Q&A: Critical illness insurance

Question: What is critical illness insurance? Do I need it if I already have LT and ST disability insurance? Thanks. – M.J.B.

Gordon Pape’s Answer: Critical illness insurance is relatively new and is being actively promoted by the industry. The coverage provides special protection and compensation in the event you are stricken with a major disease, such as cancer. The benefits are more extensive than those available through short-term and long-term disability, which you already have. You should get details on critical illness insurance from your broker and compare the coverage it offers with your existing plans. You can then decide if the additional expense is worthwhile. – G.P.

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