Critical illness insurance is coverage you buy to protect yourself and your family while you are still living. It is especially important for the major wage earner to have such coverage otherwise it is unlikely that you will be able to maintain your current lifestyle while recovering. And lengthy recovery situations often mean spending some or all of your savings to replace lost income and unexpected expenses.
With modern advancements in medicine more of us are surviving major illnesses such as cancer, stroke and heart attacks. Before the age of 75, Canadians are more likely to experience a critical illness than they are to die. Here are a few ‘chilling’ statistics for you to consider:
- Each year, 40,000 – 50,000 Canadians experience a stroke
- Each year, 75,000 of us will have a heart attack
- One in 3 women will develop some form of cancer in their lifetime and for men, it’s 2 in 5
- In 2001, 364,000 Canadians were affected by Alzheimer’s and related dementias and this will only worsen
- Parkinson’s disease has afflicted nearly 100,000 Canadians
Critical illness insurance gives you choices and enables you to recover on your own terms. Following the diagnosis of a covered illness, a lump sum is paid which can be spent any way you want – to buy medicines and treatments not covered by group, personal or government plans or to pay debts or anything you want – there are no strings attached as to how you spend the money.
Types of Critical Illnesses
What’s considered to be a critical illness varies from one insurance company to another but here’s a list of some of the more common types:
- Heart attack
- Coronary artery by-pass surgery
- Kidney failure
- Major organ failure
- Loss of speech
- Motor neuron disease
- Multiple Sclerosis
- Alzheimer’s disease
- Parkinson’s disease
- Occupational HIV
- ALS (Lou Gehrig’s Disease)
The cost of critical illness insurance also varies by company along with the state of your current health and family medical history. To get a quote on how affordable critical illness insurance can be, just contact Jacqui McFarlane.