Life Insurance With Critical Illness in Ontario

 Being diagnosed with a critical illness is never anticipated. Unfortunately, life can often be unpredictable, which is why it’s important to prepare for the unexpected to protect yourself and your family. Such a scenario can cause serious financial hardship, preventing you or your partner from working, which is why investing in life insurance with critical illness coverage in Ontario is key.

At DFSIN Toronto West, we offer life insurance plans with critical illness coverage designed to protect you and your family should the need ever arise.

Critical illness life insurance is, in the simplest of terms, an insurance plan that combines both life insurance and critical illness coverage. A “critical illness” can be loosely defined as any life-threatening illness and can include a range of different things, such as heart attack, stroke, cancer, dementia, multiple sclerosis, and more.

In the event you are diagnosed with such a disease, you’ll receive a one-time, lump-sum payment as part of your critical illness life insurance plan.

When people think of insurance, they tend to think of insuring their home against fire or their car against accidental damage.

At DFSIN Toronto West, we’re primarily concerned with:

• Protecting you financially in the event of disability, a critical illness, and the loss of independence due to the natural effects of aging
• Protecting your family’s standard of living in the event of your death

Contact a life and health insurance advisor who can help you determine the life insurance with critical illness coverage most appropriate for your needs and your budget.

If you’re concerned about your financial well-being and that of your family, you may want to consider investing in critical illness life insurance in Ontario. Should anything ever happen to you or them, you’ll be able to rest assured that any medical expenses or other financial obligations will be paid for.

However, some of the more concrete things people need help with when they’re diagnosed with a critical illness include:

• Financial assistance for future expenses, like your child’s college tuition
• Supplemental family income should you or your spouse be unable to work
• Funds to cover mortgage payments or rent
• Coverage for earnings you’ve lost due to your illness
• Money for medications and medical treatment not covered under your current insurance plan
• Funds to help you remain in business should you own your own company

Although there are different limitations to critical illness life insurance depending on what company and plan you choose, there are some important things to note, such as:

• You’ll likely need to provide detailed medical information and undergo a health examination before your plan’s application is approved.
• If you’ve already been diagnosed with a critical illness like cancer, stroke, or heart attack, you may not be able to purchase critical illness coverage. In most cases, the best time to purchase such insurance is when you’re healthy.
• It often takes anywhere from 40-60 days to process your coverage.

Savings and investments

Whether you’re saving for retirement or saving for a rainy day, we have a full range of saving, investment, and annuity products to meet your needs.

We offer:

• Guaranteed investment funds – also known as segregated funds– offering growth and security
• Guaranteed investment certificates
• Annuities that provide a regular income

Mutual funds

Our partner, Desjardins Financial Security Investments Inc., which is a mutual fund dealer, gives you access to a wide variety of mutual funds from many of the top mutual fund management companies in Canada.

Mutual funds can be held in open or registered plans such as a Registered Retirement Savings Plan (RRSP) or Tax-free Savings Account (TFSA).

Advantages:

• Mutual funds are professionally managed, so you do not have to be an expert
• There are mutual funds available that range in risk and volatility from capital preservation to aggressive growth
• Average your purchase price by automatically buying units over time, ex., $50 a month
• Small initial investment of $500

If you would like to learn more about how mutual funds can play a beneficial role in your savings or investments, please speak with one of our mutual fund advisors.

If you would like to read more, please visit our Desjardins Financial Security Independent Network national website for more detailed information about many of our products and services.

In addition to our critical illness insurance for business owners in Ontario, we also offer life insurance, long-term disability insurance, critical illness insurance for children, and more. Our life and health insurance advisors can help you develop a stable foundation for your future, so contact our team today!

We serve all of the following areas:

• Brampton
• Mississauga
• Etobicoke
• Oakville
• Burlington

For more information about coverage, contact our team online or call (416) 695-1433.