What’s the chance I will suffer a critical illness
Hundreds of thousands of Canadians suffer from serious illnesses each year. Thanks to the advance of modern medicine, the vast majority of these people will survive. Recovery is often expensive and can take a long time. Life insurance won’t help. That’s where critical illness insurance comes in. You hear about it everyday in the news – cancer, heart disease, Alzheimer’s, Parkinson’s, and more. But what are the chances that any of these diseases will affect you in your lifetime? Unfortunately, better than you think when you consider*:
- 40,000 to 50,000 Canadians yearly have a stroke
- 75,000 Canadians yearly have a heart attack
- 1 in 3 women in Canada will develop some form of cancer during their lifetime
- 2 in 5 men in Canada will develop some form of cancer during their lifetime
- In 2001, there were 364,000 Canadians affected with Alzheimer’s and related dementias and this is expected to double in the next 30 years
- Nearly 100,000 Canadians have Parkinson’s disease (that’s 1 in 300)
A Critical illness not only has a long term impact on your life, it also affects your financial and retirement goals. Additional financial stress is the last thing someone recovering from a major health issue should face……. thats why CI is one of the fastest growing sector of the Canadian insurance market.
What is critical illness insurance
It’s a unique kind of insurance – the focus is on living. Critical illness insurance provides a lump sum payment and the money can be used for anything you wish, including:
- Replacement of lost income
- Keeping a business going during your crucial recovery period
- Paying off a mortgage
- Reducing debt incurred during your illness
- Renovating your home to accommodate a disability or relocating
- Protecting savings and assets from being spent on recovery
- Paying medical expenses or the cost of rehabilitation
With increased Life expectancy and medical advances, the risk of living with a serious illness is significant and cost can be staggering
What’s considered a critical illness varies by company and policy, but usually includes the big three – cancer, heart attack and stroke – as well as:
- Coronary artery by-pass surgery
- Kidney failure
- Major organ failure
- Blindness
- Deafness
- Loss of speech
- Paralysis
- Motor neuron disease
- Multiple Sclerosis
- Coma
- Alzheimer’s disease
- Parkinson’s disease
- Occupational HIV
Accidents and illness are a fact of life, they could happen to anyone at anytime
Finally, to make a claim on a critical illness policy you usually have to live through a ‘survival period’ of 30 days, called elimination period.
The costs of critical illness coverage
The price of a critical illness policy greatly depends on your current health and your family’s medical history. But even then, policies and prices will be different from company to company.
Ensure financial, as well as medical recovery
Few people are prepared for the expenses that come with being diagnosed with a critical illness: reduction or loss of income, private home nursing costs, rehabilitation therapies, alternative and prescription medicines, home refitting… the list goes on. Critical illness insurance provides you with a lump-sum cash payment if diagnosed with a serious illness. It frees you from financial stress so you can focus on what’s important – getting better.
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