At Schueler Group Benefits Corp., we believe in the benefits of benefits (that’s sort of our thing). However, there’s one benefit that’s been receiving more and more attention lately that we want to talk about: Critical Illness Insurance.
What is Critical Illness Insurance?
Critical Illness (CI) Insurance covers plan members and their dependents for unexpected serious illnesses from a predetermined list of covered conditions. Upon diagnosis of one of the covered conditions, and after the applicable waiting period has expired, the policyholder receives a tax-free lump-sum payment.
CI Insurance is designed to protect plan members and their dependents from the financial hardships associated with serious, sudden illnesses and allow them to focus on recovery.
We Know It Works Because We’ve Seen It Used
Although we assist in administering group benefit plans for businesses across Canada, we’re also employers and friends ourselves.
Over the years, we’ve had multiple employees make claims for serious illnesses that, without coverage, could have led to increased stress and financial strain.
Being with those employees and friends through their struggle of diagnosis, treatment, recovery and an eventual return to work has proven to us the merits of CI Insurance. The lump-sum payment helped relieve the financial stresses associated with serious illnesses like medical costs or loss of income so that they could focus on their recovery.
Illustrating the Importance of Critical Illness Insurance
BBD has created a new resource to illustrate the importance of Critical Illness Insurance when it comes to protecting employees. They discuss the advantages of the benefit, what it covers, as well as the rising incidence rates of critical illness in Canada. Click below for one of our suppliers’ ebook illustration.
If you have any questions, please give us a call! We are here to help.
BBD January 29, 2019. Retrieved online from www.bbb.ca/blog. Making a case for critical illness.