What is Critical Illness Insurance?
Critical Illness insurance is insurance against a number of illnesses that pose the greatest threat to
your health, including strokes, cancer and heart attacks. It will pay you the lump sum you asked
for if you suffer a major illness.
Ask yourself a few questions:
Can you afford to shoulder the costs associated with becoming critically ill?
Would your retirement goals be met if you were to remove, say, $50,000 to $1,000,000
from your savings plan?
How do you plan to bear these expenses, if you become critically ill?
Have you thought about receiving insurance money while being alive?
Who becomes critically ill?
The average age of people who make a claim on critical illness insurance is 49. Are you
surprised?
Statistics
Heart disease, stroke and cancer are the leading health issues facing Canadians today:
38% of Canadian women and 44% of Canadian men will develop cancer during their
lifetimes.
It is estimated that there are over 70,000 heart attacks in Canada each year.
Every 10 minutes, one person in Canada has a stroke.
But, more Canadians than ever are surviving life-altering illnesses:
Cancer mortality rates are declining for males at all ages and for females under the age of
70.
In recent years, the rate of survival among patients hospitalized for a heart attack has
increased to 92%.
80% of Canadians hospitalized for stroke each year leave the hospital alive.