Your ability to earn an income is your most important financial asset.
What happens if a sudden illness stops you from earning an income for an extended period of time?
We have become more resilient to illnesses as people adopt a healthier lifestyle with a focus on exercise and a proper diet. Advances in medical treatments have also helped to add to this resistance.
This means if we get an illness that may have caused death in the past many of us will survive.
While this is the best outcome for anyone, often it means we are unable to work while we recover. Financial commitments continue and you may want to have a treatment that you will have to pay for out of pocket.
Getting cash at this important time will give you time to recover cover well.
Critical illness insurance will pay you a lump sum if you get diagnosed with a critical illness.
These illnesses can be cancer, coronary artery bypass surgery, heart attack and stroke. Your contract will list all the diseases it covers.
6 Reasons why you need critical illness insurance.
Here are 6 of the most common critical illnesses that people get and survive.
Stroke and Brain Tumors
6% of deaths in Canada are due to strokes on average a stroke occurs every 10 minutes
3000 Canadians get brain and spinal cord cancer, 20% survive.
Vision Loss
25% of Canadian swill develop irreversible vision loss by the age of 75
335 Canadians developed eye cancer in 2013
16% of those became terminal that same year
Hearing Loss
40% of adults aged 20 to 79 Reported having hearing loss in one or both ears. Hearing loss is the third most prevalent chronic condition in older adults.
Cancer and Heat Disease
Cancer and Heart Disease 50 % of Canadians will develop cancer 25% of Canadians will die of cancer 12 Canadian Adults with Diagnosed Heart disease die every hour
Kidney Disease
10 % of Canadians have been diagnose with kidney disease The number of Canadians treated for kidney failure has more than tripled over the past 20 years
Skin and Limb
7200 Canadians were diagnosed with skin cancer in 2017 44430 Lower limb amputations in Canada between 2006 and 2012 65% of LLA’s are due to diabetes
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Gita Singh Insurance Services
Critical Illness Insurance
Approximately ¼ people will experience a critical illness in their life.
With modern medical advances and healthier lifestyles it is getting easier to survive them.
As with almost any insurance, we hope you never have to use it.
You buy it so you are confident that in the event of a critical illness you will be able fund medical treatments, pay daily bills and protect your long-term goals.
