Critical illness insurance in Canada is a type of insurance that provides a lump-sum payment to policyholders who are diagnosed with a critical illness covered by the policy. Critical illnesses typically covered by this type of insurance include heart attack, stroke, cancer, and other serious conditions.

The payment can be used for any purpose, such as covering medical expenses, paying bills, or covering lost income. The policyholder can choose to receive the payment as a lump sum or in monthly installments.

Critical illness insurance is often purchased as an addition to life insurance and disability insurance, to provide an extra layer of financial protection in case of a critical illness.

In general, critical illness insurance can be a valuable financial planning tool for individuals and families, as it can provide a lump-sum payment in the event of a critical illness, which can help to ease financial stress and allow policyholders to focus on their health and recovery.

The goal of disability insurance is to replace a portion of a person’s income if they are unable to work due to injury or illness.

There are two main types of disability insurance: short-term disability insurance and long-term disability insurance. Short-term disability insurance provides financial support for a shorter period of time, usually several months, while long-term disability insurance provides financial support for a longer period of time, often several years or until the policyholder reaches retirement age.

In general, disability insurance can be an important financial planning tool for individuals, as it provides financial support in the event of a disability that prevents them from working. This can help to ensure that individuals and their families are protected against financial hardship in the event of an injury or illness.

There are several types of life insurance, including term life insurance, whole life insurance, and universal life insurance. Each type of policy has its own features and benefits, and the right type of policy for you will depend on your specific needs and circumstances.

Life insurance can be an important financial planning tool for individuals and families. It can help ensure that your loved ones are financially secure in the event of your death, and can provide peace of mind knowing that they will be taken care of.

Many Canadians choose to purchase private health insurance to supplement the coverage provided by Medicare. Private insurance can cover the cost of services that are not covered by the public system, such as prescription drugs and dental care, as well as services that may have limited coverage.

In general, health and medical insurance in Canada is designed to provide access to necessary medical services for all citizens, while also offering the option for individuals to purchase additional coverage if they choose to do so.

Darryl is a graduate of Memorial University’s Faculty of Business.

Darryl started his career working in the finance department at one of Ontario’s largest cities; from there he spent a number of years working in the banking and finance industry in the provinces of Ontario and Nova Scotia.

Darryl moved back to his native NL and has been working in the mortgage and insurance industry ever since. Darryl currently holds contracts with some of Canada’s largest insurance and investment providers.

“ I truly believe that Honesty, Integrity and Knowledge are the 3 most important factors when it comes to helping clients make the correct financial decisions.”

Rod is a trusted advisor for his clients, with 30 years of experience under his belt. He is now working in the Financial Planning & Wealth Accumulation sector.

Talk to Rod if you’re looking for Life Insurance, Family Protection, Mortgage Debt insurance and Medical/Health coverage. He can also advise you on your Tax & Estate Planning as well as Residential & Commercial Mortgages. Rod has been a licensed mortgage broker since 1999.

His MFDA License for Mutual Funds is currently provided through Investia Financial Services Inc.

If you’re looking for a second opinion in any of these areas, feel free to contact Rod. He’s looking forward to your call!