By Marie Navarro, SISIP Financial
Our goal at SISIP Financial is to enhance the financial well being of all members of the Canadian Armed Forces (CAF). Identifying a need to protect CAF families from the extra expenses that come with a serious illness, SISIP Financial has added Critical Illness (CI) insurance to the financial products they offer.
What is CI insurance? It is insurance that will pay a tax-free, lump-sum benefit to an insured person diagnosed with one of the covered conditions. With the SISIP Financial CI plan, members and spouses are covered for 25 conditions, including cancer, heart attack and stroke. Children are covered for the same 25 conditions as adults, plus 6 child-specific illnesses.
Why is critical illness insurance such an important part of any sound financial plan? Quite simply, because of the flexibility it offers:
- You can use the money for anything that is important to you: paying off debts, extra help around the house while you recover, medical bills, or even a vacation. The money is there to aid your recovery by relieving financial stress.
- The payment is independent of your other benefits. Unlike disability insurance, a critical illness benefit payment is not tied to your ability to work, or whether a full recovery is made. You will receive your benefit even if you can work during your recovery. Furthermore, no coordination is required between this payment and assistance programs such as extended health and dental plans.
The SISIP Financial CI insurance plan is designed to meet the unique needs of members of the CAF. Most other Critical Illness plans do not include coverage for conditions resulting from the risks associated with warfare or service in the CAF; this insurance plan does!
Serving, released and retired members under the age of 70 can apply, along with their spouse, for up to $300,000 in coverage. Up to $10,000 in coverage is also available for children, and all children in the family are covered for one low premium rate.
No one can predict when a life-changing illness will strike. In addition to having to deal with emotional and physical constraints which accompany many serious illnesses, likewise the financial consequences can be devastating. SISIP Financial is here to help you mitigate the financial impact and to provide solutions, such as CI insurance.
This article is for general information purposes only
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