Friday, 12 December 2014

The Real Cost of Critical Illness. How "Critical" is Critical Illness

One of the toughest and most challenging things to deal with in life, is facing a critical illness and all that comes with it. There are so many contributing factors that make critical illnesses challenging to deal with – coping with the emotional, physical or financial struggles, the unexpected but necessary care and of course fear of potential consequences.
It is unfortunate that these life-altering diseases can strike at any time and in most cases, cannot be prevented, predicted or anticipated. Here are some facts to consider:
1. Cancer is the leading cause of death with one in three Canadians developing Cancer each year[1].
2. 50,000 Canadians will suffer a stroke each year[2].
3. Cystic fibrosis is the most common, incurable, fatal genetic disease affecting young adults[3].
The financial impact a critical illness brings affects you and your family. Taking time off from your regular work schedule, funding transportation to and from a medical facility, making arrangements for other family members(i.e. babysitter for young children) etc, can take a big toll on your finances.
Most of these expenses are not covered under the Ontario health insurance plan. Further, these are expenses that may not even be covered under employment benefit packages through your employer. If your employer provides you with some form of group coverage, it is recommended that you look into your plan and understand your living benefits portion.
Critical illness insurance ultimately pays you a lump-sum of money if you are diagnosed and survive a critical illness as defined in your policy. This lump sum is designed to help support you in times of need and reduce any financial stress you may experience. This lump sum can serve to relieve debts, pay for that expensive alternative treatment/medication not covered by Ontario health plans and/or modify your living routines to maintain you and your family’s standard of living.
If you do not already own a personally owned critical illness insurance policy, speak to your licensed insurance advisor who will be able to provide insights into the various policies available based on your individual needs and requirements. Or for more information, please contact Independent Financial Concepts Group Ltd. today at (416) 849-1653 or visit
[1] Canadian Cancer Society
[2] Heart and Stroke Foundation
[3] Cystic Fibrosis Canada