What would you do if your spouse was diagnosed with cancer? Who would look after your children? If you needed to take time off from your practice to support your spouse or attend appointments, could you manage all your personal and professional obligations while also facing a reduction in your income? If you needed to withdraw a lump sum of $200 000 from your savings to cover the cost of home support, medication, travel expenses, or home modification, would this negatively impact your retirement plans?
Critical illness insurance provides you with a tax-free one-time predetermined lump-sum payment in the event you are diagnosed with one of the up-to 25 covered conditions in your policy. These conditions can include cancer, heart attack, stroke, multiple sclerosis, and benign brain tumor, to name a few. Unlike disability insurance, you may apply for critical illness insurance whether you are actively working or not. For this reason, these policies are a great way to protect against the risk of a critical illness diagnosis for a spouse who may not be actively working outside of the home. It is advisable to apply for these policies as early as possible since they can be difficult to qualify for, especially as you age.
By insuring your spouse, you empower yourself to be in the best position to support your family through a life-threatening illness. You could use your lump-sum benefit to hire a caregiver for your children, take time off work to care for your spouse or attend medical appointments, or for any other purpose you choose. The insurance benefit allows you to avoid taking on debt or withdrawing retirement savings to cover the costs of dealing with a critical illness.
If you do not already have critical illness insurance for your spouse, speak with one of the Doctors of BC insurance advisors to discuss coverage options that best suit your needs. Schedule an appointment at email@example.com.
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Above is the information needed to cite this article in your paper or presentation. The International Committee
of Medical Journal Editors (ICMJE) recommends the following citation style, which is the now nearly universally
accepted citation style for scientific papers:
Halpern SD, Ubel PA, Caplan AL, Marion DW, Palmer AM, Schiding JK, et al. Solid-organ transplantation in HIV-infected patients. N Engl J Med. 2002;347:284-7.
About the ICMJE and citation styles
The ICMJE is small group of editors of general medical journals who first met informally in Vancouver, British Columbia, in 1978 to establish guidelines for the format of manuscripts submitted to their journals. The group became known as the Vancouver Group. Its requirements for manuscripts, including formats for bibliographic references developed by the U.S. National Library of Medicine (NLM), were first published in 1979. The Vancouver Group expanded and evolved into the International Committee of Medical Journal Editors (ICMJE), which meets annually. The ICMJE created the Recommendations for the Conduct, Reporting, Editing, and Publication of Scholarly Work in Medical Journals to help authors and editors create and distribute accurate, clear, easily accessible reports of biomedical studies.
An alternate version of ICMJE style is to additionally list the month an issue number, but since most journals use continuous pagination, the shorter form provides sufficient information to locate the reference. The NLM now lists all authors.
BCMJ standard citation style is a slight modification of the ICMJE/NLM style, as follows:
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For more information on the ICMJE Recommendations for the Conduct, Reporting, Editing, and Publication of Scholarly Work in Medical Journals, visit www.icmje.org