Critical Illness Insurance in Oakville: Why Is It Worthwhile

Life is unpredictable, and while we hope for the best, it’s crucial to be prepared for the worst too. Sudden, severe illness can pose significant risks to financial stability. However, with the right critical illness insurance in Oakville, you can protect yourself and your family during bad times. If you still think about whether it’s really worth the investment, then here we are with this blog that will help you understand the importance of critical illness insurance. Read more below.

Importance of Critical Illness Insurance in Oakville

1. Rising Healthcare Costs

Healthcare costs have skyrocketed in the past few years. From hospitalization and surgeries to medication and post-treatment care, it can drain out your lifetime savings in no time. Disability insurance in Oakville provides coverage to meet these costs, helping you to avoid the financial burden of medical expenses.

2. Flexibility in Fund Usage

Unlike traditional health insurance which covers only medical expenses, the lump-sum amount that you receive from critical illness insurance can be used the way you want. Whether you want to pay household expenses, caregiver fees, or seek alternative treatments that standard health insurance may fail to cover.

3. Loss of Income

Critical illness will definitely result in loss of income as you won’t be able to work for a long time. Whether you are a working professional with no disability benefits or self-employed, not being able to work will affect your financial stability. A disability insurance payout will replace lost income, allowing you to focus on recovery rather than worrying about financial health.

4. Financial Stability for Your Loved Ones

A severe illness not only affects the patient but also their family. Expensive medical bills can disturb stability. But disability insurance in Oakville will ensure that your loved ones are protected and don’t have to wipe out their entire savings or take on debt to pay medical bills.

5. Reduced Stress

Knowing that you have provisions to meet the expenses of advanced medical treatments, you can have peace of mind. You can focus on your recovery without any financial crisis and have access to the best possible treatment option.

Who Should Consider Critical Illness Insurance

• Sole Breadwinners: If you are the sole earner of the family, your income is crucial for the household's stability. Hence, you must invest in disability insurance in Oakville.
• Self-Employed Individuals: If your employer doesn’t offer disability benefits, a critical illness policy is a crucial safety net.
• Individuals with a Family History of Severe Illness: If life-threatening diseases like cancer, or heart disease run into your family, critical illness insurance is a wise precaution.
• People with No Emergency Savings: People who lack substantial savings can cover sudden medical bills with the critical illness payout.
  
  

Book a Consultation Today

Need critical illness insurance in Oakville? Eric Gruscyk Desjardins Insurance & Financial Services is a trusted insurance agency with reliable agents who will guide you through choosing the best policy. Book an appointment with our experts to discuss your requirements.