but it was far from the last . The insurance money paid for myriad expenses during her yearlong recovery : prescription drugs ; acupuncture ; specialized tests from an integrative medicine doctor ; housekeeping ; a custom wig made so Erin could maintain her confidence . The couple even treated themselves to one luxury : a pair of stand-up paddleboards .
That ’ s the beauty of a critical illness insurance policy , notes Kris Hird , manager of life and living benefits at AMA Insurance . “ What they do with that money is completely up to them .”
Unlike life insurance , which pays out to beneficiaries after the policyholder ’ s death , critical illness insurance helps a person — and his or her family — manage the financial risk of surviving a major disease or condition . Still , Kris sees far fewer clients purchase it . “ People should almost be looking at critical illness insurance more ,” he says , “ because the likelihood of it happening is higher and it might have more financial impact on their family .”
Approximately 25 conditions are covered , including what Kris calls “ the big four ”: cancer , heart attack , stroke and bypass surgery . Family history plays a significant part in the underwriting , and policies are purchased based on a needs analysis ; anywhere from $ 50,000 to $ 200,000 is typical . It ’ s an important piece of coveryou may find yourself forced into a new line of work . AMA can help top up your existing disability coverage with a variety of riders , tailored to your needs .
Long-Term Care Alberta Health doesn ’ t cover costs if you age into needing home care or a move to a nursing home . With a long-term care policy from AMA , you ’ re purchasing a pool of assets ; when a claim is made , a percentage of that pool pays out to you monthly . age , Kris says , and it ’ s best to buy when you ’ re young — before you have any major health events .
Critical illness insurance is just one of a number of supplementary health insurance options offered by AMA . Depending on your needs , other supplemental options , such as disability or long-term care insurance , can also relieve some costs not covered by provincial health plans . Though each product has a specialized purpose , they ’ re all designed to minimize financial stress during periods of hardship .
That rings true for Erin Wallace . She believes her cancer experience would have been much more difficult without critical illness insurance . “ I think it would have been a lot more stressful on everybody — me , my husband and our family members , because they
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Stand-up paddleboards : A small luxury purchased with Erin ’ s insurance payout
would have felt like they had to fill that gap . “ Having the money allowed me to do some things to ease some of the unpleasantness of chemo and its side effects . And I think it probably helped me recover faster , too , because I was able to pay for other services that a lot of people don ’ t have access to .”
January 15 , 2017 marked Erin ’ s twoyear remission anniversary . Now that most of the effects of her illness are gone , she ’ s rebuilding her strength so she and her husband can pick up where they left off . They hope to start a family as soon as possible . But they ’ re not feeling any pressure : With her embryos safe , Erin can take all the recovery time she needs .
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