Critical Illness

What Challenges Could You Face?

November 21, 2018

Did you know that in Canada someone is diagnosed with cancer every two minutes, every seven minutes someone has a heart attack and every 10 minutes someone has a stroke. Chances are you know someone who has suffered a critical illness such as a heart attack, life-threatening cancer or a stroke.  The chances are also high that this same person survived and that you may, one day suffer from a critical condition as well.

Before continuing, ask yourself these four questions. What would happen to my financial situation if I could not go to work tomorrow because a critical illness has affected my ability to do so?  Can I afford the best treatment for my condition, wherever in the world it is available?  Can I keep my financial plan intact, repay my mortgage and other debts and continue to save for retirement?  Will I be able to afford in-home care, or a home renovation to increase accessibility if I need to?  Perhaps you have thought about these questions before and perhaps you have not.  The fact of the matter is that if you are unable to work as a result of a critical illness you are more than likely going to need cash in the short term to maintain your lifestyle.

Enter Critical Illness Insurance. This form of insurance often referred to as a living benefit will provide you with a lump sum payment of cash, following a survival period, usually 30 days after diagnosis of one of the many covered conditions.  Here is a sampling of some of the conditions that may be covered depending on the type of policy you purchase; life threatening cancer, stroke, heart-attack, loss of independent existence, multiple sclerosis, kidney failure, coma, paralysis and loss of limbs just to name a few.  You may use the benefit in any way that you choose.  Think back to the questions that you asked yourself earlier and see if a lump sum payment would help to ease the burden.

There are several different companies offering Critical Illness in the marketplace today and depending on the premium you choose each offers a variety of options. When purchasing this type of protection make sure you pay close attention to the options, as these will most certainly affect the pricing from one company to the next.  Some plans will only cover 4-5 of the major critical illnesses while others cover 20 or more.  It is possible to add a return of premium rider on some plans which will, in effect, return all of your premiums if you do not make a claim before the end of the policy.  Several companies are now offering a service to help you find and seek treatment from the foremost experts in the world, depending on the type of illness you have.

It should be noted that Critical Illness coverage is, in most cases, not a replacement for disability coverage or medical coverage, rather, it is designed to fill the gap these other forms of coverage leave. Please talk to us if you are considering this type of insurance so that our professional team can help you review your options and help you choose the right coverage.