Critical illness insurance for spouses

Issue: BCMJ, vol. 65, October 2023, News
By: Hali Stus

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 insurance@doctorsofbc.ca.
—Hali Stus
Insurance Advisor

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Hali Stus. Critical illness insurance for spouses. BCMJ, Vol. 65, No. , October, 2023, Page(s) - News.


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