What is Critical Illness Insurance?

“Insurance to help when you need it most.”

Critical illness insurance offers coverage for a variety of conditions.  The statistics are overwhelming: 1 in 4 Canadians will contract some form of heart disease and 1-in-3 Canadians will develop cancer in their lifetime.  The key to critical illness insurance is that while you have a chance of being diagnosed with these conditions, you also have a chance of surviving them:  80% of heart attack victims that are brought to hospital survive and it’s estimated that more than half will survive a cancer diagnosis.*

In addition to the personal toll of a serious illness, there is also the potential impact on your loved ones to consider.  With critical illness insurance, you can focus on getting better and avoid the financial stress of a serious illness.

Although the covered conditions vary from supplier to supplier, common conditions are:  heart attack, stroke, and cancer.   Others include Alzheimer’s disease, major burns, paralysis, and organ transplant.

You determine the coverage you want, anywhere from $10,000 to $2 million.  A non-taxable lump-sum benefit is paid upon diagnosis of a covered condition, and can be used for whatever you like: medical treatment, home renovations to improve accessibility, bill payments, supplement your income or traveling to visit a specialist.

Critical Illness insurance is an important aspect of any long-term plan.  Often treatments take up both time and energy, so you need to be sure you can maintain financial stability while your body heals.  Alternatively, if you do not fall critically ill, some companies allow you to opt for a return of premium rider on your insurance, to have your premiums returned.

*Sources:  Heart and Stroke Foundation of Canada, 2004 and Canadian Cancer Society, April 2006.

“INVALUABLE INCOME WHILE YOU ARE HEALING.”

 

Questions about Critical Illness Insurance?

Click the “Contact button” at the bottom of the website

or send an email to forgravefinancial@persona.ca

 

*Mutual funds are distributed through Desjardins Financial Security Investments Inc.  For insurance  products,  Desjardins Financial Security Investments Inc. acts as a national life insurance brokerage agency.