While there are many emotional issues to deal with when diagnosed with a critical illness, one issue that often gets overlooked is the financial burden it can place on family and loved ones.
Despite our progressive healthcare system, we still are faced with increased waiting periods and out of pocket expenses for medication, medical equipment and treatments which are not covered by the public health system. With this in mind, ask yourself these three questions:
- Do you know anyone in the last few years who has suffered from cancer, heart disease or a life altering illness?
- Did that event have an impact on their lifestyle or finances?
- Would a lump sum benefit have helped?
The most common response to CII is “I’m healthy!” Statistics tell us that you are far more likely to suffer from a critical illness before age 75 than dying from one. In fact, in Canada the probability of surviving a critical illness before 65 is 2 times greater than dying from it. What used to be considered a terminal illness is now often survivable.
If you would like to learn how Critical Illness Insurance can be integrated into your portfolio, please contact our team and we can have a conversation about your situation.