Critical Illness Insurance

Critical Illness Insurance


Insurance can be your best friend at the time of the need.

Unfortunately, the world is unpredictable and you never know what is going to happen from one day to the next. Therefore, you need to make sure that you take steps to protect yourself, your investments and your family. Failing to do so may come back to haunt you in the future. Depending on your specific needs and your current situation, you may find that acquiring critical illness insurance may be a good idea. This type of insurance offers numerous perks so you can guarantee that it is going to be a good choice for many Canadian consumers.


The Basics Of Critical Illness Insurance

Before going too far, you should take the time to learn more about critical illness insurance. What does this insurance do and how can it help you? Well, you never know when you’re going to get sick. When you get sick, there is a risk that you will not be able to work as you normally would. As a result, you will not receive any payments and that can place more burden on yourself and your family. You should get critical illness insurance since it can help. If you’re able to survive the illness, you will be able to receive a lump-sum payment.


How It Helps

Ultimately, critical illness insurance offers numerous benefits. Once you’ve learned more about these benefits, you will agree that the insurance is well worth the price. So, why should you consider getting this insurance?

The basic policy of Critical Illness provides the life insured with a lump some benefit if a critical illness is diagnosed which meets the definitions set out in the policy and survival period is satisfied. This lump some benefit is paid tax free to the insured. Now with the lump some insured has an option to use the money as per her/his desire. They can go to a different country to treat their diagnosed condition or use this money for their day to day needs to compensate their income. Either way it becomes a great paying partner at the time of need.

A few examples..

  • When you experience a major illness, you’re going to run into financial issues. You’ll find that your debt is going to climb higher. Simultaneously, you will not be able to work and this will create more problems for your family. However, critical illness insurance can help. This insurance will provide you with money so you can overcome the financial hurdles that you’re facing right now.
  • Another thing to note is that an illness will require you to stay home from work. When that happens, your income is going to dwindle quickly. Your spouse might be able to generate some money but the lost income is going to be very difficult to deal with. Critical illness insurance can help cover the costs. It can replace the lost income so you can sleep sound knowing that everything will be fine.
  • You can use this money to hire additional help at home. If you need medical treatment, the insurance can help you get treatment in the comfort of your home so you do not have to stay in a hospital or care facility.
  • Critical Illness can be a a great help here as this money can be used to cover these big expenses. Finally, you should know that some medications and treatments might not be covered by private insurance. Government plans might not cover these things either. You can use the money you receive any way you want. So, the money can be used to try unconventional treatments and medications.


Know The Plans

Remember that you’re going to be able to work with many insurance companies available. When you do, you will find that each company has its own definition and product details. Therefore, you need to find out what type of critical illness insurance you need. What amount of insurance is required? Do you need a policy which covers till age 100 or you need a coverage for 10, 20, or 30 years. Different companies offer critical illness coverages to age 65, age 75, or even age 100. In some policies you even have an option to get refund of all premiums paid into the policy if no critical illness is diagnosed and policy expiry date is chosen. This means all premiums paid into the policy are refunded to the insured.

There’s an option for premiums to be fixed and level till the expiry of the policy as well as there are options available where premiums change every 10 years which makes it more affordable in certain cases.


Getting Critical Illness Insurance

Getting critical illness is exactly the same process as getting any other life insurance policy. It requires the underwriting and once approved critical illness policy is issued. At the time of application, you have an option to choose the duration of the coverage and the option to get the refund of the premiums paid. Once approved, policy is a big peace of mind. 


Working With A Professional

At the end of the day, it is best to work with a professional. You should consider teaming up with Sim Gakhar since she can walk you through this process without any issues. Remember that professionals have been working in the insurance industry for many years. They know insurance better than anyone else so they can help you figure out what is going to work best for you. Simultaneously, these individuals have developed relationships with some of the top insurance companies in Canada. With their assistance, you’ll be able to get better advise and protection to suit your needs.

Before trying to get insurance, you should sit down with an advisor. Make them aware of your needs so they can begin working on your behalf immediately.


Quotes And More

Finally, you need to make sure that you’re getting the best advise and protection. To do that, you should think about acquiring quotes. You’ll also need to submit an application to ensure that you qualify. Again, working with a professional like Sim Gakhar will make the process much easier.

What Our Clients Say

My husband and I had the pleasure of getting our life insurance through Sim Gakhar. She is professional, attentive, detailed-oriented and knowledgeable. Sim is reliable and trustworthy – from selecting the right product to providing medical records and payment process – she made it super easy. She is punctual and flexible – she always came to our home at our schedule. She ALSO helped with closing one of our older insurance policy that wasn’t working for us. We highly recommended Sim, she is definitely one of the best in the industry.
Tharmila RajasingamCo-Founder | Realtor
Sim helped me and my wife replace existing Life Insurance and Critical Illness policies that weren’t meeting our needs. Her knowledge of Canadian Insurance policies and providers is excellent. Her approach was very consultative, ensuring that she understood our situation & goals, and never overselling. We were presented with several options and given time to make the best selection. Her relationships with coverage providers ensures that the process goes smoothly. I highly recommend her.
Jim MonteathIT Consultant
It has always been a pleasure conversing with Sim. She is always available, and always happy to provide you the best solution to suit your needs. One thing that makes Sim outstanding at what she does is her deep understanding of various products and how they fit within the goals of the client. It has truly been amazing 6 years since I have known Sim. Not only have I received appropriate coverage, but also was able to set up a plan for the estate. Thanks, Sim, and to anyone looking for a financial advisor or an estate planner or have any insurance needs, Sim is the person to go to. Thanks, Sim.
Adil ViraniActuary
Sim helped us with a life insurance policy. Her communication systems and processes and her ability to stay in touch, explain things, and move things along is as professional and streamlined as I’ve ever seen. She was an absolute pleasure to work with and has helped our family secure our financial future!
Jonathan CarterCPA | CMA
Sim has been our go to person for insurance over the last 11 years. She is nothing short of professional, caring and always looking out for our best interest. The great thing is she will always be available to answer questions and provide insight on how the decisions you make today, will impact your future tomorrow.
Raaziq BhimaniRestaurateur
Sim is a thorough and learned professional. It was a great experience working with her, to get customized insights, advice in making my insurance and investment decisions. She handled the end-to-end process with ease, especially during this challenging time, and went the extra mile so I could complete everything remotely. I would definitely recommend her and look forward to working with her for future investments.
Manav GhaiSenior Product Manager
Sim is a very knowledgeable and experienced professional not just for excellent & creative insurance solutions but probably the best financial planner that you will ever meet. We have known Sim for almost the past 2 decades and all we can say she conducts her business with integrity.
Neil RamchanderSales Manager
Sim is extremely knowledgeable, patient and helpful. She helped us to put together a plan that suited our needs very well. I think we were very lucky to find Sim.
Rick MateljanPrincipal Owner
I had the pleasure of working with Sim on selecting the best life insurance policy fo me. I had met with several advisors prior to meeting Sim and she definitely stands out as one of this best in the space! It’s very refreshing to see how she personalizes her approach to each person/product and makes sure you are well informed and comfortable before making any financial decisions.
She is constantly learning and paying it forward through her involvement and leadership in international community events. I am confident that Sim will help me make decisions in my best interest and I am excited to work with her in the future!
Sanveer DhanjuProduct Analyst
Sim is very knowledgeable and experienced person who not only help me with my life insurance and retirement planning needs, but also help my clients with their tax and retirement planning needs on very timely basis. I highly recommend her if anyone needs insurance and investment advice.
Olga Sokolova CPA, CA, LPA

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