Do you know anyone who has had cancer, or a heart attack or a stroke? Was it a sudden diagnosis? And was it emotionally and financially challenging for them?
If you can say ‘yes’ to any of the questions above, then you should read on to learn about Critical Illness insurance.
Critical Illness insurance provides a financial cushion when you need it most.
Consider these sobering statistics:
Cancer: 2 in 5 Canadians will be diagnosed with cancer in their lifetime
Heart Disease: Over 10% of hospital admissions are for heart-related issues
Stroke: A stroke requiring hospitalization occurs every 5 minutes in Canada
While these diagnoses rates are very high, the good news is that survival rates are improving. But the financial impact of a critical illness can be devastating. Getting a sudden severe illness diagnosis causes a high level of anxiety, particularly financial anxiety, because an illness impairs your ability to work and provide for your family.
Why Critical Illness Insurance Matters
Many assume government health plans cover all expenses, but this is not the case. Critical illness
insurance can help cover the cost of items that support recovery, as follows:
- Specialty Medications: Covers costly out-of-pocket prescriptions
- Caregiving Support: Assists with household help and childcare
- Home Modifications: Funds accessibility changes to your home, if needed.
- Travel for Treatment: Covers expenses for specialized care not available in Canada
- Medical Equipment: Helps purchase necessary items like hospital beds or wheelchairs
Critical Illness Insurance Fills Crucial Gaps
Unlike life insurance which pays your beneficiaries, critical illness insurance pays you. Upon diagnosis of a covered condition, you receive a tax-free lump sum to use as you see fit. That is why having this coverage is even more important for people who do not have a family member to manage their care.
Affordable For The Vast Majority
Contrary to general perception, critical illness is a very affordable coverage. A 35-year-old woman can get 10 years of critical illness insurance of $50,000 for as little as $20 a month. There are also return of premium options available, that refund your premiums if you do not have a claim. What other insurance refunds your premiums if you don’t claim?
Peace of Mind When It Matters Most
Imagine having a cash lumpsum at your disposal upon a severe diagnosis. This financial buffer allows you to focus on what truly matters – your recovery and your loved ones. Critical illness insurance isn’t just about money; it’s about providing peace of mind during life’s most challenging moments. Consider it an investment in your future well-being and financial security.
Contact us to learn more about Critical Illness coverage and how it can be a valuable financial planning tool to ensure your family’s well-being.