Critical illness insurance covers such conditions as heart attacks, strokes and life threatening cancer.
You may know someone who has survived a critical illness or event such as a heart attack, cancer, or stroke. You may also know the financial burden this has placed on them as well as their families.
What are the chances this could happen to you? Probably more likely than you think:
- It is predicted that 1 in 2 men and 1 in 3 women will develop heart disease in their lifetime
- There are 40,000 to 50,000 strokes in Canada each year
- 1 in 2.3 men and 1 in 2.6 women living in Canada will develop cancer
- 1 in 9 women will develop breast cancer
- 1 in 12 Canadians will develop lung cancer
- It is estimated that 145,500 new cancer cases occurred in Canada in 2004
- An estimated 50,000 Canadians—including twice as many women as men—have multiple sclerosis
Surviving a critical illness or condition is also more likely than you may think:
- 80% of hospitalized heart attack patients survive; the percentage is higher for those with their first heart attack, and lower for those with recurrent heart attacks
- 80% of stroke patients survive the initial event
Critical illness insurance can provide you with a lump sum benefit at a critical time in your life. Use this benefit any way you wish: seek timely treatment outside Canada, purchase special equipment, fund the recovery time away surrounded by loved without the placing a financial burden on them, modify your home, arrange child care or domestic help, or pay down your mortgage.