Over the past 25 years, higher levels of stress in our daily lives have contributed to an increase of almost 55% in disability resulting from heart disease, hypertension, stroke and diabetes. However, due to advances in medical science, premature deaths have decreased significantly. What this means is that more people who suffer from major illnesses (such as heart attacks, strokes, and cancer) are able to survive the initial attack and continue to live for quite some time.
None of us like to think about the likelihood of ourselves or one of our loved ones suffering from a critical illness, but the statistics show that it is a possibility with which we must come to terms.
One in four Canadians will contract heart disease with 75,000 suffering heart attacks each year.
75% of stroke victims survive the initial event and one in 20 Canadians run the risk of having a stroke before the age of 70.
There has been a 50% decrease in the death rate from heart disease and stroke over the past 40 years.
One in three Canadians will develop some form of life-threatening cancer with 125,000 new cancer cases being reported each year.
One in four Canadians will suffer from kidney disease and of those requiring a transplant, 85% will survive.
In addition, at least 50,000 people in Canada have multiple sclerosis and there are 600 new cases of paralysis of two limbs or more each year.
The Missing Piece
Will this happen to you? Probably not, but you should at least make an informed decision about how to financially protect yourself. Consequently, one requirement of a complete financial plan that many do not consider is to protect yourself against an unexpected illness. Disability Insurance is one solution but many people do not have adequate disability insurance. Critical Illness Insurance is available to most people who can qualify for life insurance but may not qualify for sufficient disability insurance. It will help you get on with the business of living.
Depending on your unique financial situation and health concerns, amounts ranging from $50,000 and up can be purchased. It covers you for stroke, heart attack, paralysis, kidney failure, blindness, major organ transplant, coronary bypass, multiple sclerosis, life threatening cancer and deafness. The benefits are paid in a tax-free lump sum payment upon the first occurrence of any of the above listed covered events, as outlined in the policy.
I have found that this product appeals to two types of people. First, single people who do not have any need for life insurance but want to ensure their independence. Second, those who want to have extra funds to enable them to take advantage of medical services outside the province or have additional funds for living should the need arise.
If you are in Canada, email me with your age, sex, and amount you would like me to quote on and I will get back to you.