Critical Illness Insurance is a form of protection that can provide you with a lump sum payment if you suffer from a covered critical illness and the survival period is satisfied. The physical and emotional strain of a critical illness can be severe and when you combine that with the potentially damaging financial impact, the result can be devastating for you and your family.
That’s where the critical illness benefit comes in—you are free to spend the money as you wish. You may not have to go into debt or withdraw money from your retirement savings to remain financially stable and independent during your recovery.
Critical illness insurance provides a lump-sum benefit to help support you financially, if you are diagnosed with and survive a covered critical illness. You can use this benefit payment to supplement your health insurance plan and any group disability coverage you may have:
Maintain your independence: Modify your home or vehicle to improve your mobility. Hire domestic help during your recovery. Fund a leave of absence for yourself or your spouse.
Access cutting-edge medical services: In Canada, pay for medications and treatment not covered by provincial health plans. Outside Canada, pay for treatment that may not be available at home, in addition to your family’s travel and lodging expenses.
Assist in your recovery any way you choose: Spend more time with your family or use the benefit in other ways that can help you focus on getting well.
Here’s an example of what is happening in Canada:
- -177,800 new cancer cases were reported in Canada in 2011*
- -It is estimated there are over 70,000 heart attacks in Canada each year*
- -There are over 50,000 strokes each year in Canada*
*(National Cancer Institute of Canada: Canadian Cancer Statistics 2011, Heart and Stroke Foundation 2011)
The good news is that the majority of these illnesses were survived because of today’s medical advances but not without severe financial impact.
It can help you where you need it most so you can focus all your energy on recovering. The three major critical illnesses experienced by Canadians are heart attack, stroke or life threatening cancer. These are all covered in a modern critical illness policy as well as over 20 more additional conditions including but not limited to: Alzheimer’s Disease, Aortic Surgery, Benign Brain Tumour, Coronary Artery Bypass, Deafness, Blindness, Coma, Kidney Failure, Loss of Limbs or Speech, Major Organ Transplant, Motor Neuron Disease, MS, Parkinson’s Disease, Severe Burns, etc…