Many people will think that they don’t need critical illness insurance, due to the low percentage that they would encounter such a serious illness in their life. In fact, chances are:
- 1 in 3 Canadian will develop a life-threatening cancer in their life.
- For 1 in 12 Canadian families, drug costs amount to more than 3% of their household net income
- Out of every 100 people who have stroke, 85 survived
- An estimated 564,000 Canadians are currently living with dementia.
Diagnosing with a serious illness has a huge psychological impact on both patient and family member and this impact can cause mental damages to both. This is not including a financial burden and ruin possibility. In a long-term run, your family may be facing the risk of losing house or savings. It’s true that government health plan will cover for your treatment, but it will have no support if you are facing a financial risk while seriously sick. That’s why critical illness insurance provides funds when it’s critical. Following diagnosis of one of 36 covered conditions, and a survival period of 30 days, you will receive a tax-free lump sum amount to spend as you wish. Let yourself free from financial burden and focus on recovery. Depending on your needs, critical illness insurance can help:
- Keep you and your family in your home
- Keep your business viable
- Cover the cost of extended healthcare requirement
- Allow you to go out-of-country for treatment
- Allow you to take leave from work and free from financial burden
Now, do you think you can afford not to have critical illness insurance?