winter 2013

f i n a n c i a l
When the odds aren’t in your favour

 

Protect your financial security with Critical Illness insurance


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As a physician, you’ve likely witnessed the hardships of dealing with a critical illness. Aside from the obvious physical and mental battles involved, fighting critical illnesses is often an expensive proposition for the patient and their family.

Submitted Article

As a physician, you’ve likely witnessed the hardships of dealing with a critical illness like cancer, heart attack or stroke. Aside from the obvious physical and mental battles involved, fighting critical illnesses is often an expensive proposition for the patient and their family. The good news is that survival rates are improving; the bad news is that the financial impact of the illness can be devastating, creating a financial crisis that long outlasts the disease… if you aren’t prepared.

Consider these facts: approximately one in two Canadians will develop cancer during their lifetime (three in four will survive); heart attacks strike 70,000 Canadians each year; and, strokes hit 50,000 Canadians each year. Only 58 per cent of Canadians have financial measures in place in the event that they fall ill.

Serious health events, such as critical illnesses, often require you to stop working for a period of time. A family member might also want to do the same to help care for you. Other insurance policies you have may not fully replace the lost income or cover the expenses of running your practice while you are fighting a critical illness.

For example, medical costs not covered by provincial plans include experimental or out-of-country treatments (including travel and related expenses), assistive devices and medical equipment. Extra expenses to support your recovery that are not covered include personal care workers, housekeeping, childcare services and modifications to your home.

With Critical Illness insurance available to you under the OMA Insurance Program, you receive a one-time, lump sum tax-free benefit that gives you the flexibility and freedom to use the funds in whatever ways best meet your needs.

OMA Insurance has both Group Critical Illness plans (with coverage up to $250,000*) and Individual Critical Illness insurance (coverage up to $2,000,000*). Both plans are available through non-commissioned Insurance Advisors.

Critical Illness insurance provides coverage for 25 conditions, including heart attack, cancer, stroke, Alzheimer’s, coma and major organ transplant, to name a few.

Don’t let the odds work against your financial security. Contact OMA Insurance today to schedule a complimentary Insurance Check-up with a non-commissioned advisor and learn more about how Critical Illness insurance can help take care of your expenses, protect your savings and most importantly, recover on your own terms. You can reach OMA Insurance at 1-800-758-1641 or at info@omainsurance.com. Visit OMA Insurance online at www.omainsurance.com for more information.

*See policy for details.

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A connected group or series; a bond, a connection.

Nexus is published quarterly for Newfoundland and Labrador's physicians. It is a forum for the exchange of views, ideas and information for members.