The Value of Critical Illness Insurance

What Can it Do for you?

The critical illness benefit provides you with freedom of choice and control over the treatment you receive.  It allows you to seek alternative or out of province treatments that may not be covered by our provincial healthcare system.  More importantly, it allows you to focus on your recovery rather than how you are going to pay for the significant direct and indirect expenses that can occur as the result of a serious illness.

To take the time to fully recover before you return to work
Having cash on hand enables you to decide for yourself when to return to work, so you aren't forced back too soon by cash shortages and lifestyle compromises that can delay, and even endanger, your full and complete recovery.

Supplement your income
If you are able to return to work, it is likely that you will suffer a loss of time and/or productivity.  A critical illness benefit provides funds that can be used to supplement your income so that you can make a smooth transition back to work.  Over the long term, it may be in the best interest of your health to not work as hard or as long.

Control over treatment, recovery and rehabilitation
Many of the latest treatments are not available locally or funded by government health plans.  Consequently, as highly regarded as our Canadian health care system is, it cannot help patients recover their financial footing if they are not prepared in advance for the financial consequences of a critical illness.  Also, you may need extra cash for new lifestyle and recovery demands such as housekeepers, private nursing, physical therapy and medical equipment.

To have the money to cover job-search time or retraining if you face a modified career, relocation or career change
You may need the financial resources to meet your financial obligations until you have found a job suitable to your new lifestyle or until you have retrained.

Have a spouse take time off from work to help you recover
Achieving greater closeness with family is an important part of a full recovery.  Having the ability to have your spouse take additional time away from his or her job is an invaluable asset.

Pay off/pay down/continue mortgage payments
The critical illness benefit may be used to pay off or pay down your mortgage or provide the cash necessary to keep up with your monthly payments while you focus on your health.

Peace of mind knowing that you can focus on getting better, rather than how you are going to pay for it
Recovery and rehabilitation will be your first priority.  The critical illness benefit can remove the financial stress that can accompany a serious illness.

The team at Arca have always been very good at providing me with personalized financial solutions. My wife and I were initially referred to Arca through a family friend, and have been very impressed with the service. Arca's creative thinking has corrected our cash flow problems, and still allowed us to service our debt and invest in RRSPs. The entire staff has been friendly, approachable, and above all, effective.