 
• Like we said above, you are more likely to make a claim for critical illness than life insurance (especially when you are younger)
• Many companies offer additional incentives/support such as access to experienced medical professionals – “Best Doctors” through RBC, etc.
• It can be life changing, for both you and your family, if you ever experience a critical illness

Is Critical Illness Insurance Really Worth It?

In our opinion, yes, critical illness insurance is worth it Granted, we work in the insurance industry and may seem biased, but we also have experienced firsthand the impact a claim has on a person. No one wants to experience a catastrophic health event, but, if you do, having a bit of a financial cushion and flexibility can make a huge difference to both you and your loved ones. Does it make the issue go away? Of course not. Does it still matter? Absolutely. An insurance payout is not Monopoly money. Even a smaller payout is relevant for a family.

Should I Get Critical Illness Insurance For My Child?

The cost for a critical illness insurance policy for children is typically very low. If it fits within your family budget, having this can bring some peace of mind.

The cost? It’s MUCH lower than adults because their young age and low health risks.

Policies can be purchased by parents or grandparents

It’s the kind of thing we hope you would never need to make a claim for. But if you did, it would make a WORLD of difference if you needed to take time off work to be with your child, travel for treatment at a children’s hospital; stay in a hotel, etc.