One in every three Canadians will experience a life-altering illness during their lifetime. Who do you know who has suffered from cancer, had a heart attack or stroke, or undergone coronary by-pass surgery? The numbers are growing, every year.
The good news is that medical advances have dramatically improved the survival rates of people who suffer many critical illnesses. But recovery may come with a significant financial cost that impacts both you and the people close to you.
Critical illness insurance provides a lump-sum, tax-free benefit, which can be used for anything that you choose, including to help pay the costs associated with day-to-day living. Unlike reimbursed health insurance benefits, you decide how to spend the money, and, unlike life insurance, which is paid out after you die, it is paid out when you are living, after the diagnosis of a specified illness. In addition, most Critical Illness policies include a no-cost Medical Second Opinion services, which help you to better understand your medical condition, explain your treatment options, and help you to navigate the health care system.
Some ways that Critical Illness Insurance can be used:
Reduce debt (e.g. mortgage, car loans, student loans, etc.) to help alleviate your stress, focus on your recovery, and get you back on the road to wellness, sooner
Replace any reduced or lost income for you, your spouse or a caregiver (family member or friend), who may need to take unpaid time away from their usual employment to care for you during your recovery period
Hire additional help for you or your family (private nursing care, cleaning services, etc.)
Renovations to your home (wheelchair ramps, bathroom renos, widening doorways to accommodate specialty beds, etc.)
New medical treatments and medications that are not covered under your provincial or group health care plans
Paying for that once-in-a-lifetime family vacation or legacy gift