Critical Illness Insurance
What is Critical Illness Insurance and What Does it Cover?
For the second time in a month, our internet provider called us last night to inform us that we will be without internet service for about three hours this morning. As a company owner, having access to the internet is vital since it is how I keep money flowing in to pay bills and keep the house fires burning. After last night’s call, I began to consider it from a different perspective.
Something far more harmful is capable of interfering with my ability to keep the money rolling in, but it gives no warning until it arrives. You might be wondering what I’m referring to… I’m referring to a life-threatening condition that can come without warning, at any time, and knock you unconscious so quickly that you’ll think you’ve been hit by a freight train.
When someone is seriously unwell, it can be extremely difficult, if not impossible, for them to perform the chores required to manage a profitable business on a regular basis. A sickness may be so debilitating that it demands round-the-clock care, necessitating the assistance of a family member.
What if one’s partner gets the job, but they can’t go to work because they’re caring for a loved one? Worse yet, what if the person is alone and has no one to turn to? Who will now be responsible for paying the bills? Recovery from a critical illness involves time, medications, a lot of rest, and tender loving care; recovery from a critical illness takes time, treatments, and a lot of rest and tender loving care.
The last thing a business owner or anyone wants to do is add to their stress by worrying about how they will pay for all their expenses due to a lack of sales or income. But all is not lost; there is a solution to this problem, but it must be implemented before anyone becomes extremely ill, not afterward. This solution is known as Critical Illness Insurance in Toronto. “But I can’t afford to pay for it,” they constantly say when I bring up Critical Illness Insurance in Toronto, with the business owners and individuals I coach. “You can’t afford not to pay for it!” I tell them. The peace of mind that this coverage provides when disease strikes is priceless.
In Canada, a multitude of firms offer serious sickness insurance, and it is beyond the scope of this article, to go over all of the different policies available today. However, when contemplating Critical Illness Insurance in Toronto, in the event of an illness, there are a few things to keep in mind:
- Allowing your spouse to take time off work to help you recuperate.
- To reduce or eliminate your mortgage or other debts.
- To augment a lesser income or compensate for an irrevocable loss of income.
- To allow you to concentrate solely on your recovery.
- A co-owner or the company’s key individual must be replaced if they need to reduce their job activity or leave their position.
- To hire someone to run your small business while you are away from it.