Why is critical illness insurance important?
Whether you are young or old, male or female, financially advantaged or disadvantaged, the unfortunate reality is that you, a family member, or a friend will possibly be affected by a serious illness within your life.
Financial burden of a critical illness insurance
Advancements in medicine and health care services are enabling people who are diagnosed with critical illnesses to recover both partially or completely; however, depending on the nature of the illness and the length of the recovery period, the financial burden associated with suffering from a critical illness can be extensive or severe.
Critical illness insurance is designed to protect
Critical illness insurance is a financial tool that is designed to protect you, your family and loved ones, and your assets in times of need. Nobody is prepared to receive information that they are suffering from a critical illness, but with critical illness insurance people have the option and the ability to prepare themselves financially in the event of being diagnosed with a critical illness.
Statistics
Critical illness insurance can be understood as an investment in protection against an uncertain future.
The following statistics speak for themselves:
Statistics Canada places our lifetime probability of developing some form of cancer at one in three. 1
In the last 30 years, the cancer survival rate has nearly doubled to 55 percent.3
In recent years, the death rate among patients hospitalized for heart attacks has been cut in half to eight percent.2
75 percent of stroke victims will survive the initial event.2
As a healthy individual, it is difficult to envision how a critical illness will impact your life and the lives of your loved ones.
Are you prepared?
Sources: 1 Statistics Canada, 1999; 2 Heart and Stroke Foundation, 2003; 3 Canadian Cancer Society, 2004.