Quirion Financial
Services

1085 Carrick Street
Thunder Bay, ON
P7B 6L9

807-622-3700
1-800-785-2877

Critical Illness Insurance

Getting sick isn't something any of us like to think about, but it happens. If it does, thanks to improvements in healthy living and medical science, there is a good chance you will recover and get on with your life - but getting better costs money. Treating and coping with illness can mean significant and often unexpected costs.

Critical Illness is an innovative form of insurance, which pays out a lump sum benefit when the insured survives 30 days from the diagnosis of a serious illness, such as heart attack, cancer and stroke. With the advances in medical science, we face the possibility that we will suffer a serious illness, survive the initial attack and expect to live many more years.

There are immediate financial consequences to surviving a critical illness: absence from work, a need for care and medical costs for treatment. And there may be longer term effects, like having to move or remodel a home, changing to a less stressful job or retiring early. Business or personal loans can be a financial strain when a critical illness occurs. A lump sum cash benefit can deal with needs.

Long Term Care Insurance

We all plan on being healthy throughout our lifetime, but sometimes getting older can prevent us from doing things that we now take for granted. Part of planning for your golden years means considering the possibility that you'll need long-term care. Long-Term Care Insurance provides you with the service and support you need to maintain your day-to-day activities should a chronic illness or cognitive impairment keep you from being able to take care of yourself. People are living longer today than ever before. According to Statistics Canada, 21% of the population will be over the age of 65 by the year 2026. We're living longer because we're taking better care of ourselves…through exercise, better eating habits and we have better health care available. Medical advances mean that diseases that caused death in the past now just cause disability. That's the good news. But living longer costs money.

Have you factored living longer into your retirement plans?

Many of us think the government will look after us in our old age. If you become chronically disabled or mentally impaired, your provincial government plan may cover only a portion of the care, assistance and supervision you may need.

If you do qualify for a full government subsidy, you will have to abide by their terms and conditions – government nursing homes, government regulated home care and only the benefits allowed within their parameters.

The subsidy level for nursing home care is reviewed annually. If your income exceeds this level, you would be eligible for only a partial subsidy, or you could receive no subsidy at all on the cost of your accommodation.

Long-term care insurance should be part of your financial future. You can purchase long-term care insurance from age 40 up to age 80. Give yourself the opportunity to live with dignity and not be a burden to your family or a drain on your assets. This insurance provides an important part of your financial strategy, protecting you against what might happen tomorrow.