Critical illness insurance is a type of protection that provides you with a lump sum payment if you are diagnosed with a covered critical illness and survive a waiting period (which is usually 30 days). With the advancement of technology more people are fortunately surviving these conditions but are often unable to get back to their pre-condition potential.
What’s the difference between disability and critical illness insurance?
Unlike disability insurance (that pays out a percentage of income as a monthly benefit), critical illness insurance actually pays out the entire tax free lump sum immediately, giving you flexibility to use the money as best needed. That’s where the critical illness benefit comes in—you are free to spend the money as you wish—such as to help cover lost income, to pay for private nursing or out-of-country treatment, for medical equipment or even to pay off your mortgage. It can help you where you need it most so you can focus all your energy on recovering.
NOTE: I have seen the benefits of this coverage first hand when my partner Tom suffered a heart attack in 2007 and fortunately had this coverage in place (although he didn’t take us to Hawaii like he said he would!!)
Could A Critical Illness Really Happen To Me?
(not the funnest facts but definitely an eye opener):
80% of heart attack victims survive
2 in 5 Canadians will develop some form of heart disease during their life time
Half of heart attack victims are under 65
153,000 new Cancer case in Canada in 2006
1 in 3 develop cancer in their life time
There are 40,000-50,000 strokes each year in Canada
One third of stroke victims are under 65
300,000 Canadians are living with the effects of stroke
Approx. 75% of all Canadians that suffer a stroke will survive but will be left with some form of disability
Sources: Heart & Stroke Foundation (2006), Canadian Cancer Society, Canadian Cancer Statistics (2006), Veterans Affairs Canada (2006)
As an independent insurance broker with Manion.ca, we have contracts with all the top insurance carriers allowing us to shop the market to find the right critical illness insurance product for you at the best price.
Need more information?
For more information on Critical illness insurance in Maple Ridge & Pitt Meadows BC please