As a small business owner, Harry Thistlethwaite constantly ran "what if" scenarios through his head.
What happens if I come down with a serious illness or major injury? Would my business survive? What would my family do?
Harry decided to purchase a critical illness insurance policy simply as a precaution. "I'll never need it," Harry told himself.
Harry wasn't overly concerned when he discovered a lump in his neck, but his doctor decided to order a biopsy to test for cancer. To Harry's shock and dismay, the test came back positive for lymphoma.
Because he had critical illness insurance, Harry was awarded a large lump sum to help cover expenses, including those related to keeping his business afloat, while he was going through treatment.
Critical illness insurance doesn't replace an individual's provincial medical insurance (ie. OHIP), it simply adds an extra level of financial protection if you are diagnosed with a critical illness. And since the money is paid directly to you, you'll be able to spend it on whatever you decide is the biggest need; rent or mortgage payments, out of the country treatment, medical equipment, private nursing, bills, etc.
"We went through all sorts of scenarios," said Harry. "Should we sell the business? Should we partner up? Does the existing staff have the ability to carry on? These are big pressures, but this insurance takes some of that pressure off."
It wasn't always easy, but today Harry is both a cancer survivor and the owner of a thriving business - thanks, in part, to his fortuitous decision to purchase critical illness insurance. "I can't imagine what it would have been like not to have it."