Life & Critical Illness Insurance

1. What is life insurance, and how does it support my loved ones?
Life insurance is about protecting the ones you love most. If something happens to you, a life insurance payout helps ensure your family can maintain their lifestyle, cover daily expenses, and plan for the future. It’s a way to show your family you’ll always be there for them, even when you’re not around.

2. What does critical illness insurance cover, and why is it important?
Critical illness insurance provides financial support if you’re diagnosed with a serious illness, like cancer or heart disease. This coverage allows you to focus on recovery without worrying about bills or lost income. It’s peace of mind, knowing you have a financial cushion to help you through life’s toughest challenges.

3. How much insurance coverage should I have?

As a general guideline from MoneySense, recommended coverage amounts are:

• Death & Total and Permanent Disability: Approximately 9 times your annual income.
• Critical Illness: Around 4 times your annual income.

These benchmarks help ensure you and your loved ones have adequate financial protection in case of unexpected events.

4. I keep hearing it’s cheaper to buy insurance while you’re young and healthy — is that actually true? Why not just hold off for a while?
Yes, it’s absolutely true. Getting life and critical illness insurance while you’re younger and in good health generally means lower premiums, as insurers assess risk based on age and health status. Waiting a few years can lead to significantly higher costs, especially if any health issues arise over time. Plus, securing coverage early gives you peace of mind, knowing you’re protected now and into the future. It’s a proactive step that can save you money and ensure you’re prepared, no matter what life brings.

Holding off on getting insurance can lead to higher premiums as you age, increased difficulty obtaining coverage if health issues arise, and financial vulnerability if an unexpected crisis hits.