Critical illness Protection

WHAT ARE THE CHANCES ?

The statistics are so scary that you cannot afford not having critical illness protection. 

• 2 in 5 Canadians (44% of men and 43% of women) are expected to develop cancer during their lifetime. 1
• the annual number of strokes in Canada has increased from 62,000 in 20182 to over 108,000 in 20223.
• There are 35,000 cardiac arrests cases every year in Canada.4
  

Critical Illness Insurance is important to protect your lifestyle and the well-being of your dependents in case you get an illness that is severe. This insurance plan protects you by offering financial assistance in the event that any of the 25 or more specified serious illnesses—including cancer, heart attacks, and strokes—are discovered. Such an insurance policy makes a one-time payment to the policyholder when diagnosed with a given disease to help them with their medical expenses and lost income and even take care of their quality of life during a difficult period. 

While life insurance takes care of the consequences of death for your survivors, critical illness insurance takes care of the consequences of a severe illness for you and your family which includes dealing with unforeseen costs such as :

• High cost of medications not covered by government or your medical plan
• Travel expenses for treatment
• Time of work for you and your caregivers

With long waiting periods, public healthcare in Canada is already overburdened and with aging population of baby boomers, it is only expected to get worse. Huge influx of immigrants in recent years put further pressure on it. Due to budget constraints, lot of times the treatment offered is not the best one, often with severe & debilitating side effects. This is where Critical Illness Insurance shines as a saviour because with lump sum cash available, you can get the best private treatment of your choice without suffering the agony caused by cheaper treatments. With rising healthcare costs, most Canadians can’t afford a better treatment out of their own pocket & that’s where this insurance comes in handy.

Aside from the quality of treatment another way in which this insurance helps in speedier recovery is by relieving the financial stress which has been medically proved to be an important factor in recovery time. With the freedom to use the critical illness benefit payment anyway they like, patients can focus better on their recovery. They are not in a rush to get back to work until they are really up to it and this is a big mental relief because the critical illness benefit payment can be used to compensate for the income lost during the recovery period. It can even be used to retrofit the house with mobility devices to assist with getting around or go on vacation and spend time de-stressing – the sky’s the limit, it’s your money once paid. And as per current tax laws, it’s a tax-free benefit, so you don’t have to pay taxes on the amount received. 

ILLNESSES TYPICALLY COVERED UNDER A CRITICAL ILLNESS INSURANCE PLAN

• Aortic Surgery
• Aplastic Anemia
• Bacterial Meningitis
• Benign Brain Tumour 
• Blindness
• Cancer (Life Threatening)
• Coma
• Coronary Artery Bypass Surgery
• Deafness
• Dementia including Alzheimer’s Disease
• Heart Attack
• Heart Valve Replacement or Repair
• Kidney Failure
• Loss of Independent Existence
• Loss of Limbs
• Loss of Speech
• Major Organ Failure on Waiting List
• Major Organ Transplant
• Motor Neuron Disease
• Multiple Sclerosis
• Occupational HIV Infection
• Paralysis
• Parkinson’s Disease and Specified Atypical Parkinsonian Disorders
• Severe Burns
• Stroke
  

 

References :

1. Canadian Cancer Society :
2. Heart and Stroke Foundation:
3. Heart and Stroke Foundation: Heart and Stroke Foundation:
4. Heart and Stroke Foundation: Heart and Stroke Foundation: