With mortgage insurance from banks, if you die suddenly, banks can deny claims years later because of incorrect answers to health questions. A recent article in the Toronto Star discussed the pitfalls of mortgage life insurance that is offered by banks when an individual is approved for a mortgage.

Estate planning, which deals with the transfer of assets after death, has seen increased application in recent years.

While the emotional and life ramifications of being diagnosed with a critical illness can be devastating, so too can the financial consequences. Those affected are suddenly faced with a loss in earnings, which usually compound with costly outlays ranging from medical bills and treatment plans, transportation costs when seeing specialists and potential housing accommodations, among others. Critical illness insurance is a powerful service that can reduce the financial strain faced by those diagnosed with serious illnesses.