As clients focus on RRSP contributions this season, it’s a great opportunity to highlight not just how they grow their retirement savings, but how they can protect them. A critical illness diagnosis can force clients to pause contributions or withdraw from their RRSPs, leading to lost growth and a potential retirement shortfall.
To support these conversations, you can use the Critical Illness Impact Calculator (CIIC). It quickly demonstrates four personalized retirement scenarios:
- Baseline: Healthy, uninterrupted savings to retirement.
- Healthy with CI coverage: Premiums integrated into the plan, with the option to add return of premium at retirement.
- Diagnosed with CI (with coverage): The CI benefit helps clients continue contributions during recovery.
- Diagnosed with CI (without coverage): Worst‑case scenario — withdrawals and missed growth significantly reduce retirement savings.
The CIIC makes it easy for clients to visualize how a critical illness can impact long‑term retirement goals — and how Health Priorities Critical Illness Insurance can help protect their RRSP strategy.
Coverage options include:
- Term 10, Term 20
- Term 65 (ROP at expiry)
- Term 75 or Permanent (ROP after 15–20 years)
- Permanent 10‑pay or 20‑pay (ROP after 20 years)
The concept is ideal for clients under 65 who are actively saving, want financial independence, and are concerned about maintaining enough for retirement.