Critical Illness Insurance
A critical illness can happen to anyone!
While healthy lifestyle choices can be your best defence against some health risks, a critical illness such as cancer, stroke or heart disease can strike anyone at any time.
- One in three Canadians will develop a life-threatening cancer
- One is two heart attack victims are under 65 years old
- Each year, 50,000 Canadians suffer a stroke and of all stroke victims, 75% will be left with a disability
Critical Illness Insurance is often referred to as living benefit insurance. It pays a lump-sum tax-free benefit to the insured after 30 days following the diagnosis of a covered illness. Insurance companies now cover up to 29 serious illnesses. The benefit is 100% yours to determine how it is used i.e.to pay for alternative treatments or therapies for your recovery, to pay the mortgage payments while you are off work, take a vacation or to provide your family some income support.
Expenses such a private nursing or modifications to your home or vehicle to improve your mobility won’t be covered under your provincial health insurance plan and may not be covered under employer-sponsored health plans. Then there are the other challenges that critical illnesses bring-such as finding the best medical care, meeting day-to-day needs (like caring for your children), and managing the stress and anxiety.
Critical illness insurance can reduce your financial burden:
- Pay off or reduce your mortgage, credit cards or other debts
- Help keep your business operating
- Maintain your independence by modifying your home or vehicle to improve your mobility
- Hire domestic help during your recovery