Better than lemonade -- critical info about insurance
There’s an old saying: When life hands you lemons, make lemonade. That’s a commendably
positive and proactive way of looking at what might otherwise be a very gloomy life event. But
life is always unpredictable and can throw you some real curves – and that’s where critical
illness insurance comes in.
If you think a critical illness couldn’t happen to you, think again:
• An estimated 166,400 new cases of cancer will occur in Canada in 2008. *
• Heart attacks strike 70,000 Canadians each year. **
• Almost one quarter of Canadians had to personally care for a family member or close
friend with a serious health problem during the past year – many had to use personal
savings during this time and take a month or more off work to care for this person. ***
That’s a bit of bad news – here’s some better news:
• Mortality rates from heart disease and stroke have decreased by 70% since 1952. ****
• While women have a 1 in 9 chance of developing breast cancer, they have only a 1 in 27
chance of dying from it. *****
• While men have a 1 in 7 chance of developing prostate cancer, they have only a 1 in 26
chance of dying from it. *****
Plenty of Canadians expect that provincial or employee health plans will pay critical illness
expenses but many expenses – such as travel, day care and home care – are often not
covered. Nor are some drugs, private treatment, or the costs for medical treatments outside
Canada.
The first few months following the diagnosis of a critical illness are often the most critical in
terms of emotional and physical trauma and expense. That’s when the benefits of critical illness
insurance really kick in. With this type of insurance, you receive the ‘living benefit’ of a lump sum
cash payment (once you’ve satisfied the waiting period) for any life-altering illness covered by
your policy, usually including the most common such as cancer, heart attack, and stroke.
The money is yours to use any way you wish, and with current tax legislation is paid out as a tax
free benefit. Pay your medical bills, replace lost income, pay your mortgage, hire a nurse or
caregiver, or even retrofit your house or vehicle to accommodate a wheelchair or chairlift – the
choice is yours.
If a critical illness strikes, you want to be able to focus on your recovery and not be distracted or
defeated by the extra costs. Talk to your professional advisor about how critical illness
insurance – and perhaps other forms of insurance protection – fit into your lifelong financial
plan.
* Canadian Cancer Society, General Cancer Stats for 2008, www.cancer.ca
** Heart and Stroke Foundation, Statistics, http://www.heartandstroke.com
*** 10th Annual Health Care in Canada Survey, February 2008
***** Canadian Cancer Society, 2006
This column, written and published by Investors Group Financial Services Inc. (in Québec – a Financial
Services Firm), presents general information only and is not a solicitation to buy or sell any
investments. Contact a financial advisor for specific advice about your circumstances. For more
information on this topic please contact your Investors Group Consultant. Insurance products and
services distributed through I.G. Insurance Services Inc. (in Québec, a Financial Services Firm).
Insurance license sponsored by The Great-West Life Assurance Company (outside of Quebec).**** Heart and Stroke Foundation of Canada, 2002
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