The Critical Illness Solution

FACTS

• “Based on current incidence rates, during their lifetimes 38% of Canadian women and 41% of Canadian men will develop cancer.” ¹

• “An estimated 139,900 new cases of cancer and 67,400 deaths from cancer will occur in Canada in 2003.” ¹

• On average, every year up to 70,000 Canadians have a heart attack and at least 50,000 have a stroke. ²

Serious illnesses can be emotionally draining, physically challenging, and financially exhausting. One solution to these problems is Critical Illness insurance.

• Critical Illness (CI) is a relatively new coverage in Canada that guarantees the payment of a lump sum benefit if you are stricken by a critical illness.
• Over 20 different illnesses may be covered including cancer, heart attack, stroke, organ transplants, deafness, and many more. The coverage’s and definitions vary with each insurance companies CI contract.
• CI provides the financial resources to fill the gap between health insurance plans, lost income, and other expenditures you may have.
• The lump sum benefit payment by CI insurance can help maintain your quality of life and financial security during the recovery period.
• You must survive a critical illness for a fixed period of time to receive the coverage amount, usually 30 days.
• There are no conditions as to how you use the funds. In many cases, policyholders use the funds for home renovations to help support a change in lifestyle, a needed family vacation, replacement for loss of income during recovery period, etc.
• The difference in CI and Disability income (DI) is that DI coverage pays a monthly income only if you are unable work. Also, DI insurance generally only pays after 120 days of continual disability. CI insurance still pays if you return to work.

DI insurance helps replace income over a lifetime and CI insurance helps at the moment the extraordinary event and illness occurs.