Insurance Solutions

Critical Illness

 

Let’s face it- as human beings, we are subject to various risks every day. Some risks are too big to be ignored, especially if there is a practical solution to help mitigate them. Statistics outlined by the Canadian Cancer Society and the Heart and Stroke Foundation of Canada reveal the following:

Heart Disease

  • One of every four Canadians will develop a form of heart disease in their lifetime
  • One of every two heart attack victims are below the age of 65

Stroke

  • 80% of people who have strokes survive
  • Approximately 62,000 Canadians suffer from a stroke annually
  • Approximately 60% of stroke survivors end up with a disability

Cancer

  • One of every two people will develop cancer in their lifetime
  • 60% of Canadians will be living five years after a cancer diagnosis
  • Almost all (90%) of those diagnosed with cancer will feel the effects of a loss in income or an increase in expenses

Being diagnosed with a critical illness is not only emotionally devastating for your family, but it can enhance the financial stress endured by a household. Failing health may leave you unable to work, or unable to pay for necessary medical care, leaving you with no other option but to begin depleting your assets.

 

These risks are why critical illness insurance exists. This protection is designed to alleviate additional expenses that may arise while you focus on overcoming your health issues. The insurance benefit is paid as a tax-free lump sum amount which can be used in any way that you choose. In addition to any medical expenses which may occur, the funds may be used for things like mortgage payments, home repairs/medication, living expenses or even final vacations with family or friends.