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Are you prepared ?

Critical illness insurance is a relatively new form of protection that provides money while you are still alive. It has tremendous flexibility if you become critically ill because there are no requirements for how you spend the lump-sum benefit that you receive. You don't have to get approval for expenditures, provide any receipts, or even use the lump-sum benefit to pay for medical expenses.

Critical illness insurance provides you with a lump-sum payment to be used however you see fit. If you want to try alternative therapies, be treated outside of the country, hire someone to take care of you, or hire a nanny to take care of your children ... you choose how to spend your money. Critical illness insurance covers specific illnesses only.

provides a way of helping to protect yourself against the high cost of rebuilding your lifestyle following a critical illness. It offers a lump-sum payment while you are living which usually becomes payable 30 days after the diagnosis of one of the critical illness insured conditions as defined in the policy.

It Could Happen to You

  • 1 in 2 men and 1 in 3 women are predicted to develop heart disease in their lifetime.
  • On average, 2,633 Canadians are diagnosed with cancer each week.
  • 50,000 Canadians are stricken by stroke each year.
  • It's a fact. A serious, life-altering illness strikes approximately one in three Canadians.
    Source: Canadian Cancer Society, Heart and Stroke Foundation of Canada

The Good New is

  • Over half the people diagnosed with common cancer will survive five years or longer.
  • 80% of hospitalized heart attack patients survive.
  • 75% of stroke patients survive the initial event Source: Canadian Cancer Society, Heart and Stroke Foundation of Canada.

The Bad New is … Living (Survival) Costs

  • Loss of income… Critical illness survivor
  • Health Care cut backs
  • Waiting lists in Canada
  • Cost of treatment outside of Canada
  • 67% of all cancer related costs are indirect non-medical expenses not covered by our health care plans
  • Home or automobile modifications

Estimate of Coverage needs:

To assist you in estimating the cost of treatment, here are some standard prices for various procedures in U.S. dollars

What conditions are covered in a Critical Illness Policy?

  • Alzheimer's Disease
  • Aplastic Anaemia
  • Aortic Surgery
  • Bacterial Meningitis
  • Benign Brain Tumour
  • Blindness
  • Coma
  • Coronary Artery Bypass
  • Deafness
  • Heart Attack
  • Heart Valve Replacement
  • Life-Threatening Cancer
  • Kidney Failure
  • Loss of Independent Existence
  • Loss of Limbs
  • Loss of Speech
  • Major Organ Transplant
  • Motor Neuron Disease
  • Multiple Sclerosis
  • Occupational HIV Infection
  • Paralysis
  • Parkinson's Disease
  • Severe Burns
  • Stroke

Why would I need Critical Illness coverage if I have disability and Life insurance?

Clearly, traditional insurance solutions are not designed to meet the needs of many individuals who survive critical illnesses.

Life insurance - the emphasis is, as it should be, on providing (or advancing) a death benefit rather than a living benefit.

Disability insurance – provides a monthly benefit to replacement a portion of loss income and is not adequate for clients who may face significant and immediate cash needs after the onset of a critical illness.

Critical illness insurance works well in combination with Traditional Product solutions of Life and Disability insurance that were not designed to respond to a life altering medical event requiring a large lump sum of cash or post retirement health care needs.

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