Critical Illness Insurance

Critical Illness Insurance

“You need insurance not only because you are going to die but because you are going to live” – Dr. Marius Barnard

Thanks to advances in medical science and surgery, more people than ever before are surviving critical illnesses. Just how common are critical illnesses in Canada? It is a fact that the chance of developing heart disease in a lifetime is one in two for men and one in three for women. For cancer, it is one in 2.2 for men and one in 2.5 for women.

If this were a lottery, with these odds, we’d all be buying tickets.

The average age of a person making a claim is 49. Seems rather young but critical illness does not discriminate; it strikes adults and children alike.

The onset of a critical illness causes extreme emotional/physical and financial stress.

Critical illness insurance can help manage the unexpected additional expenses associated with a critical illness. Most people arenot prepared for the financial consequences of a critical illness. For example, additional expenses could include:

Drug and health care cost: not covered by government or private health plans
Care and recovery costs: (rehabilitation, home care, modification of home/car
Payments to: mortgage, rent, car loans, credit cards, and lines of credit
Living expenses
Retirement savings and RESP’s
Business expenses

Critical illness insurance provides a lump sum payment in the event you are diagnosed with one of the covered critical illnesses and survive for a period of 30 days. There are no restrictions on the use of funds to help yourself and your family.

What would your expenses be if you were diagnosed with a critical illness?

$50,000, $100,000, $200,000 or more? Let one of our insurance experts help you answer this question and more.

No one can guarantee good health forever. As the saying goes, “the best time to buy insurance is when you don’t need it.”