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Critical-Illness Insurance
Critical-Illness coverage is a relatively new product in Canada. It pays a one-time potentially tax-free lump-sum benefit, usually within 30 days, to the holder who suffers from a range of serious illnesses including:
Alzheimer Disease
Benign Brain Tumour
Blindness
Cancer
Coma
Coronary Artery Bypass
Deafness
Dismemberment
Heart Attack
Kidney Failure
Loss of Independence
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Loss of Speech
Motor Neuron Disease (ALS)
Multiple Sclerosis
Occupational HIV Infection
Organ Transplant
Paralysis
Parkinson's Disease
Severe Burns
Stroke
Waiting List for Organ Transplant |
Statistics show that the incidence of Canadians getting many of these illnesses is increasing; for example there has been a 1% increase per year in the incidence of cancer since 1970. However, because of healthier lifestyles and advances in medical science, statistics also show that the chances of surviving these illnesses have improved significantly.
Critical-Illness coverage was designed to provide you with the necessary funds after surviving one of these illnesses. While there are obvious adjustments that would be needed to your lifestyle, there are no restrictions on how the money can be used. Some of the uses of the funds could be:
- Specialized medical treatment.
- Replace reduced earnings.
- Paying off debt e.g. Mortgage.
- Alterations to your home.
- Taking a holiday to recuperate.
This is a great product for people aged 45 to 60. These people realize that the likelihood of their experiencing and surviving a critical illness is very high. Critical-illness insurance gives them a sense of personal empowerment and allows them to focus on recovery without worrying about lost income and unpaid bills.
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