Critical illness insurance is not something you want to think about. But it is protection you want to have should you become critically ill and no longer able to work. Money is one of the last things you want to have to worry about if you are diagnosed with cancer or suffer a heart attack, but a serious illness can devastate your finances.
Optional critical illness insurance can help with your finances while you focus on your recovery. It is one of the most cost-effective things you will ever do to protect your savings.
This type of insurance can give you a tax-free payment if you are diagnosed with a serious medical condition. Your contract will define which conditions are covered, but examples include cancer, heart attack and stroke.
Many assume that the Alberta Health Care Insurance Plan or workplace benefit plans (such as the Alberta School Employee Benefit Plan [ASEBP]) will cover many of the additional medical costs associated with a life-altering illness. However, these plans might not cover all the extra costs that come with managing a critical illness, such as home care, travel and accommodations, lost work wages, childcare, gas and meals. Over time, these expenses can add up.
Capital Estate Planning provides the Association’s Voluntary Benefits Program, a unique program built specifically for Alberta teachers and their families. This program includes critical illness insurance, group savings plans (RRSP, TFSA, RESP and RRIF), additional life insurance, and mortgage insurance.
Until November 30, 2023, teachers can apply for up to $50,000 in guaranteed acceptance critical illness insurance for themselves and up to $10,000 for their children. No medical questions are asked, and acceptance is guaranteed, regardless of medical history.
For more information, visit https://specialmarkets.ia.ca/applyata/home or call Capital Estate Planning at 780-463-6128 or 1-800-661-8755.
A critical illness can devastate your finances. When you are sick, money is the last thing you want to consider. Critical illness insurance can help cover your costs. Visit https://specialmarkets.ia.ca/applyata/home or call Capital Estate Planning at 780-463-6128 or 1‑800-661-8755. #WEAREATA
Updates from ATA Provincial