Bridge the Gap with Critical Illness Insurance

This is a guest post from Village Hive Member Catherine Nikkel

Could you maintain your present standard of living should you fall ill and require time to recover?

Our health is our most important asset. Would you agree? Why is it, then, that we focus on insuring our cars, our homes, our property, but we forget about ourselves along the way?

A lot of the time, we live in this realm of “it won’t happen to me”?—?or, I work with a lot of business owners personally, whose response is often “I can work from anywhere”. Yes, you can, unless of course you’re in the hospital, hanging on, so to speak.

healthcare_medicine_cost_finance_dollar_iStock_000019024391MediumRemember, having money is equivalent to having more choices.

Choices such as taking time off work if needed and spending it on yourself or with family so that you can get better and recover. Serious illness can last for months or years and financial backing is critical to protect yourself, your family, and your money. Protecting yourself as a self-employed person, is in turn protecting your business. It affords you the ability to pay for additional help, or at the very least cover bills while you take the time you need.


What does a Critical Illness policy cover?

The number of conditions covered in a critical illness policy can vary from company to company: it’s important to look at how many conditions. Some companies may cover only three conditions, where others cover up to 18 conditions (excluding cancer) and 21 conditions (including cancer). You want to be clear on any pre-existing conditions that a policy may or may not approve—as a smart shopper you want to be mindful of any exemptions included in the policy, and most importantly what type of waiting time or survival period the company requires. These can also range dramatically from 14 – 90 days. Every day unable to work and/or unpaid is crucial to the self-employed person.


Aren’t I already covered in the event of a major illness?

Disability insurance (via the government, providing you qualify of course), in most cases, covers 60% of your income, with a whole list of exemptions and exclusions?—?including returning to work “too soon.” Do yourself a favour, bridge the gap. Let’s consider what happens to that missing 40% (providing of course as entrepreneurs we’re even covered).

We often don’t want to think about what may or may not happen. What we encourage small business owners and entrepreneurs, such as ourselves, to consider instead is prevention, being prepared in the event of an illness that would change the way, even temporarily, that you do business.

Meet Brian [name changed to protect privacy]:

Anyone who is self-employed or may leave their government job or could be let go, should consider getting this…as our health care crumbles it is nice to have cash when you need it…which of course later in life.


Look into Best Doctors

I highly recommend that any insurance policy one looks into includes this feature. Picture this, having access to the best doctor in the field that you require a diagnosis or opinion on. Imagine you had access to them at your fingertips.

“Best Doctors has reviewed tens of thousands of cases and has changed a diagnosis 22% of the time, modified 61% of treatment plans and reduced invasive procedures 67% of the time.”

You may also call Best Doctors if you need help navigating the healthcare system or have questions about your health care. Best Doctors 360° service provides access to resources, ongoing one-on-one support, customized health coaching and a wide range of health related information, whether you have a serious illness or not.


Know the Stats

Some quick Ontario, Canada health care stats for you …

More than 30,000 Ontarians are waiting for a hospital bed, long-term care placement and/or home care.

  • 24,000 Ontarians are on wait lists for long-term care placement.
  • 10,000 Ontarians are on wait lists for home care.
  • At any given time, 592 Ontarians are waiting in emergency departments for hospital beds.

This isn’t a new trend. This isn’t to scare anyone. This is our reality.

A critical illness policy is wonderful as stand-alone coverage, or to complement any existing accident, sickness or life insurance policy.

Be prepared.

For more information, please don’t hesitate to contact me at

Bridge the Gap with Critical Illness Insurance

Leave a Reply

Your email address will not be published. Required fields are marked *