Why Canadians need critical illness protection?
Do you know:
One in 2.2 men and one in 2.5 women are expected to develop cancer during their lifetimes
62% of cancer patients are expected to live for at least five years after being diagnosed
One in 2 men and one in 3 women are predicted to develop heart disease in their lifetimes
One heart attack occurs every 7 minutes
Over 80% of hospitalized heart attack patents survive
One stroke occurs every 10 minutes
85% of stroke patients survive
As illustrated above, it is not uncommon to know someone being diagnosed with critical illness. The good news is as medical technology advances, it also increases life expectancy, which means a better chance of surviving a critical illness. However, during the recovery period, one might be unable to continue working. The loss of income, the extra medical expenses and the care needed could put an overwhelming financial burdens on your family.
How could a critical illness insurance protect you?
In most of the cases, if you have a critical illness insured condition that meets one of the definition set out in the policy and the survival period has been satisfied. (Most conditions have 30 days of survival period.), insurance company would pay out an one-time lump-sum benefit to you. Amount of benefits depends on how much you setup in the policy initially. For most policies, the money is not restricted for medical purpose only, so you could spend it in whichever way as you need.
What do the critical illness insurances cover?
It could varied from each policies. Some could have more covered conditions than others, while some cover only the basic conditions. However, most of them would cover life-threatening cancers, stroke, and heart diseases.
- Image linked from Sunlife.ca
- Source: Heart and Stroke Foundation of Canada (2001-2011); Canadian Cancer Society’s Steering Committe; Canadian Cancer Statistics 2009. Toronto: Canadian Cancer Society, 2009; Canadian Cancer Society, 2010. The statistics provided are not based on the definitions of critical illness in the insurance policy. They are provided for general information only.