Critical Illnesses happen every day, to young and old alike. One in two men, and one in three women age 40 and under will develop coronary artery disease in their lifetime; one in four Canadians now suffer from stroke-related illnesses, and this year alone, 134,100 new cases of cancer will occur.
However, advances in medical science have made it possible for thousands to survive and resume meaningful lives. While this is encouraging, it may also be a reason to be concerned; as the cost because today’s high recovery expenses can have serious and potentially long-lasting financial consequences.
There is a solution, Critical Illness Insurance, which can help you protect your assets, savings and business from the high recovery expenses associated with surviving a critical illness. This insurance covers from 4 – 22 (up to 25 with some insurers) critical illnesses or conditions, and provides a lump sum benefit to:
Critical Illness Insurance is a living benefit that pays a lump sum (tax free) benefit usually 30 days after you are diagnosed with, or in some cases have surgery for a critical illness, such as a heart attack, stroke, life threatening cancer, and paralysis or kidney failure. There can be a delay longer than 30 days for some illnesses.
Therefore, you have the independence to make a meaningful decision about your physical and financial recovery and protect your standard of living. Unlike Disability Insurance, Critical Illness Insurance is not based on your inability to work. You collect the full amount of coverage, even if you make a full recovery.
Anyone who wishes to be protected against financial concerns resulting from a critical illness: