Medical bills can take a toll on your savings, especially if your family relies on your income. In addition to medication, specialized appointments, and therapy, Critical Illness Insurance can go towards non-medical expenses, like day-to-day bills, cleaning services, caregiving, and more. This way, you can focus on your recovery and take care of yourself—and your loved ones—without worrying about extra costs. And if you have extra funds, they can always go back into your savings.

Critical Illness Insurance has no effect on any other benefits you might be receiving, like public healthcare or private Health & Dental or Disability Insurance. And keep in mind: Disability Insurance is meant for injuries—it won’t apply to sickness. A Critical Illness policy will supplement your existing plans to cover additional expenses and provide more comprehensive health protection.

1 in 3 Canadians will experience a critical illness at least once in their lifetime. While you can’t predict the future, the right policy can help you prepare and alleviate stress. As long as your premiums are paid, your coverage will remain active and it’ll pay out even if you’re well enough to return to work. Additionally, your premium depends on your health and age at the time of enrollment. If you sign up early on, you can secure long-term protection at a lower cost.

As a business owner, you might not have access to traditional workplace benefits, including employer-sponsored Critical Illness coverage. With a private policy, your family will have the resources to ensure business continuity if you’re unable to actively manage things for a few years. If you share ownership, you and your co-owners can also purchase Critical Illness Insurance on each other to account for lost profit and the additional costs of hiring a replacement.