Custom executive benefits plans by Alberta’s Benefit Strategies include the option for critical illness insurance.
Canadians are living longer and with improved longevity comes the increased risk of developing a critical illness, so coverage is essential.
A life threatening illness like cancer, heart attack or stroke plus other illnesses like MS, and Alzheimer’s, can seriously impact your family’s financial security.
Critical illness insurance policies offer financial protection and help to safeguard against the debilitating financial burdens that often accompany a critical illness.
Financial & Emotional Peace of Mind
Most critical illnesses happen very quickly. There is usually precious little or no time to prepare and it can be life altering.
A critical illness insurance policy can help you and your family adapt by ensuring that your family is taken care of financially as your go through your treatment.
Perhaps you will need money to hire caregivers or make home modifications. You can even use the money to pay off your mortgage or other debts or pay off medical bills, pursue alternative treatment and/or possible treatment elsewhere.
Types of Critical Illness Coverage
Specific critical illnesses and serious diseases that may be covered (depending on the critical illness policy) may include:
Loss of Speech
Life Threatening Cancer
Benign Brain Tumor
Major Organ Transplant
Heart Bypass Surgery
Coronary Artery Surgery
Creditor type insurance like bank mortgage insurances usually only cover the first three illnesses, heart attack, stroke, and life threatening cancer.
For many executives, a critical illness insurance policy is a good alternative to a disability insurance plan as it is frequently less expensive, pays out in 30 days even if you can go back to work, and it does not have the same income requirements.
Benefit Strategies can also provide you with estate planning advice.We recommend that your executive benefits plan include both critical illness insurance and disability insurance options.
Critical Illness Taxable Benefits
A critical illness insurance policy provides a lump sum payment (usually tax-free), which is yours to spend however you wish. All employer paid critical illness insurance premiums are not a taxable benefit to the employee and critical illness benefits are not taxable to the recipient.
Inquire About An Executive Benefits Package that Includes Critical Illness Coverage
Having a critical illness insurance policy as part of your Alberta executive benefits plan will provide you and your family with peace of mind in an ever-changing world.
Benefit Strategies can provide quotes for critical illness insurance policies for residents of Alberta in the cities of Edmonton, Calgary, Red Deer, Medicine Hat and Lethbridge.
To learn more about including Alberta critical illness insurance as part of your executive benefits package contact Benefit Strategies Inc.