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Read the Vistaplan Financial Group blog: Universal Life Insurance, Term Insurance, Disability Insurance, Critical Illness Insurance, Super Visa Insurance.

Posted: 19 May '16

Prepared for the Unexpected: What is Critical Illness Insurance?

Critical Illness Insurance from Vistaplan Financial Group in Edmonton

You work hard to build a lifestyle that makes you happy and provides for your family, but maintaining your lifestyle and trying to plan for the future is a costly endeavour. Financial experts will advise you should have a minimum of three to six months worth of salary in a savings account "just in case". For most people, that amount is insurmountable. If the unexpected happens and you are faced with a debilitating sickness or injury, everything you have worked for could be lost. You can be prepared for the unexpected with critical illness insurance.

Lost Income and Unexpected Costs

Critical illness insurance can help you minimize the impact a serious illness or injury has on your lifestyle. Even if you have health and disability insurance coverage through your employment, you will find that your options for accessing the benefits are limited and many extraneous costs are not covered. With a policy such as the four available through LifeCheque by Manulife, if your illness or injury is a covered condition and after you have met the waiting period if it applies, you would be eligible to receive cash payments that you can use in any way that benefits you most. Such coverage allows you to focus on your health and recovery rather than facing increased stress due to financial difficulties.

Unique Options for Faster Recovery

Most insurance plans require you to meet a minimum of 90 days for a waiting period after the diagnosis of a critical illness or injury to start receiving benefits from your plan. LifeCheque is designed to help you recover faster and through the Early Intervention Benefit and their unique Recovery Benefit, some money may be available to you sooner so you can access treatments earlier in your recovery. Beginning treatment earlier into an injury or illness provides better outcomes and that is far more important than arbitrary wait times.

Critical Illness Insurance Provides Options

With the money you receive through your insurance benefit, you have more control over your condition and the help you need to recover. The money is yours to use as you see fit. Here are some ways our clients have used theirs:

  • Hiring a caregiver or health care aide to help at home
  • Meet mortgage and debt payments
  • Replace lost income
  • Treatments that are not covered by work insurance
  • Travel expenses for treatments not available locally
  • Prescriptions or mobility aids

Although you may feel great and think you are not at risk for health issues or an accident, it happens more often than you would think. Preserve your lifestyle and protect your family with an investment in critical illness insurance so if the unexpected does happen to you, you have the funds needed to let you focus on getting better. Contact us and our insurance brokers at Vistaplan Financial Group can help you understand the four LifeCheque options available and customize your critical illness insurance to ensure you have everything you need for peace of mind and protection if the unexpected happens.


About the Author - David Motkoski

David Motkoski—At the Helm of Vistaplan Financial Group

The team at Vistaplan is led by David Motkoski, a well-respected insurance adviser to hundreds of business and individual clients. David has 30+ years of experience in this industry helping clients understand their life and disability insurance, office overhead, critical illness, long term care, and accident insurance. David’s focus has been medical doctors, dentists and business owners who are concerned with having the right coverage to provide for their family or business and protecting their income

David is an independent broker offering policies with Manulife, ivari and RBC to name a few. Vistaplan Financial Group has clients dating back to 1983 and they stay loyal with David because of the strong relationships he builds.