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Explained: Critical Illness Insurance

In Ontario it's illegal to drive without car insurance.

In 2016 cancer was responsible for 30% of all deaths in Canada.

Only 4.7% of all deaths in Canada were responsible for car accidents.

Yet critical illness insurance, which protects an individual's finances in the event that they become diagnosed with cancer, is optional.

In a report from the Canadian Life & Health Insurance Association (CLHIA), only 6% of Canadians have critical illness insurance.

By looking at the numbers, we can determine that Canadians are protecting themselves from a 4.7% chance of getting into a car accident, but are not protecting themselves against a much bigger, more common problem out there - cancer.

The pie chart below was taken directly from the Canadian Cancer Society's website.

Keep in mind that many insurance companies will also cover some of the other causes of death listed on this pie chart: heart disease (19.2%), chronic lower respiratory diseases (4.6%), Alzheimer's disease (2.4%), liver disease (1.3%).

If you want to learn exactly how Critical Illness insurance works, you can refer to the following blog: Give Your Kid A Head-Start In Life.

I like to think of critical illness like a car. You can customize to fit your lifestyle!

Have kids? There's a feature for that.

Self-employed? There's a feature for that.

Do you want all your money back if you don't use the coverage? There's a feature for that.

For the sake of this article, I won't dive into all the bells and whistles of critical illness coverage.

My goal is to explain why critical illness is important, and why you should consider it.

Why Should I Consider Critical Illness Coverage?

Numerous Canadians suffer from a critical illness every single day.

The good news is, most people actually survive them.

Whether it be cancer, a heart attack, a stroke, or any other critical illness, many Canadians survive and continue to live for many more years.

Critical illness becomes important during the recovery process.

Think about it - imagine you suffered a heart attack, would you go to work the next day? Would you want to see an average doctor, or a top doctor who specializes in heart attacks?

The last thing you want to worry about after you've suffered a heart attack, or any critical illness for that matter, is money.

You've experienced a critical illness, now what?

Step 1:

After you've suffered from a critical illness, you simply get your doctor to notify your insurance company.

Step 2:

Your insurance company will hand you a cheque amounting to your coverage, usually within 30 days.

That's it!

How it works if you don't make a claim:

Refer to the Give Your Kid A Head-Start In Life blog to learn about the different features you can add on to your critical illness policy if you don't make any claims.

Do you want to know if critical illness is right for you?

Complete the 1-minute intake form below. Once it's been completed I'll give you a call within 24 hours so we can have a more in depth conversation, and see if critical illness insurance is right for you!

As always, thanks for reading!





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