Small business owners in Ontario are the backbone of our economy.
Many of them have had it rough this past year and a half - for obvious reasons.
Here's something that should help, pay attention Mr./Ms. small business owner...
Most of you reading this put food on the table for your families, you pay your day-to-day home expenses, and work 12 hour days to ensure your business runs like a well-oiled machine.
Here's a question:
If you were to fall ill today, and weren't able to work - would your family continue to keep their existing lifestyle?
Who would pay your bills?
Is there additional income? If so, will it be enough to cover day-to-day expenses?
Let's be real...
No one likes to talk about getting sick or dying.
But the reality is, anything can happen at any time.
If you don't believe me - let's look at some critical illness stats across Canada this past year.
Cancer is the leading cause of death in Canada
1 in 2 Canadians will develop cancer in their lifetime
Heart Attack Stats
600,000 Canadians are living with heart failure
50,000 Canadians are diagnosed with heart disease each year
Men are 2x more likely to suffer a heart attack than women
Stroke is the leading cause of disability in Canada
1/3 more women die from a stroke than men in Canada
(These statistics can be found in the following Benefits from Design article - read here.)
It's not all bad news however...
Thanks to advancements in the medical industry, many Canadians actually survive these critical illnesses, and continue to live for many years.
The problem lies in the recovery - it's expensive.
Let's get back to you, the business owner.
If you were to suffer from one of these critical illnesses, how would you pay for the expenses involved in your recovery?
With your own savings?
And how long until those savings (that you worked so hard for) disappeared?
Having critical illness coverage in place protects you from these expenses.
How it works is simple.
The moment you suffer a critical illness, your insurance company will issue you a lump-sum cheque, tax-free, in the amount that you were covered for.
A real estate agent contacts his life insurance broker, and applies for $100,000 of critical illness coverage.
Five years later, the spouse of the real estate agent calls their insurance broker to inform him that her husband has suffered from a heart attack.
The real estate agent survives the heart attack, however he will be taking a year off from work to recover.
The life insurance broker informs the insurance company about his client's heart attack, and they issue the client a tax-free cheque of $100,000.
The real estate agent can focus on getting better, without having to worry about using his own funds to pay for the recovery process.
Given how common critical illnesses are in Canada, having a critical illness policy is one of the smartest decisions anyone can make - especially if you have people who rely on your income!
PS - there is even a feature that can be added to your critical illness policy which allows you to get all your premiums back if you never end up making a claim! Example: At 70 your policy expires, and you haven't made a claim - the insurance company will give you every dollar and cent back that you paid to have coverage!
No brainer right?
Don't hesitate to give me a call or text at 647-393-3474 if you have a question about how critical illness insurance works. For a faster response, fill out the 1-minute intake form below!
Thanks for reading!