Canadian Life Insurance Policies
This is a note from a Canadian reader about using a life insurance policy in Canada to fund a cancer treatment:
1. We have what is called “Living Benefit” where you can ‘cash in’ up to half of your life insurance (to max of $100,000). If you have been given 12 months or less to live (according to your oncologist), you apply to your life insurance company and they send you a cheque (less 1 yrs worth of premiums) to be used for anything you wish. Not ALL insurance companies do this but MOST do.
We did this a year ago and I had to call the life insurance company and explain my husband is still with us and we need to start paying his premiums again so we don’t lose the other half of his life insurance when he eventually does pass.
2. AS SOON AS YOU ARE DIAGNOSED – apply for CPPD (Canada Pension Plan Disability) – Cancer is an automatic acceptance. My husband receives over $800/month AND because we didn’t find out about this until 6 months after diagnosis, they went retro-active to when he was diagnosed. We applied at the end of August and his first cheque was in the bank at the end of October along with the retro-active amount.
3. In Ontario, if your household is low income, once you have been accepted to CPPD, look into ODSP (Ontario Disability Support Program). This program also pays for prescriptions for your dependants and some other health care items such as dental and vision care.
4. AS SOON AS YOU ARE DIAGNOSED – quit your job and go on EI (Employment Insurance) – it is called sick benefit and they don’t refute it because they know the standard treatments kick the heck out of you and you will have good and bad days and cannot rely on being well enough to go to work. I believe this is a ‘bridge’ until you start receiving CPPD or ODSP.
5. If you opt for CPPD and require a home care nurse (full time, part-time or weekly), or are under the care of a dietician (even monthly visits), you can apply for an ODB (Ontario Drug Benefit) card. This card pays my husband’s prescriptions and his liquid food source for tube feeding (he can’t swallow because of the tumor on the back of his tongue). Contact the CCAC (Community Care Access Centre) for information.
Read More http://www.cancertutor.com/how_to_fund/