Critical Illness Insurance

How would a serious illness affect your family?

Critical Illness insurance is something that some know of, and some don’t. Much like Disability Insurance, this coverage is created to protect against a loss of income but is also able to provide significant coverage for other financial needs that may arise in the time of a medical crisis. In its simplest terms, if one is diagnosed with any of a number of the covered illnesses, a lump sum, tax-free benefit is paid to that individual. What this means to you is that you can choose not only what to do with your insurance benefit, but also how you will cope and deal with the specific illness for which you are experiencing.

Sadly, a Critical Illness can affect any one of us, no matter what age or gender. It usually strikes when we expect it the least, and it, unfortunately, does happen to many. Canadians are 3 times more likely to experience a Critical Illness than they are to die before the age of 65. Critical Illness insurance offers you choices and allows you to recover on your own terms without having to search for additional finances to cover all of the expenses. You will also receive all of your premiums back if you don’t make a claim or if you die of another cause!

Shocking Statistics to Consider:

- 1 in 4 Canadians will develop heart disease during their lifetime
- 50% of heart attack victims are under the age of 65
- 75% of victims survive their first stroke
- 1 in 3 Canadians will develop some form of cancer during their lifetime
- 1 in 9 women will develop breast cancer during their lifetime
- 1 in 8 men will develop prostate cancer during his lifetime
- 50,000 Canadians suffer from multiple sclerosis, one of the highest rates in the world
- Over 750,000 Canadians will suffer from Alzheimer’s disease between now and 2031
* Source Statistics: Canadian Cancer Society, Heart and Stroke Foundation of Canada, Multiple Sclerosis Society of Canada, Alzheimer Society of Canada

Leading Causes of Critical Illness Claims:

70% – Cancer
14% – Heart attack
5% – Stroke
5% – Other
4% – Coronary artery bypass surgery
2% – Multiple sclerosis

Covered Conditions in a Critical Illness Policy:

- Heart Attack
- Cancer
- Stroke
- Bypass Surgery
- Heart Valve Replacement
- Alzheimer’s Disease
- Parkinson’s Disease
- Multiple Sclerosis
- Kidney Failure
- Aortic Surgery
- Benign Brain Tumor
- Blindness
- Ductal Carcinoma in Situ of the Breast
- Deafness
- Loss of limbs
- Loss of speech
- Major Organ Transplant
- Major Organ Transplant Waiting List
- Motor Neuron Disease
- Occupational HIV injury
- Paralysis
- Severe burns
- Coronary Angioplasty
- Coma
- Early-Stage Prostate Cancer

A Critical Illness is not something we’d like to face at any point in our lives. Because the risk of getting ill can never be eliminated completely, it’s important that we take precautions so that you’re able to make the financial choices required to make a difference when needed most. Securing the right insurance now while you’re healthy is one way to cover some of the unexpected expenses that could arise as a result of a critical illness.

Your individual needs must be considered and prioritized before making any decisions. I can help! Contact me today to help you determine your needs and decide which product is best for you.