{"id":198,"date":"2017-01-17T16:47:36","date_gmt":"2017-01-18T00:47:36","guid":{"rendered":"https:\/\/mgfadvisory.ca\/news\/?p=198"},"modified":"2018-08-22T16:48:26","modified_gmt":"2018-08-22T23:48:26","slug":"does-your-group-insurance-cover-critical-illness","status":"publish","type":"post","link":"https:\/\/mgfadvisory.ca\/news\/2017\/01\/17\/does-your-group-insurance-cover-critical-illness\/","title":{"rendered":"Does Your Group Insurance Cover Critical Illness?"},"content":{"rendered":"

It\u2019s ironic, but in our current age of medical advances due to the progressive nature of research and technology, people seem to take more notice of critical or life-threatening illnesses. We all know someone close to us who had to take time off work because of a debilitating disease. It can be an excruciating process, watching someone endure an illness or going through it yourself.\u00a0\u00a0<\/span><\/p>\n

In fact, one out of every four employees addresses a critical illness before the age of 65 (according to \u201cCritical Illness Insurance: A Lump-Sum Review.\u201d LIMRA\u2019s Marketfacts Spring 2002v 2013 Canadian Cancer Society). A<\/span>lso, people suffering from these<\/span>critical<\/span> illnesses are much more likely to pull through <\/span>within a six to twelve month period<\/span>.\u00a0<\/span>\u00a0<\/span><\/p>\n

I\u2019ve seen<\/span> co-workers <\/span>and employers in full support of those dealing with a critical illness. I\u2019ve seen people fighting\u00a0as hard as\u00a0they can to continue their employment through the treatment.\u00a0<\/span>But do you really want to battle your illness at the office? <\/span>What if you\u2019re simply unable to do so?<\/span>\u00a0What if your monthly disability benefit is not enough to support you during this difficult time? What if you don\u2019t have disability coverage?<\/span><\/p>\n

1. Unforeseen Circumstances<\/b><\/span>\u00a0<\/span><\/h3>\n

These days companies that wish to attract industry-leading talent do so not only with competitive salaries and a rewarding place to work, but with comprehensive group benefits. The world is an expensive place, so employers look for any competitive edge they can find to bring in the best people possible.\u00a0<\/span><\/p>\n

Dental care, glasses, extended health care, short and long term disability insurance \u2013 we\u2019ve all worked for companies offering varying degrees of these common benefits.\u00a0<\/span><\/p>\n

But what if <\/span>a critical illness occurs? What if a spouse or partner takes unpaid leave to support the critical illness treatment and recovery? What if there are extra costs associated with the treatment and therapy? How do we handle these unforeseen costs and circumstances?<\/span><\/p>\n

2. Cancer, Stroke, & Heart Disease<\/b><\/span><\/h3>\n

It\u2019s probably not on the top of your list of questions to ask a new employer, but understanding the details of your employer\u2019s critical illness coverage will not only put your mind at ease, it could save your family an incredible amount of grief should the unthinkable happen at some point during your tenure with that company.\u00a0<\/span><\/p>\n

Critical illness insurance will help you and your family financially should you be physically unfit to work due to illness. <\/span>Critical illness will pay a non-taxable lump-sum benefit to handle those additional unforeseen costs associated with the treatment period.\u00a0<\/span>This not only helps you keep your finances in order, it reduces stress while you tackle your illness by replacing lost income, paying for additional assistance at home, or even paying for potential new treatments.\u00a0<\/span><\/p>\n

While cancer, stroke, and heart disease are three of the more common ailments covered by critical illness insurance coverage, there are more tha<\/span>n 20 other conditions that<\/span> fall under this umbrella.\u00a0<\/span><\/p>\n

3. Supplemental Individual Coverage<\/b><\/span><\/h3>\n

One of the great things about the insurance industry in Canada is it can be tailored to suit individual needs. We work with plenty of clients who already have group benefits and insurance through their employer, but that doesn\u2019t mean they\u2019re covered completely. There could be a history of illness in an individual\u2019s family that isn\u2019t covered, or a particular circumstance that doesn\u2019t fall within the employer\u2019s standard benefits package.<\/span><\/p>\n

Bank offered critical illness creditor protection does just that \u2013 it protects the creditor.\u00a0 Certain mortgage payments may be covered, which reduces a family\u2019s monthly costs, but only under limited circumstances and for limited periods of time.\u00a0 \u00a0Wouldn\u2019t you rather be insured with a lump sum that can be used at your discretion rather than the bank\u2019s?<\/span><\/p>\n

Supplemental individual coverage is an option we\u2019re seeing more and more Canadians take advantage of. An individual health plan is built with the individual as a blueprint, rather than the group. Sure, group benefits usually take care of your child\u2019s braces or your spouse\u2019s trip to the eye doctor, but it\u2019s vital to protect yourself and your family now and in the future for things that might not be common enough for an employer to cover.<\/span>\u00a0<\/span><\/p>\n

Critical illness coverage, if it\u2019s not already covered by your employer, is becoming a common element in individual supplemental coverage.\u00a0<\/span><\/p>\n

Are you covered?<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"It\u2019s ironic, but in our current age of medical advances due to the progressive nature of research and technology, people seem to take more notice of critical or life-threatening illnesses. We all know someone close to us who had to take time off work because of a debilitating disease. It can be an excruciating process,…

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