Homeownership is a long-term investment in your financial future because you’ll be responsible for the mortgage payment and the costs associated with homeownership for the rest of your life. The cost of homeownership can be high. You will be weak in the knees when you factor in mortgage payments, property bills and taxes, insurance for home repairs, renovations, and expenses.
A crucial part of your mortgage payments regularly is not just your earnings but also your health. We are accustomed to maintaining a healthy lifestyle is an essential aspect of settling your mortgage.
Have you ever considered what could happen to your mortgage payment if you could not work due to illness or even f a few days?
With the advances in modern medicine, the odds of survival for those with severe illnesses like coronary disease have drastically increased. If a severe illness were affecting your life, you’d like to focus on recovering instead of worrying about the mortgage.
One option to guard against this financial uncertainty is purchasing an insurance policy for critical illnesses. Most people think about safeguarding their loved ones by buying a life insurance policy. However, fewer think of the financial security of severe disease.
A critical illness insurance policy can give you peace of heart should you fall ill to perform your job so that you won’t be in danger of defaulting on mortgage payments.
What Is Critical Illness Insurance?
Suppose you’ve been diagnosed with a particular disease. In that case, Critical illness insurance will provide an all-in-one lump-sum payout that you can use to purchase everything you wish to during your recovery. It’s also known as a”living benefit,” There’s no waiting period and only a tax-free payment.
Critical illness insurance could provide a financial safety cover for your family and you. It assists you in paying for major expenses like uncovered treatment and medications and hiring assistance for your family members or paying off debts that are due, among others – for the short term. At the same time, you focus on recuperating and getting back to work.
Critical Illness Insurance & Your Mortgage
Because the insurance for critical illnesses is a lump sum payment, the way you use it is entirely up to you. Ensuring your mortgage payments is just one of the options.
Mortgage payments can add up, and if they get not paid, it could threaten your financial security. Critical illness insurance may provide comfort to the family members during the recovery process and help to cover a high monthly cost.
Based on the critical illness policy you select, Your policy may pay out between $10,000 to $100,000. Plans with excellent coverage are more expensive monthly.
You might be thinking: “if mortgage coverage is my main objective, should I not just buy critically ill mortgage insurance through the bank I use?”. Although this type of insurance can assist with mortgage payments in a catastrophic illness, the payouts will only get paid toward your mortgage. However, the critical illness insurance plan will allow you to utilize the cash to cover any expense you want to pay. Your mortgage is only one of the options.
Are You Ready to Purchase a Critical Health Insurance Policy?
If you are a homeowner, the ideal time to purchase critical illness insurance is right now. An illness that can alter your life could affect your physical, financial, and emotional health. When you’re healthy, be sure to continue to provide for them and maintain your home intact, even when you experience an unexpected.
Consider critical illness insurance as an element of your plan for financial security to protect your most important investments and the people you love.
Ottawa Life Insurance is pleased to provide Critical Illness Insurance to help bridge the gap between the provincial and federal insurance policies and ensure that you are protected financially and the medical care you require. Contact us at (613) 454-1424 and at info@ottawa-lifeinsurance.ca to an insurance advisor today to learn how Critical Illness Insurance can support your overall financial goals.
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