When Life Changes, Your Finances Don’t Have To Suffer

Life has a way of surprising us. One day, your career is on track, your family is thriving, and your financial goals feel within reach. Then, a diagnosis—cancer, a stroke, or a heart condition—can suddenly change everything.

In moments like these, critical illness insurance may offer financial relief during an already difficult time. But how does it fit into your larger financial plan? Let’s explore.

❓ What Is Critical Illness Insurance?

Critical illness insurance provides a tax-free, lump-sum payment if you’re diagnosed with a covered condition (as defined in your policy), such as cancer, heart attack, stroke, or other major illnesses.

The funds are yours to use in the way that’s most helpful to your situation. This could include:

• Out-of-pocket medical expenses
• Living expenses while you recover
• Childcare or homecare services
• Travel for specialized treatment
• Modifying your home for accessibility

It’s not just about surviving a health crisis—it’s about protecting your financial well-being during and after recovery.

🛠️ How It Works in Practice

While public healthcare covers many medical costs in Canada, there can still be gaps. Critical illness insurance can offer added flexibility by helping cover:

• Non-insured medications or therapies
• Income replacement if you or your caregiver must stop working
• Transportation or lodging for treatment away from home
• Temporary lifestyle adjustments to aid in recovery

Every policy is different. A licensed insurance agent can explain coverage details, limitations, and what may be appropriate for your needs.

💡 Why Consider It in Your Financial Strategy?

When planning for the future, we often think of goals—buying a home, saving for retirement, or supporting family. But unexpected health challenges can impact those plans. Without a safety net, individuals may feel forced to:

• Withdraw from retirement savings
• Sell investments earlier than planned
• Take on debt

Including critical illness insurance in your strategy can provide an additional layer of protection, offering peace of mind as you focus on recovery.

🧩 How It Complements Other Insurance

Critical illness insurance is not a replacement for life insurance or disability insurance—it complements them:

• Life Insurance: Supports loved ones financially after your passing.
• Disability Insurance: Replaces a portion of your income if you can’t work.
• Critical Illness Insurance: Provides a lump-sum to help with costs associated with a major illness diagnosis.

Together, these products help form a more comprehensive protection strategy.

🏡 Legacy & Lifestyle: The Bigger Picture

Financial planning is about more than today—it’s about building a future that reflects your values, goals, and dreams. That includes having protection in place if life doesn’t go according to plan.

At Arlene Financial, we help individuals and families explore the role insurance can play in building financial stability and confidence. Critical illness insurance is one of several tools that may help you continue toward your goals—even in challenging times.

📞 Ready to Learn More?

Want to explore whether critical illness insurance makes sense for your situation?
Let’s talk about your goals and create a strategy that’s flexible, realistic, and personal.

📅 Book your complimentary consultation

Disclaimers

World Financial Group (WFG) is a financial services marketing company whose affiliates offer a broad array of financial products and services. World Financial Group Insurance Agency of Canada Inc. (WFGIA) offers life insurance and segregated funds. WFG Securities Inc. offers mutual funds.
WFG, WFGIA and WFGS are affiliated companies. Headquarters: 5000 Yonge Street, Suite 800, Toronto, ON M2N 7E9. Phone: 416.225.2121

This material is intended for educational purposes only. It should not be considered tax or legal advice. Please consult your own qualified tax or legal professional for guidance tailored to your individual situation. Insurance products, their features, and availability may vary by province and insurer. Always review product details with a licensed insurance professional. legacy!