Critical illness occurs every day – most people will survive. A long recovery can dramatically affect family income and introduces substantial additional costs. Unfortunately, no one is immune – critical illness strikes people of all ages and backgrounds. Critical Illness Insurance is a Survivor’s Plan ! It is designed to help those who survive a life-altering illness to survive the financial crisis that can accompany it. While disability insurance provides income replacement if you become disabled and unable to work, it may not be the answer to all of your needs. A Critical Illness plan fills the gap between life and disability insurance by providing coverage for illnesses that are life-altering. Critical Illness Insurance pays a lump sum benefit directly to an employee who is diagnosed with a major illness or injury and survives for 30 days afterwards (365 days for paralysis). It is payable whether you can work or not! Why the Need for Critical Illness (CI) insurance?
- 40% of women and 45% of men will develop cancer at some point in their lifetime*
- 1 in 12 Canadians face catastrophic drug costs*
- 30% of new cancer cases and 17% of cancer deaths will occur in young and middle-aged adults ages 20-59, in their most productive years of employment and while raising families≠
- There are an estimated 70,000 heart attacks each year in CanadaΣ
- 20% of breast cancers that are diagnosed are in women under 50**
- 6,500 Canadians aged 15-39 are diagnosed with cancer each year*
Did you know? Treatment The average cost of drugs for a single course of treatment with newer cancer drugs is $65,000. About half of these cancer drugs are taken at home and, as a result, patients are responsible for the cost in most provinces.** In addition to that if treatment is out of town you would be responsible for any travel and hotel accommodation expenses. Income 80% of patients experienced an average drop in annual household income of $12,000 or 10%.† 44% used their savings and retirement funds, and 27% went into debt to cover medical costs and lost income.† ** Canadian Cancer Society, 2011 † Canadian Breast Cancer Network & Study, 2009What could qualify for coverage under Critical Illness?* Cancer (life-threatening), Heart Attack, Stroke (cerebrovascular accident), Kidney Failure, Alzheimer's Disease, Aortic Surgery, Aplastic Anemia, Bacterial Meningitis, Benign Brain Tumour, Blindness, Coma, Coronary Artery Bypass Surgery, Deafness, Dilated Cardiomyopathy, Fulminant Viral Hepatitis, Heart Valve Replacement, Loss of Independent Existence, Loss of Limbs, Loss of Speech, Major Organ Failure On Waiting List, Major Organ Transplant, Motor Neuron Disease, Multiple Sclerosis, Muscular Dystrophy, Occupational HIV Infection, Paralysis, Parkinson's Disease, Primary Pulmonary Hypertension, and Severe Burns. *number of illnesses covered will vary depending on carrier Contact Us for more information!
