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Trusted Saskatoon Insurance Pro's at Wiegers Financial & Benefits Explain Critical Illness Insurance

Wiegers Financial & Benefits is one of the largest private financial planning and employee benefits consulting firms in Saskatchewan. Its Saskatoon Financial Planning Division provides business ownershouseholds, retirees, and students with expert investment and insurance planning services to help them reach their long-term financial goals. They also have a Benefits and Personal Insurance planning division- check out more on their Trusted Saskatoon Insurance Advisors listing.

Unpacking Critical Illness Insurance and Why It Matters

No one wants to be told they have a terminal or critical illness. If you suffer from a heart attack, stroke, or cancer you could lead a normal life again. However, you need to plan for the financial cost of surviving a life-altering illness. In this article, we discuss key points about critical illness insurance and ask two Wiegers Financial & Benefits staff members with firsthand experience to explain the impact it has had on their lives.

Pat Kyle’s husband was diagnosed with a critical illness a few years ago after suffering a stroke at the age of 52.

Pat says: “You never think it’s going to happen to you. Everyone lives in a bubble. Even the healthiest people may have an illness at some point. In the moment, you’re so removed from your day-to-day and fixated on your situation that you don’t even think about it. In my case, I came back to work and it wasn’t even on my mind to apply. I was so concerned about my husband’s health. It wasn’t my top priority to fill in the application to submit the claim, but I knew it was there.
As the first employee at Wiegers to go through the critical illness insurance process, it was emotional and gratifying to know that I have that piece of the program to support me. It was very helpful to be able to put a claim in and ease the financial burden. It took away stress. Just the fact that we had it made all the difference in the world. That lump sum payment is a beautiful thing.
I’m now an advocate of both critical illness and life insurance. To me, they’re more important than purchasing an RRSP. My husband had a stroke, then a heart attack, and it builds. These things all work together. Strokes can happen at any time. It doesn’t matter what age. There are so many fundraisers or steak nights for people who are sick. You may know someone who has pulled money out of RRSPs to help their child have a chance to survive. Critical illness insurance protects the wealth that you’ve created and that others around you have created, too. It supports the family, not just the person affected by the illness.”


Kim Chicoine’s husband was involved in a serious accident at a young age that left a lot of uncertainty about whether he would survive.

Kim says: “Sitting in the hospital beside my husband, I didn’t have to worry about the finances if things went the other way. Knowing that there wasn’t going to be a change in our finances because we had that critical illness piece in our puzzle was so huge. There was the potential that if his condition didn’t improve, we could have a critical illness payout. We ended up not getting the payout because he got better. It’s great when it pays out, but it’s also great when it doesn’t. The money stress is not there. You know your finances aren’t going to change and you’re covered.”

What is critical illness insurance?

Critical illness insurance is meant to relieve the financial burden of recovery, so you can focus on the task at hand. It can be purchased for children as young as 60 days up to those at or nearing retirement.

It’s one of the newest products on the personal insurance market, having been available in Canada for approximately 20 years and internationally for nearly 40 years.

Critical illness insurance is a “wealth-protecting product”, says Pat Kyle. It keeps your finances at status quo – maintaining your debt, bills, mortgage, etc. – while you focus on getting better.

Why did the need for critical illness insurance arise?

A South African cardiac surgeon, Dr. Marius Barnard, pioneered critical illness insurance after he noticed his surviving patients were struggling financially. While it was excellent that his patients were living after experiencing a life-threatening illness like heart disease, Dr. Barnard observed they experienced a significant drop in their standard of living. The patients who had overcome surgery had emerged to a world where their quality of life suffered due to the costs associated with recovery.

Which conditions are classified as a critical illness?

Each insurance carrier’s definition of critical illness differs slightly. In general, there are 26 covered conditions with the top three being stroke, heart attack, and cancer.

What’s the benefit of using critical illness insurance?

The payout is designed to help support yourself and your family during extremely difficult personal health challenges. You can get policies starting as low as 25 thousand dollars in a tax-free cheque that you don’t need to declare on your tax return.

The value of critical illness insurance is totally dependent on your personal situation, for instance:

  • a stay-at-home parent could provide for their family with their partner’s critical illness payout;
  • a self-employed individual would need critical illness insurance to cover them in the absence of workplace benefits such as long- and short-term disability;
  • or a recent grad would be able to maintain their student debt payments, etc. while going through treatments.

It’s important that you consider both life insurance and critical illness in tandem. Each situation will vary in priority as to when they’re paid out. There is no one-solution-fits-all insurance product.

When is the best time to buy critical illness insurance?

The ideal time to buy critical illness insurance is when you’re healthy. If you’re not in good health, it’s a more difficult application process.

Kim Chicoine’s husband is still young, but his health has changed. If the Chicoine’s didn’t have critical illness insurance prior to the accident, they would likely be declined. Because they had it, they will continue to have it in the future.

Family history also comes into play during the underwriting process of critical illness. Your parents’ diagnoses can affect your application, so it’s best to apply while they’re healthy.

What happens to your life insurance after using critical illness insurance?

Nothing happens to your personal life insurance after you use critical illness insurance. It depends on your personal life insurance that you’ve been medically underwritten for with an insurance carrier. If you’ve continued to pay the premiums, your life insurance is still enforced. It is difficult to get life insurance after making a critical insurance claim, so it’s better to have both products beforehand. You’ll want your advisor to package life insurance with critical insurance when you’re healthy.

How long, on average, does it take to get paid after a diagnosis?

There is a clause that says you need to pass a survival period of 30 days. After that, payment can take anywhere from a few weeks to a month. After the survival period, your doctor will need to give evidence to support the need. The decision to payout is dependent on the attending physician’s statement and all other sources.

How can the funds be used once they’ve been distributed?

If you pass the 30-day survival period, there are no restrictions on how you use the money once it’s been paid out. You decide how to use it. For example, you could use it to cover experimental medical treatment to see specialists that may not be covered by the Canadian health care system.

What will purchasing a premium do?

You can upgrade a base policy with a simple lump sum payout by adding riders. When you add additional riders it adds additional costs, but it can help in certain situations to have the return of premiums.

Here are a few riders to consider:

  1. Return of premium on death rider: the lump sum won’t get paid out, but your beneficiary will be paid out what you have paid into the policy.
  2. Disability waiver premium: if you become disabled, the insurance company waives the premiums.
  3. Rider name? If you have a policy for 15 years, you can give back the policy and get back everything you put into it. Once the policy is finished you get all your premiums back.
  4. Second event rider: pays out if the second condition is different than the first.

Prioritize your future self

Pat Kyle says: “Critical illness insurance manages the risk of what could happen in your early years, so you don’t have to take money out of savings. My financial priorities are 1. life insurance, 2. critical illness insurance, 3. slush fund, 4. RRSP. Yes, saving is important. But if something comes up your savings aren’t going to last. In my opinion, it’s not about 'should I get critical illness insurance?' it’s 'why shouldn’t I have critical illness insurance?' Protect your future self.”
Kim Chicoine says: “Peace of mind is important. In Pat’s situation, it paid out, in mine it didn’t. But I wouldn’t have wanted to be in the hospital without it. I wouldn’t have been able to focus on my husband; I would have been stressed out about our finances.”


Your ability to earn an income is worth more than your house and vehicle combined. Everyone gets coverage for their material possessions and it’s important to insure yourself, too. The best time to start the process is when you’re healthy and you don’t think you’ll ever need it. Speak to a financial advisor at Wiegers Financial & Benefits about finding an affordable critical illness policy.

Wiegers’ Benefits Consulting Division includes many consultants and support staff who custom-design the most employee-valued and cost-effective group benefit, personal insurance, employee assistance programs, and retirement plans available. Contact Wiegers today for a no-obligation consultation to determine how they can help you.

Wiegers Financial & Benefits are Trusted Saskatoon Insurance and Group Benefits Advisors 


Trusted Saskatoon Financial Advisors At Wiegers Financial & Benefits Tips on Financial Health

Wiegers Financial & Benefits is one of the largest private financial planning and employee benefits consulting firms in Saskatchewan. Its Saskatoon Financial Planning Division provides business ownershouseholds, retirees, and students with expert investment and insurance planning services to help them reach their long-term financial goals. Wiegers Financial & Benefits  are Trusted Saskatoon Financial Advisors 

How Planning for Your Financial Success is Good for Your Health

If you’re like many Canadians – four out of ten of them, to be exact – you feel stressed when you think about money.  And while some stress is not necessarily problematic, chronic stress can lead to:
  • Heart disease
  • Stroke
  • High blood pressure
  • Immune functioning problems
  • Unhealthy habits including smoking and excessive consumption of alcohol
Stressing about money, then, can be harmful to your physical health (not to mention the potential negative impacts to your mental health, relationships, productivity at work, and a whole host of other things in your life). It’s a problem worth solving… and the sooner, the better.


The solution, in many cases, is working with a financial advisor who can help you plan for your financial success. Your advisor should, at minimum, talk with you about what matters to you, what your short- and long-term life goals are, and what you can realistically achieve (and in what timeframe). And it pays off, in more ways than one. In a recent survey, people who said they are financially prepared were:
  • Almost 24% more likely to exercise one or more hours each week
  • Almost 25% are more likely to say they are “very healthy”
So what can you do to be better financially prepared? Here are a few tips to help strengthen both your financial and physical health:
  1. Work with a financial advisor (a HUMAN advisor – not a robot) who can help get you from where you are to where you want to be. Don’t underestimate this step. If you decide against working with an expert, it’s akin to providing yourself life-altering legal or medical advice that could also wreak havoc on the lives of the people you love most. By contrast, if you work with a financial advisor, he or she will genuinely care to help you achieve your goals, and will have the experience and expertise to help you do it.
  2. Manage your debt. For most Canadians, debt causes stress – and the higher the debt, the greater the chance of depression and high blood pressure. Again, a qualified financial advisor can help you develop a plan for getting your debt – and the resulting stress – under control.
  3. Save for your future. If you’re among the 60% of Canadians who worry they won’t have enough money saved for their golden years, don’t despair. You-know-who can also help you develop a plan for saving that will help ensure a retirement you can look forward to.
If you’re not sure where to turn in finding a financial advisor who will work in your best interests now and in years to come, ask your friends, family, and co-workers if they can recommend someone. You can also, and probably should, look online for unbiased, uncensored reviews like on Google. The same as in every other industry, some advisors have more experience and better reputations than others, so it’s important you do your research. It’s worth it to invest the time, now and later, in helping to ensure your future financial success.


Wiegers Financial & Benefits has a trusted team of more than 20 financial advisors and support staff includes individuals who are true experts in their field, a number of whom specialize in working with clients with very unique needs. 

Wiegers Financial & Benefits  are Trusted Saskatoon Financial Advisors 


Trusted Saskatoon Group Benefit & Insurance Pro's at Wiegers Financial & Benefits Explain Employee Benefits

Wiegers Financial & Benefits is one of the largest private financial planning and employee benefits consulting firms in Saskatchewan. Its Saskatoon Financial Planning Division provides business ownershouseholds, retirees, and students with expert investment and insurance planning services to help them reach their long-term financial goals. They also have a Benefits and Personal Insurance planning division- check out more on their Trusted Saskatoon Insurance Advisors listing.

How Benefits Can Help Bolster Your Employees' Mental Health AND Your Company's Bottom Line

What Mental Health Is and Why It Can’t Be Ignored

Most of us have heard – probably more than a few times – that if you don’t have your health, you don’t have anything. There’s no denying the truth of that but increasingly, and all the more during the COVID-19 pandemic, there’s an understanding that mental health is just as important and impactful as physical health.

The World Health Organization (WHO) defines positive mental health as “a state of well-being in which the individual realizes his or her own abilities, can cope with the normal stresses of life, can work productively and fruitfully, and is able to make a contribution to his or her community” (WHO, 2001, p. 1). Clearly, we all strive for this – or at least should be – but not all of us are mentally well, all of the time. Indeed, the Canadian Mental Health Association (CMHA) reports[1] that:

  • Mental illness indirectly affects all Canadians at some time through a family member, friend, or colleague.
  • In any given year, 1 in 5 people in Canada will personally experience a mental health problem or illness.
  • Mental illness affects people of all ages, education, income levels, and cultures.
  • Approximately 8% of adults will experience major depression at some time in their lives.
About 1% of Canadians will experience bipolar disorder (or “manic depression”).

What’s more, though final numbers aren’t yet available, Fardous Hosseiny, the National Director of Research and Policy at the CMHA predicted that by 2020, depression would be the leading cause of disability in Canada (preliminary indications are that Mr. Hosseiny was correct). Even more staggering is that approximately 1.6 million people continue to have their mental illness needs unmet. As Mr. Hosseiny explains, “Mental illnesses are episodic, but the key is that if it’s untreated, that’s when it’s really disruptive. We know that untreated mental illnesses are only exasperated with time.” Given the number of people not being helped, Mr. Hosseiny suspects that the number of Canadians who suffer from mental illness each year is even higher than what research shows (1 in 4 Canadians as opposed to 1 in 5), and that the availability of support systems – or lack thereof – plays a major role.[2]  Clearly, something needs to be done.

Your Group Benefits Plan Can Be a Terrific Support to Your Employees and Their Mental Health. 

Here’s How.

My team and I have been promoting the importance of mental health and mental health supports in group benefit plans for many years – long before the stigma surrounding mental illness started to decay. One of the most effective tools available is an Employee Assistance Program (EAP), which can be added to a traditional group benefits plan. Though the number of EAP providers is higher than ever, and the number of options available is ever-increasing, most EAPs provide, at minimum, confidential short-term counselling to employees and their spouses and dependent children, as well as referrals and other forms of support designed to help bolster mental health.

Other options include a robust Health benefits plan that provides coverage for mostly physical concerns, knowing that when an individual cannot afford to pay for a health product or service, his or her mental health can be severely impacted as a result. The same idea is behind Wellness and Health Spending Accounts. Providing your employees with healthcare dollars to spend as they need or choose to do helps reduce or even eliminate the financial concern that might otherwise present a barrier to their getting the help and support they need.


The Business Case for Mental Health Supports in Benefits
Aside from the obvious compassionate reasons for providing mental health supports at and through work, there’s a strong business case for it too. The Mental Health Commission of Canada (MHCC) estimates that the total cost to Canada’s economy incurred by mental health problems and illnesses is well over $50 billion annually or nearly $1,400 for every person living in Canada in 2016. This includes significant employer costs due to absenteeism, presenteeism, and employee turnover.[3]  And it makes sense. Healthier, happier employees tend to be more productive than their less healthy, less happy colleagues so investing in your employees’ mental health helps you – and your business – too.

It’s a wonderful thing that awareness and acceptance of the need to protect and care for mental health is finally on an upswing, and the fact that employers can do so much for their employees’ mental health carries exponential benefit for everyone involved, including the employers themselves (given the positive impact on their businesses).  As cliché as it might sound, benefits really are an investment in your team, and there’s never been a greater need than now for the mental health supports they provide.

Debra L. Wiegers, GBA, CFP, CLU., Ch.F.C.

Benefits Consultant, Wiegers Financial and Insurance Planning Services Ltd.

Wiegers’ Benefits Consulting Division includes 11 consultants and support staff who custom-design the most employee-valued and cost-effective group benefit, personal insurance, employee assistance programs, and retirement plans available. Contact Wiegers today for a no-obligation consultation to determine how they can help you.

Wiegers Financial & Benefits are Trusted Saskatoon Insurance and Group Benefits Advisors 


Trusted Saskatoon Financial & Insurance Advisors Wiegers Financial & Benefits support community

Wiegers Financial & Benefits is one of the largest private financial planning and employee benefits consulting firms in Saskatchewan. It's Saskatoon Financial Planning Division provides business ownershouseholds, retirees, and students with expert investment and insurance planning services to help them reach their long-term financial goals.

They also have a Benefits and Personal Insurance planning division- check out more on their Trusted Saskatoon Insurance Advisors listing.

Wiegers Financial & Benefits are Trusted Saskatoon Financial Advisors


Wiegers Financial & Benefits are committed to supporting our communities.

 

With deep roots in Saskatchewan and endless gratitude for the opportunities and success it affords, the Wiegers Financial & Benefits team – led by Cliff and Deb Wiegers – are committed to helping grow our local community stronger. The team’s philanthropic focus is on helping local children’s charities through their in-house charity, Wiegers Care for Kids. But, their community involvement reach is much broader than that. And, with ever-growing community involvement goals, Wiegers Financial & Benefits’ commitment to helping strengthen and grow our local community is steadfast.

 

They view their role in and responsibility to the community in two important and related ways.  First, they are in the very fortunate position of being able to effectively propagate widespread awareness about important issues and causes in our community.  With 35 community-minded individuals on their team and a long-term client base of thousands of people – each of whom has his or her own network of friends and family – they have the power to help ensure that more people are made aware of important issues and causes than would otherwise be the case. Second, they contribute to and help raise money for the specific causes and events they feel most passionate about.  With a broad network of clients, professional associates, friends and family, they have a very wide network of people to approach for both cash and in-kind donations, as well as other forms of support. Wiegers aim not only to help their clients lead healthier and happier lives but to help the rest of our community to do so too. By raising awareness and money for local charities, they believe that we are making a positive difference

 

Here are just a few of their community involvement awards, fundraisers, and other community events and related activities:

 


  • Wiegers Care for Kids- Bi annual gala. 
  • Financial literacy presentations throughout Saskatoon
  • Office fundraisers for a variety of causes
  • 2016 SABEXCommunity Involvement Award Recipient
  • 2016 NSBACommunity Builder Award Recipient
  • 2016 ABEXCommunity Involvement Award Finalist
  • 2014 SABEXCommunity Involvement Award Recipient
  • 2014 ABEXCommunity Involvement Award Finalist
  • 2014 NSBACommunity Builder Award Finalist

Trusted Saskatoon team brags about Trusted Saskatoon Financial and Insurance Advisors Wiegers Financial & Benefits

The Trusted Saskatoon directory team are thrilled to welcome Wiegers Financial & Benefits to the Trusted Saskatoon community. You will find their listing in the Saskatoon Financial Services and Saskatoon Insurance categories on the Saskatoon directory you can Trust.  

Wiegers Financial & Benefits are  Trusted Saskatoon Financial and Insurance Advisors 


It's easy to brag about Wiegers Financial & Benefits! 

Established 25 years ago by Cliff and Deb Wiegers, the company grew from humble beginnings to a level of success that puts it on par with some of the largest financial planning companies in Canada! 

Their approach to working with clients is personal and they are dedicated and committed to getting to know their clients and what they want and need, both at the beginning of the working relationship and as their personal and professional lives change or as their businesses evolve. This commitment is reflected in a process that involves regular contact and a client/advisor relationship that is both comfortable, familiar and special in an industry not often associated with warmth! 

Award Winning Community supporters! 

Wiegers Care for Kids actively fundraises year-round and has already hosted five major fundraising events, raising over $800,000 for the Jim Pattison Children's Hospital


Wiegers Financial & Benefits came highly recommended. 

Many of the Trusted Saskatoon partners are already long-standing clients of Wiegers Financial & Benefits, in fact, they were nominated by Trusted Saskatoon Salon owners, Laddie & Shelley James of Hairstyle Inn Salons - that in itself is a great testament to the high standards and level of care that the Wiegers team bring to the table! 

 Don't take our word for it - hear from more of their happy clients here! 

"The people at Wiegers take care of me personally as well as the group benefits at Reed Security. They're helpful, friendly and always offer a variety of options. I'm also impressed with their community values and the huge dollar amounts they continue to raise for the Children's Hospital. They care!" Virgil Reed, Reed Security, Trusted Saskatoon Alarm & Security Professionals. 
"My wife and I have been accessing investment advice, long-term planning and portfolio management from Wiegers and company for several years. I have found the services to be personalized and tailored to the needs that we have, which wouldn't be the same for people of a different age. Attention is paid to our financial circumstances and our advisor, which in our case is Cliff Wiegers, keeps in touch personally or through others at the company. You have more confidence that people are taking care of the financial affairs under their watch in a careful way when you know that they do not resent making personal contact and obviously see it as an important part of making sure that they understand your needs. They take the time to discuss things which is not always case with service providers. Whether times for investment are good or bad, the need exists for competent guidance and we have received that. It is good to deal with a local company that is also linked in with large financial organizations which offer a range of products that may fit the particular client. I have appreciated the personalized service and attention we receive from the company." Eric Cline, Saskatoon


We are proud to promote and give the thumbs up to Wiegers Financial & Benefits as Trusted Saskatoon Financial and Insurance advisors! 

Check out their listing on the Saskatoon Directory of Excellence by clicking on the links below:

Weigers Financial & Benefits Trusted Saskatoon Financial Services Listing 

Wiegers Financial & Benefits Trusted Saskatoon Insurance Listing





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S & E Trusted Online Directories Inc
TrustedSaskatoon.com
129 21st St E #500
Saskatoon, SK   S7K 0B2
Ph: 306.244.4150

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