Life Insurance Vancouver | Do You Need Critical Illness Insurance

The last thing many Canadians want to do, says Thomas Chan, the life insurance Vancouver expert from Thomas Chan CCK Financial, is pay for more insurance. Canadians are already feeling financially burdened and are struggling, according to recent studies. As they struggle to pay their mortgage, put food on the table and save for retirement, the last thing they want is another payment. However, as the old adage goes, an ounce of prevention, is worth a pound of cure. And it has never been more true than with critical illness insurance.

Many people believe that if they get critically injured, their employee benefits as well as universal healthcare will cover the costs of recovery. However, depending on the type of injury, and what recovery entails. As well as the employee benefits a person has, they may not get full coverage of their treatment or medicines. They may need ongoing care, which may not be covered.

Canadians Don’t Have Emergency Savings

As well, people may need extended time off. Life Insurance Vancouver expert, Thomas Chan says a common objection he hears, is that people expect they can go on short or even long term disability. And while can apply for disability benefits, they will not get the full coverage of their income, usually around 60%. For people who are struggling to make ends meet, like most Canadians. They need every penny of their income, and an extended time off, earning 60% of their total income, is a recipe for disaster for most Canadians who also don’t have enough of a savings to see them through difficulties.

While experts, like life insurance Vancouver Thomas Chan recommend Canadians have three to six months of expenses saved up in their emergency funds for these types of scenarios. Only 74% of Canadians have any type of emergency savings. And of those with savings, only 40% have enough saved up to cover one month of expenses. Which means an accident or illness can significantly derail a family’s finances, even with employer health benefits and disability benefits.

Life Insurance Vancouver | Are Disability Benefits A Great Alternative

Another problem with disability benefits, is that they take weeks to start paying, according to Chan and his life insurance Vancouver team. When people are sick or injured, they have immediate expenses, and waiting weeks or even months to get the first disability payment is just not tenable. These are the reasons that Chan and his team bring up when discussing whether a person needs critical illness insurance or not. Critical illness benefits usually pay out immediately, giving much needed financial relief, whether people need to pay for an expensive medication, hospital parking, or buying dinner, because they can’t prepare it themselves.

Another common objection is that injuries and illnesses only happen to “other people”. But unfortunately, this simply isn’t true. According to Statistics Canada, 1 in 2 Canadians will receive a cancer diagnosis in their life. And of those, 25% will die from it. Not to mention all the other illnesses and injuries that can affect Canadians. Therefore, this “not me” perception keeps people from getting the coverage that they will more than likely need in their family’s life.

Don’t Leave Your Finances To Chance

Without critical illness insurance, or an emergency fund, Canadians affected by illnesses or injuries often turn to GoFundMe, the crowdfunding platform to help them finance their treatment and recovery. Dealing with a traumatic injury or life threatening illness is stressful enough, Canadians shouldn’t have to deal with worrying about money on top of that, says Chan. With critical illness insurance, people can focus on what’s important, and heal faster.

When people meet with Thomas and his team for their life insurance Vancouver appointment. They will have a frank discussion about critical illness insurance, and how they can help it fit their budget so that they can have peace of mind. People can start payment, and be covered instantly. Call the best life insurance Vancouver team today. Be sure to  subscribe to our YouTube Channel as well!

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