Critical Illness Insurance

By August 8, 2016 Uncategorized

It’s not something that people like thinking about, but the fact is that as Canada’s average life expectancy continues to rise, more and more of our citizens will be stricken with illness at some point in their lives. Despite the praise our healthcare receives on the international stage (especially when compared against our friends to the south), many of the needs that illnesses bring about won’t be satisfied with standard provincial coverage. Combine these facts, and any prudent person should be searching out ways to keep himself or herself protected; for most, this means critical illness insurance.

What is Critical Illness Insurance?

Simply put, critical illness insurance is supplementary coverage provided for specific serious illnesses. It differs from standard provincial or employment insurance, though, in that you will be paid in a lump sum if you acquire any of the covered illnesses (whereas standard insurance plans might pay in installments or for procedures directly). In other words, with critical illness insurance, the money that your receive from your insurer is yours to spend as you see fit. This can be a freeing concept, since no one knows what you need better than you yourself.

Is Critical Illness Insurance Worth It?

You might be dubious, though: could it really be worthwhile to pay out regular premiums for only a few specific illnesses? Indeed it is worth it, since the illnesses covered in the majority of critical illness plans include cancer, stroke, and heart disease—some of the most common illnesses in Canada. According to the Canadian Cancer Society, one in three Canadians will develop a life-threatening cancer. Furthermore, the Heart and Stroke Foundation has found that half of all heart attack victims are under 65 and 50,000 Canadians suffer strokes annually (75% of whom end up with a disability). Provincial insurance may not cover the necessary treatments for these ailments (e.g. assisted living, disability modifications, etc.), so, given the odds, critical illness insurance is a wise choice.

Look to the experience of Rockfield Financial for all your insurance and finance needs!