What is it? It is insurance for if you get cancer, have a heart attack or stroke, get MS and up to 20 other diseases/illnesses. The payment is tax free and lump sum for you to spend as you see fit. Some people use it to get drugs that aren’t covered by the government, cover unexpected costs, take more time off work. There are options to get this coverage with return of premium – which means that you would get your money back if you don’t make a claim. The younger you are the less expensive this option is.
Do I need it? I am biased here and think everyone should have it. Chances you know someone who has had cancer or heart attack. In fact, there is a 1 in 3 chance you will get/have a critical illness by the age of 65. You work in health care, you have seen it and see it happening everyday.
How much to get? There is no hard and fast rule for this. I tend to go with 1x salary – and with Residents, up to 1x future potential annual earnings.
This is a bit harder to get than life insurance because they look at family history more closely.
How do I get it?