The Importance of Critical Illness Insurance Increases as Survival Rates Continue to Go Up – Are You Protected?

In the past few decades the survival rates of critical illnesses have substantially increased, meaning that more and more people who suffer from a critical illness will eventually recover. However, this also means that a substantial portion of those survivors are left dealing with recovery. Because of this recovery, many survivors feel a significant amount of financial strain, often as a result of extended periods off work or even the inability to earn an income. 

Let’s take heart attack as an example. There are over 16,000 deaths each year in Canada from heart attacks. However, there are an estimated 70,000 heart attacks in the same time period. That means that a major number of those heart attack victims survive and recover. But how does that heart attack impact the victim?  Most require a hospital stay, often a substantial period, and more require a lengthy period of time off work. Many need weekly medical assistance in home. These costs all add up even in Canada when you would think that all health care expenses would be covered by the government.

This is where critical illness insurance comes into play. If you have critical illness insurance, you are financially covered. If you suffer a critical illness and you have critical illness insurance (and upon satisfying the terms of your policy) you will be entitled to receive a lump-sum payment. The lump-sum payment is yours to spend however you need it, without having to submit receipts or seek approval. This financial coverage can be used for any number of things, including mortgage payments or medical treatment not covered by governmental health care.

What if your illness or injury leaves you physically disabled? Since the loss of a limb is covered by critical illness insurance, some of the anxiety that accompanies such an injury is lifted. This coverage can be used to cover the costs of having someone in on a regular basis to manage household tasks such as cooking or cleaning. It can also be used to make adjustments to your home or personal vehicle to make them wheelchair accessible.

What kinds of illnesses does critical illness insurance cover? Things like heart attack, stroke or cancer are the leading illnesses covered by critical illness insurance each year, but there are several others that this protection encompasses as well. Things like cancer, multiple sclerosis, Parkinson's disease, and Alzheimer's disease are all covered. Kidney failure, heart bypass surgery, blindness, deafness, severe burns or stoke are also covered. Many of these illnesses can have long-term impacts that affect your financial future, so protecting yourself in case they occur is essential.

Just because you have life insurance, doesn’t mean that you are fully covered. If you suffer from a critical illness such as those listed above, your chances of survival are high but your life insurance is not going to cover those expenses that come with it. Critical illness insurance ensures that you are protected when you are still living.

For more information about critical illness insurance and how it can protect you and your loved ones, please contact Independent Financial Concepts Group by calling 416-849-1653 or visit www.wecoveryou.ca.