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.