Comments on: Critical Illness Insurance Revisited

By: leo

leo — Thu, 03 May 2012 15:06:06 +0000

Hi,
Say, a relative of mine has insurance for critical illness coverage. That relative is couple of years diagnosed with one of those illness covered by the insurance company, But the relative doesn’t claim the insurance because he/she thought the only way to claim was if he/she dies after being diagnosed. Couple of months pass and the person is being told that he/she could have claimed the money just by letting the insurance company know about the illness, but fortunately the person has been recovered from that critical illness, can he/she still claim that money?

By: Seanna

Seanna — Tue, 19 Jul 2011 16:26:31 +0000

You spelt heart attack wrong, first sentence.

By: Critical Illness Insurance Claim

Critical Illness Insurance Claim — Thu, 14 Jul 2011 10:22:27 +0000

The comments on this article alone raise some very interesting points. Thank you for posting.

By: banker

banker — Thu, 07 Jul 2011 18:56:38 +0000

@THiNG

banks can sell CI insurance just as they can sell life insurance or disability, it is just linked to the credit product rather then a stand alone policy.

By: Linda

Linda — Tue, 28 Jun 2011 20:53:13 +0000

The money lesson that I wish I would of applied earlier in life, would of been to be really aware of what you are bringing in, and track it with a budget list. Many wasted years of not paying close enough attention, means catching up when you are trying to prepare for retirement.

By: H-U-G

H-U-G — Tue, 28 Jun 2011 16:03:07 +0000

Make your money work for you. I wish I had learned that a lot sooner. Everybody should know the wonders for time value of money.

By: THiNG

THiNG — Tue, 28 Jun 2011 14:40:19 +0000

@Cheryl

The link you posted is for TD Mortgage Insurance. Which Gail has always suggested is a huge waste of money because the underwriting is not completely done at the time they sell you the insurance AND because you get a declining return on you premiums (less payout as the mortgage value declines).

TD MORTGAGE INSURANCE IS NOT CRITICAL ILLNESS INSURANCE.

As far as I know, Banks are still prohibited from selling this type of insurance. Also as the article states, the insurance companies (i.e. Sun Life, etc) will do a HUGE amount of medical investigation and tests.

We bought critical illness insurance in December through Sun Life with “no regrets” rider and have been very happy with the insurance company and our rep (highly recommend him to friends).

By: Kristine

Kristine — Tue, 28 Jun 2011 13:59:15 +0000

The one money lesson I wish I had learned earlier in my life was to be a saver. I was taught how to live on a budget, but the only thing my parents taught me aside from that was to build into the budget a tithe of 10% (10% was the goal). I learned by osmosis that saving comes from the “extra” money at the end of the month – - which we all know there never is any extra because life can eat that up quickly. Things happen!! And I also learned that savings was for a rainy day which meant it was fair game to be spent at pretty much any time. I was not taught that it should STAY IN THE ACCOUNT.

By: Elizabeth A

Elizabeth A — Tue, 28 Jun 2011 07:53:16 +0000

I wish I had understood your spouse may be on a very different page from you financially, and both parties have to be willing to work at finding a common ground.

By: Lynne

Lynne — Tue, 28 Jun 2011 04:17:25 +0000

I probably wish I knew about “Gail’s Jars” earlier in life – it would have made things a lot easier and probably less stressful and more fun !

By: KellyP

KellyP — Tue, 28 Jun 2011 04:17:24 +0000

I wish I’d learned how to budget.
It’s all about how your money fits into the life pie and when I moved out I spent too much on silly things.
My mum always used to say “we can’t afford that” and I hated it. I still hate hearing that. Now I’ve realized it’s because I’d rather hear/say “That doesn’t fit into our budget right now”.
I was so happy when I found Gail!

By: Sally

Sally — Tue, 28 Jun 2011 04:08:35 +0000

I wish I had learned that saving 10% of every paycheck since I started working would mean no debt or student loans. The things I could have done with the money now! I just recently had my first child and am now paying for that costly mistake. I save diligently and pay off as much as I can toward my debt. When you say to focus on paying off debt so you don’t have to worry about it when you’re on mat leave, you’re so right. I had years to save (started working when I was 16 now am 27). Living on a reduced income is hard, but not impossible. It’s just all about choices. I choose my son. Every dollar I spend now means that I will have one dollar less in the future. If I don’t NEED it, I don’t buy it. So far we’ve been able to survive on just the things people have given to us from his baby shower. We have a giant box of things he’s already outgrown and he’s only four months old! So if I had that 10% for the last 11 years of work, I would be laughing. Better late that never, I guess.

By: Kathleen

Kathleen — Tue, 28 Jun 2011 02:39:45 +0000

I wished I learned to take more interest in my finances rather than just leave it all to my mom. I did learn good fundamentals from Mom: don’t spend more than you make, prioritize needs over wants, and how to write a cheque and record it. But I didn’t understand investing, didn’t fully understand my options for funding my university years, and didn’t understand how to prepare my own taxes.

But when I finished university and started out on my own, I didn’t really have a full grasp on all things financial. I had the basics at least and I thank Mom for that. Over the years, I have steadily grown my knowledge and my assets. Still learning though!

By: Mels

Mels — Tue, 28 Jun 2011 01:52:21 +0000

Thanks for the post Cheryl.
Makes my blood boil (which doesn’t damage the heart muscle) when I hear stuff like that
I’ll check out the CBC link.

By: Cheryl

Cheryl — Tue, 28 Jun 2011 01:07:14 +0000

Critical Care Insurance is a joke… Many couples get sucked into this scam.. My husband and I were just one of those couples. What we were made to understand about this insurance is that is you suffer a heart attack(for example) then house is paid off automatically through this type of insurance.
Do not let yourself be fooled…
My husband suffered a heart attack in 2006 at the age of 50, and this insurance did not pay out… Upon speaking to TD Bank, I was informed of the following… because my husband suffered no damage to the heart muscle itself, then they don’t pay…. also if you have what they determine is a pre-existing condition ie: high blood pressure, then they consider that a contributing factor for a heart attack..
Many people are sucked into this insurance… what the banking agents at your branch do not tell you, is that, they get a bonus at the end of the year for the persons that they do sign up..
We have been long time customers of the TD Bank, and were totally shocked at how this game works… so very sad…

The CBC television show “Marketplace” investigated “Critical Care Insurance.
I suggest to all to check it out..
cbc.ca/marketplace/2008/02/06/in_denial