CRITICAL ILLNESS EDITION | September 14, 2026

Would a Serious illness Force You to Use Your RRSP?

Hello,

A serious illness can affect more than your health. It can interrupt your income, increase expenses and force you to use money intended for retirement.

Consider six months of recovery:

• $30,000 for mortgage payments and household expenses

• $25,000 of lost income for the patient or caregiver

• $20,000 for medication, travel, home care and other support

That is a potential financial need of $75,000. It is not an average cost, but it shows how quickly the pressure can build.

The hidden cost of using your RRSP

(1) RRSP withdrawals are taxable.

For example, an Ontario resident with approximately $90,000 of other taxable income who withdraws another $100,000 from an RRSP could pay roughly $40,000 or more in additional income tax. The actual amount would depend on personal circumstances.

(2) There is also the retirement growth that could be lost:

• At age 45, $100,000 left invested until age 65 could grow to approximately $265,000.

• At age 55, it could grow to approximately $163,000 by age 65.

These illustrations assume 5% annual growth and are shown before tax. Returns are not guaranteed.

A new option from Assumption Life

Assumption Life has introduced a new Critical Illness Insurance plan that can provide a lump-sum payment if you’re diagnosed with a covered condition and meet the policy requirements.

The plan includes:

• Coverage for 25 critical illnesses

• Partial benefits for 8 early-stage conditions

• Coverage from $10,000 to $2 million

• 10-, 20- and 25-year terms, plus coverage to age 75

• Optional return-of-premium benefits

• Access to Dialogue’s Medical Second Opinion service at no additional cost

Dialogue can arrange an independent review of a diagnosis or treatment plan and help locate appropriate specialists and medical facilities in Canada or the United States. Support is provided by a care coordinator and registered nurse.

Eligible family members, including a spouse, children, parents and parents-in-law, may also access the service.

Consider:

Would your retirement plan withstand a serious illness?

Do you have critical illness coverage? Is the amount still adequate? Would you have to borrow money or draw from your RRSP?

If you already have coverage, don’t cancel or replace it without a careful comparison. Your existing policy may contain valuable terms or pricing that cannot be recovered.

Reply with REVIEW or use the button below to request a no-obligation Critical Illness Coverage Review.

We’ll look at what you have, what may be missing and whether any change is justified.

REQUEST MY COVERAGE REVIEW

The numerical examples are illustrations only and are not predictions of actual costs, taxes or investment returns. Critical illness insurance is subject to underwriting and approval. Policy definitions, waiting and survival periods, limitations and exclusions apply. Optional benefits involve an additional cost. Dialogue is a non-contractual service. The insurance contract governs.