Skip to content Skip to footer

Bright Tips

October 25, 2017

Family coverage - One for all, and all for one

Sun Life Financial Bright Tips: Family coverage – One for all, and all for one

Will you suffer a critical illness?

The odds are that you or someone in your family will experience a serious medical setback at some point – and survive. But while you’re dealing with your illness, your finances could be suffering, too. For example, research by the Canadian Breast Cancer Network found that 44% of Canadians surveyed with cancer depleted their savings and retirement funds to cover treatment costs and make up for lost income.

How does critical illness insurance work?

If you’re diagnosed with one of the conditions covered under your critical illness insurance policy, after the required waiting period you’ll receive a lump-sum payment once your claim is approved. You can use that money for whatever you want.

If you have disability insurance or extended healthcare benefits through your employer, it’s important to understand exactly what those benefits cover, and for how long. It’s a good idea to review your disability policy or healthcare benefits in comparison with the features of a critical illness insurance plan.

Compare:

  • Maximum benefit amounts
  • Deductibles and waiting periods
  • Employment requirements (i.e., you can't take benefits with you when you leave your job)
  • Percentage of income replaced, and for how long

Wise financial planning not only takes into consideration building your savings, but also protecting them. An advisor can help you to determine how critical illness insurance can support your overall financial plan.


 

September 08, 2016, Do you need critical illness insurance? [Web page]. Retrieved from Canada Sun Life Corporate Website read the article

Information provided above is for reference only, please refer to the Conditions of Use of this site.


Related products

SunHealth Medical Essential

SunHealth Medical Essential

Benefit Term: To age 100
  • Asia medical coverage
  • Up to HKD10m annually
  • Medical concierge service
SunHealth Medical Essential
SunCare Accident Protection Plan

SunCare Accident Protection Plan

Benefit Term: To age 75
  • Double Indemnity
  • 1 premium for all
    occupations
SunCare Accident Protection Plan
Critical Medical Care Insurance Plan II

Critical Medical Care Insurance Plan II

Benefit Term: To age 100
  • All-in-one health plan
  • 51 critical illnesses
  • Major Medical Care Benefit
Critical Medical Care Insurance Plan II


Question? Request to talk to an advisor

Items marked with "*" are required fields.


How should we contact you

By clicking “submit” below I confirm that I have read the Personal Information Collection Statement (PICS) and agree Sun Life Hong Kong to use the provided personal information to contact me for direct marketing purpose.