Many often confuse critical illness insurance with life insurance, however, they’re two distinct types of coverage. Critical illness insurance is more specific and provides comprehensive coverage should you be diagnosed with a life-threatening illness, like cancer. At Desjardins Financial Security Independent Network, it’s our job to keep help protect you and your family, or business in the event of a critical illness.
Unfortunately, most Canadians aren’t prepared to suffer a critical illness financially without such insurance, so let’s look at who makes a good candidate.
The Basics of Critical Illness Insurance
Did you know that according to recent studies, 49% of males and 45% of females are expected to be diagnosed with cancer in their lifetime? Although these cases vary in their degree of seriousness, it should illustrate just how easily and unexpectedly a critical illness can arise. Unfortunately, another statistic states that only around 45% of Canadians between 39 and 49 have emergency savings to deal with such issues.
Critical illness insurance can be the ideal way to protect you and your family, or business, against life-threatening illnesses like:
- Heart Disease (9 out of 10 Canadians have at least one risk factor for heart disease or stroke)
- Organ Transplants
- Coronary Bypass Surgery
Altogether, 26 illnesses can be covered by critical illness insurance. For a complete list, go here ^1. When you’re diagnosed with one of those illnesses, you’ll be able to receive a tax-free, lump-sum to help shoulder the financial burden of having a critical illness. This type of insurance is designed to cover the gaps between your disability insurance and health plan, paying for things like medication and treatments.
When you have cancer or another type of critical illness, you may have difficulty performing activities of daily living, like bathing, dressing, going to the bathroom, eating, etc. That’s why critical illness insurance also offers long-term coverage for those who are unable to perform two or more of the activities mentioned above.
Critical Illness Insurance Offers Financial Stability
Many choose to invest in critical illness insurance to protect their assets and help their families maintain their standard of living in case of an emergency. It also helps pay for childcare and ensures the sustainability of your business should you own one.
Let DFSIN keep you and your family covered!
An unexpected illness can arise out of nowhere, so being prepared is key. If you want to make certain that all of your assets are protected and your family is well-cared for, contact Desjardins Financial Security Independent Network today online or call (416) 695-1433.
1GetWell Insurance – General Conditions