Big City Living: Why Torontonians Really Need Critical Illness Insurance

For some people, the lure of the big city with its hustle and bustle is undeniable and unavoidable. Access to the countless amenities and excitement makes it easy to forget the downsides - and with all of the great things that come with living in Toronto, there are a few major downsides, one of the most important being the stress of fast paced work environments, traffic and the “go, go, go” way of life.

For many Torontonians, stress is a common factor that contributes to overall health. For many individuals living in the ‘Big Smoke,’ stress at work, stress over finances, or stress at home is a given. For many, handling stress is just a normal everyday occurrence – but what about those unforeseen mental and physical consequences that accompany stress?

Well, a recent Toronto Star article says that it is a big deal. New research found that too much stress in your life can increase the risk of heart problems by up to 27%. The article revealed “chronic tension is as dangerous as smoking about two packs of cigarettes a week or having a 50-point spike in your LDL (lousy) cholesterol level.” Clearly most of us who live in the city just take stress as a part of life and don’t even realize the health implications – until they start to experience symptoms.

Knowing that managing your stress probably isn’t going to involve a move out of the big city, learning how to manage stress and also protect yourself in the future should be a key consideration. A critical illness insurance plan is something that you really should consider especially if you are the breadwinner in your household.

And stress isn’t the only reason to consider critical illness insurance. The numbers speak for themselves. Almost 65% of Canadians with kids at home don’t have critical illness insurance, but almost 50% of Canadians will develop cancer in their lifetime and 1.6 million Canadians who currently have heart disease have suffered a stroke in the past. With all of the advances in health care, survival rates after suffering a critical illness are high in many cases. Term life insurance for example will only financially protect loved ones in the event of death but what if the more likely scenario is surviving and recovering from a critical health event?

So what is critical illness insurance? Critical illness insurance is a type of insurance coverage that covers illnesses such as heart attack, cancer, multiple sclerosis, Alzheimer’s, blindness and stroke, and critical illness coverage can help support you financially with a lump sum payment. You can use it to pay your mortgage, keep a personal business going, or for medical treatment or child care.

Critical illness insurance can be purchased as a term or permanent or level premium policy and many whole policies provide a 100% rebate of your premiums after a pre-determined number of years if you don’t suffer a critical illness which is a real “win-win” because you can essentially bet on having good health. Level premiums, the cost to protect yourself and your family is very minimal as it’s just the after tax return of what you could have made with the same premium, which is very little in this low rate environment.

If you live in Toronto and have yet to consider the importance of critical illness insurance it is probably a good time to start. Planning ahead for yourself and your family is an essential step in ensuring financial protection no matter what happens in the future.

For more information about critical illness insurance, and why Torontonians really do need it, please contact Independent Financial Concepts Group by calling 416-849-1653 or visit www.wecoveryou.ca.

 

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.

Link Between High Stress Jobs and Critical Illness – Why Critical Illness Protection is Vital!

For most of us, getting up and going to work every day is necessary. No matter what job you do, whether it is an interim stepping stone or your dream career, there is always the chance that stress will lead to a critical illness. Whether you work as a lawyer, dealing everyday with fast paced cases, a police officer or firefighter dealing with life or death situations, or a nurse working shift work, the chances of dealing with stress, and a subsequent critical illness, are quite high, especially as we get older. 

There are several different workplace conditions that have been identified as leading to job stress, including the design of tasks, management style, work roles, career concerns, or environmental conditions. High stress jobs don’t necessarily mean high powered jobs – anyone can suffer from the effects of high stress – which all too often lead to critical illnesses, such as heart attack, stroke, or even cancer.

Since most of us can’t just quit our jobs and find something that requires very little interaction with those factors that can lead to stress, critical illness protection is vital. So, what is critical illness protection (or critical illness insurance)? Critical illness protection is a form of insurance that protects you in case you end up suffering from a critical illness. Rather than life insurance that protects you after you pass away, critical illness protection is there to assist you when you are still alive.

Critical illness protection can provide you with a cash benefit to be used to rebuild your life after suffering the illness or injury that takes you away from work.

Since survival rates for those illnesses covered by critical illness protection are quite high, it is essential to make sure that you are covered by a policy in case you suffer from one. For example, various forms of heart disease will affect 1 in 3 women and 1 in 2 men during their lifetime, but the survival rate for a heart attack is over 80% in Canada.  Similarly, 1 in every 20 will suffer a stroke, but the survival rate for strokes is 85%. These stats prove just how important it is to safeguard yourself with critical illness protection, especially if you work in a high stress job.

Here are some other stats that may help convince you of how important critical illness protection is:    

-          48% of house foreclosures are a result of a serious illness.

-          In 2000, over $800 million of individual retirement savings were used to pay for critical illness care.

-          72% of Canadians have noted that governmental aid will not cover all medical costs related to a critical illness.

Whether you are in what may be considered a high stress job or not, a critical illness is always a factor, and so taking advantage of the benefits of a critical illness insurance policy needs to be just as important. If you suffer from a critical illness and are unable to work, or need to take a significant period of time off work, critical illness protection can help you keep up your current lifestyle.

For more information about critical illness protection, please contact Gary Mandel at Independent Financial Concepts Group at 416-849-1653 or visit www.wecoveryou.ca.

Critical Illness vs. Disability Insurance: Do You Need Both?

Preparing for your future and the future of your family can be both an exciting and intimidating time. Buying a house, establishing yourself in a stable career, or building your family are all promising things that you may see in your future. But there are some things that you may not foresee– such as a critical illness or a disability – which you also need to prepare for.  

Preparing for a critical illness or a disability by obtaining insurance is a smart choice. But critical illness vs. disability insurance– do you need both?  Although some people think that both critical illness and disability insurance are not necessary, often times having both critical illness and disability insurance protects you when only one of them may not. 

What is critical illness insurance? Critical illness insurance is a type of health insurance that covers you should you become critically ill. It comes in the form of a lump sum payment that gives you the freedom and security to pay for whatever may arise during the course of your illness, or if possible, your treatment and recovery. 

What is covered by critical illness insurance? Critical illness insurance covers a multitude of unpredictable illnesses. These can include cancer, heart attack, stroke, Alzheimer’s, multiple sclerosis, organ transplants, and many others.

What are the benefits of critical illness insurance? If you are forced to take a significant period of time off work to receive treatment or to recover from a critical illness, most public and private health plans do not provide funds for the daily expenses you are responsible for, meaning you could face financial strain if you have not made provisions for this stressful situation. Obtaining critical illness insurance is therefore essential.

What is disability insurance? Disability insurance provides a monthly payout if you are unable to return to work, thereby replacing a portion of your income. If you suffer from an illness or are in an accident that prevents you from continuing in your current occupation, this can severely impact your ability to continue to make the payments that are vital to your family’s security and livelihood.

What about employer provided insurance programs – do they provide these types of coverage? Some may, but typically they are offered on a limited basis, providing coverage for short periods of time. Relying on your employer’s coverage can become an issue – so seeking supplemental insurance coverage can be critical.

Critical illness vs. disability insurance – do you need both? Having one or the other is great, but having both is even better. Planning for one tragedy that can impact your income but not another isn’t ideal. To make sure that you and your family are protected in the event of an accident or illness, having both ensures that you will be able to provide for them, while continuing to maintain your financial security.

Purchasing life insurance to provide for your family in the event of your passing is incredibly important. However, providing for them in case of a disability or critical illness is also essential when preparing for the security and future of your family. Making sure that anything that can interrupt your income is covered by an insurance policy is crucial if you want to remain financially protected no matter what happens in life.

To find out more about critical illness vs. disability insurance and why it is a good idea to have both, please contact Gary Mandel at Independent Financial Concepts Group by calling 416-849-1653 or visit www.wecoveryou.ca 

Critical Illness Insurance - Is it worth it?

In recent years, medical advances have led to increased life expectancy and the ability to recover from various illnesses, but they have not led to the disappearance of critical illnesses such as heart attack or cancer. 

Critical illness insurance – is it worth it? The chance of getting diagnosed with cancer or having a heart attack is heightened for people over the age of 40. Medical insurance helps reduce costs, but most health insurance plans don’t cover all of the expenses related to treatment. To help deal with this, critical illness insurance provides the funds necessary to pay for whatever you need.

A critical illness can happen to anyone: there are an estimated 70,000 heart attacks in Canada each year, between 40,000 and 50,000 strokes in Canada annually, and an estimated 3,075 Canadians are diagnosed with cancer every week. Despite these staggering numbers, there are options. Critical illness insurance – is it worth it? Yes, because it gives you the peace of mind that can be found when you know that you and your family are protected in the case of a critical illness.

Critical illness insurance – is it worth it? First of all, what is critical illness insurance? Critical illness insurance offers you the financial help you need to pay the costs associated with a life-altering illness, such as a heart attack, a stroke, or cancer. If you become sick with an illness covered by your policy and survive the waiting period, you receive a lump sum cash payment – and you decide how to spend the money. Rather than monthly payments, the lump sum payments allow you to make crucial decisions that help with your financial future. 

Critical illness insurance can be incredibly flexible, as there are no constraints set on how you spend the money, which is typically given after only 30 days. You are not required to submit receipts, or even spend the money on medical expenses. It is completely up to you. You can use the lump sum to pay for alternative treatments, specialist visits, or in-home medical care. The ability to choose how to spend the money also makes it incredibly important in the event that your illness prevents you from earning your regular income.

In the case of your death while the policy is in force, a refund of 100% of the premiums that you paid into your critical illness insurance policy is given to your beneficiary.

Critical illness insurance – is it worth it? Well, what is covered? Your critical illness insurance policy can be customized, but the typical illnesses covered by most policies may include: heart attack, loss of limbs, major organ transplants, severe burns, stroke, multiple sclerosis, coma, Parkinson’s disease, cancer, deafness, blindness, loss of speech, kidney failure, heart bypass surgery, or Alzheimer’s disease.

So, critical illness insurance – is it worth it? If you find yourself diagnosed with any of these illnesses, critical illness insurance gives you the ability to focus on your recovery by eliminating the financial stress that often accompanies many of these illnesses. Your critical illness insurance also allows you to pay for those medical costs incurred that may not be covered by the government or by your employment health benefits. Yes, it is definitely worth it!

For more information on how critical illness insurance can benefit you in the future, please contact Gary Mandel at Independent Financial Concepts Group by calling 416-849-1653 or visit www.wecoveryou.ca

Critical Illness Insurance Coverage in Ontario and Who Needs it!

Critical illness insurance coverage in Ontario protects individuals in the event they suffer a heart attack or stroke, are diagnosed with cancer, blindness, hearing loss, kidney failure, Parkinson’s disease, multiple sclerosis, a major organ transplant, Alzheimer’s disease and more. 

When you die you are gone, but suffering a critical illness is a life altering event. Not only will it change the quality of life for you and your family but it also impacts your income and will trigger a number of new expenses. Believe it or not, even in Ontario where we have “free” health care, once suffering a critical illness you may quickly realize that the health care you receive is not sufficient to service your needs. You may require supplemental health care services and you may even want to pursue treatment options not available in Canada. Expenses such as private in-home nursing and modifications to your home or vehicle to improve your mobility will not be covered under your provincial health insurance plan. If you have disability insurance with your employer, they also may not be covered under a typical employer-sponsored health plan. 

Critical illness in Ontario is a very real problem that Canadians face every day and impacts individuals young and old.

In Canada, one in three Canadians will develop a life-threatening cancer, one in two will suffer heart attacks under the age of 65 and each year 50,000 Canadians will suffer a stroke and 75% of them will be left with a disability. 

When arranging any insurance coverage, time is your enemy. The older you are, the higher the insurance premiums you will have to pay. In addition, changes to health can occur at any time. A change to your health may impact your ability to qualify for critical illness insurance coverage in Ontario and may also cause your critical illness insurance premiums to skyrocket. Considering critical illness insurance coverage when you are young and healthy enables you to achieve the most cost savings. 

You can arrange critical illness insurance coverage in Ontario one of two ways; through a term policy or through a whole policy. A term policy carries a term and no cash value, whereas a whole critical illness policy provides tremendous incentives. Whole policies for critical illness insurance coverage in Ontario not only guarantee the critical illness coverage for life but also have a side financial benefit. When you purchase a whole critical illness insurance policy, once 15 years has passed if you have not suffered a critical illness, you are entitled to receive 100% of your premiums back. This means that not only are you protecting yourself in the event you suffer a critical illness but you are also betting on good health too. 

Critical illness insurance coverage in Ontario has become an essential insurance that everyone should have and in the optimal circumstance should be arranged at a young age. Critical illness insurance has become very popular because of all the events that it covers, in addition to the value that a whole critical illness insurance policy carries. 

For more information about critical illness insurance coverage in Ontario please visit www.wecoveryou.ca or call Independent Financial Concepts Group at 416-849-1653.

Critical Illness Insurance in Ontario – What is a Critical Illness Classified as in a Critical Illness Insurance Policy?

You may have heard friends, family or colleagues discussing critical illness insurance or you may have heard an advertisement from an insurance brokerage and wondered “what exactly is critical illness insurance?”.

Critical illness insurance in Ontario is not like life insurance (something that protects you if you pass away). Critical illness insurance protects you if you survive a critical illness. Critical illness insurance policy holders will receive a lump sum payment in the event that they suffer from a critical illness, provided they survive 30 days from the date that they suffered the critical illness.

So what is classified as a critical illness? The number of illnesses that are classified as critical illnesses would stun you.

Heart attack, stroke, cancer, dismemberment, severe burns, Parkinson’s Disease, Alzheimer’s Disease, major organ transplant, blindness, coma, Multiple Sclerosis, hearing loss, paralysis, loss of speech, kidney failure, bypass surgery, motor neuron disease (ALS), coronary bypass, major organ failure (on transplant waiting list), aortic surgery, benign brain tumour, heart valve replacement, kidney failure and occupational HIV infection are all classified as critical illnesses.

The Public Health Agency of Canada has reported that in 2009, about 315,000 (1.1%) of Canadians living in the community reported that they suffer from the effects of a stroke. Between one-third and two-thirds of stroke survivors will experience a loss of function in physical, cognitive or communication skills that require some form of rehabilitation.

The Canadian Cancer Society has posted that an estimated 177,800 new cases of cancer (excluding about 74,100 non-melanoma skin cancers) will occur in Canada in 2011.

Is this a harsh reality? Absolutely. Many folks view themselves as having lots of, or at least adequate insurance coverage and in many situations this is not the case. Sometimes, especially when there are many household financial obligations and so many insurance options, it may be challenging to determine which insurances and premiums fit within your budget and which are necessary.

Critical illness insurance really is a “win, win” insurance. The reason for this is, if you don’t make a claim during the first 15 years of your policy you will be eligible to receive 100% of your insurance premiums returned to you. This is only one reason that critical illness insurance is such an attractive insurance product.

Figuring out the right insurance coverage can feel overwhelming and it seems no matter where you turn (your bank, car insurance provider, mortgage provider, etc..) it seems that there is always someone selling something. Your best bet, if you want to find out what the right combination of insurance is for you, is to speak with a Life Insurance Agent. Life Insurance Agents also sell critical illness insurance, disability insurance, long term care insurance, mortgage insurance, financial products and more. A Life Insurance Agent will be able to tell you what insurance you should have and will quote all of the insurers (including the banks) to get you the best deal. For more information about critical illness insurance in Ontario and critical illness insurance policies please visit http://www.wecoveryou.ca/