Critical illness insurance or a beefy emergency fund — which is better?
Emergency funds give you flexibility, but critical illness insurance presents immediate coverage. Here are the pros and cons of each to help you decide which option suits your needs better.
It can be uncomfortable to think about a time when we might face a critical illness, but for the tens of thousands of Canadians who suffer debilitating illnesses like strokes, cancer, and heart disease, critical illness insurance can be an invaluable support.
Facing a critical illness can be one of the most difficult challenges in your life. Aside from the obvious physical and emotional toll, the potentially damaging financial implications can be particularly devastating.
About the author
Caitlin McCormack is a writer based in Toronto. Her work has appeared in MSN, Food Network, HuffPost, What to Expect, Today's Parent, and Mashable, among others. When she isn't writing, she's busy chasing after her two sons, testing out new recipes, and working on her century-old fixer-upper.