Study: Parents not adequately insured

Despite the prominence of cancer, stroke and heart disease in Canada, the majority of Canadian parents don’t have critical illness insurance, according to a new poll by TD Insurance.

The study found that 65% of respondents with children still living at home are not adequately insured.

“Recovering from a serious illness can be expensive and other forms of insurance may leave a gap in your coverage,” said Dave Minor, vice president, TD Insurance. “Critical illness insurance is designed to fill this gap and reduce the impact that an illness has on a family’s overall financial health.”

Critical Illness insurance payments help free up money the insured can use for health-related expenses – like physical therapy, medical equipment, child care and babysitting services, or even home modifications – to help the policyholder recover completely without financial worries or lifestyle compromises.

“Suffering from a serious illness is an incredibly difficult time for the patient and their loved ones,” says stress and wellness expert Beverly Beuermann-King. “There is so much to deal with – making decisions about care, remaining financially stable and meeting the family’s day-to-day needs, all while coping with a myriad of emotions.”

Critical illness insurance, she added, can help families get through that time and lets the family focus entirely on fighting and recovering from an illness together, instead of worrying about how to make ends meet.

Minor says families should consider critical illness insurance as an integral part of their household’s overall financial health. “No one plans to get sick, but it’s important to ensure your family is covered in the event that something unexpected happens.”

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.