CRITICAL ILLNESS

It can't happen to me ... can it?

The young father, a mere 40 years old, has no insurance coverage to replace his income while he recovers and undergoes rehabilitation. What will his family do?

Usually at times like this people realize the benefits of an insurance plan. Unfortunately for this family, it's too late to obtain coverage. If this young man had taken an insurance plan earlier to cover disability and/or critical illness, he could have provided some financial security for his family at relatively low cost. But I suppose like the majority of us, he never thought serious illness would touch his life.

If you are young and healthy, these plans are quite affordable. For instance, a 35 year-old male business owner can have a $50,000 Term-20 renewable and convertible plan to age 75 for $33/mo. He can have another plan paid up in 15 years that covers him to age 100 for $100.01/mo.

Premiums can be returned at either death, or during your lifetime if no benefits have been paid out - depending on the plan and the company.

Many plans now include Best Doctors. This provides you with second opinions by Harvard Medical School specialists. You will benefit from the Best Doctors' database of 50,000 top-rated doctors around the world. (This benefit is available on a stand-alone basis also.)

Critical illness coverage is available from $25,000 to $2 million. Your premiums can be returned if no benefit has been paid. Ultimately, the plan can cost "nothing." It a no-brainer!

You can use the money for:

• Mortgage pay-down
• Income replacement
• Alternative medical treatments not covered by OHIP or private insurance
• Home or business-related expenses
• Or simply take a trip with your loved one.