Monday, January 13, 2014

Myths and Truths about Critical Illness

The risk of suffering from a critical illness is real, and most people don’t even see it coming.  When it does, many Canadians are forced to deplete their retirement savings or take on additional debt to cover treatment costs and the day-to-day expenses associated with living with a critical illness.
When you’re healthy, you may be thinking “I won’t get sick, and if I do, the government will pay for my care.”    Think again…

I won’t get sick.
·   40% of women and 45% of men will develop cancer during their lifetime.1
·   The leading cause of hospitalization in Canada (16.9%) continues to be heart disease and stroke.2
·   Today, half a million Canadians have Alzheimer's disease or a related dementia. Approximately 71,000 of them are under age 65.3
·   Canadians have one of the highest rates of multiple sclerosis in the world.  Its effects are physical, emotional, financial, and last a lifetime. There is no cure.4 
The government will pay for my care.
·   One survey noted that 44%  depleted their savings and retirement funds and 27% took on debt to cover treatment costs.5

Do you have insurance in the event that:
Financial Impact
Your car is damaged in an accident?

You suffer a heart attack?

Your apartment floods?

You are diagnosed with life-threatening cancer?

Your shingles blow off your house?

You suffer a stroke?


Know the truth.  Know your options. 

Critical Illness insurance provides funds when it’s critical.  Following diagnosis of a covered condition, and a survival period of usually 30 days, you’ll receive a lump sum to spend any way you wish:
·   pay off your mortgage,
·   seek timely treatment outside of Canada,
·   or, afford specialized in-home care on top of your regular day-to-day expenses.

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