Statistics reveal that one in every three Canadians is prone to get cancer and one in every four is prone to get heart disease. These facts alone mean that getting critical illness insurance is incredibly important to everyone.
Critical Illness Insurance provides cash benefit if you are diagnosed with one of the critical illnesses listed in the contract and survive the survival period. If you stay healthy and there is no claim until the policy expires, you’ll get all your premiums back.
A critical illness Insurance Policy can be issued for individuals of age 18-65 and provides coverage amounts ranging from a minimum of $5,000 or a maximum of $2,000,000. Premiums depend on your age, smoker/non-smoker status, sex, insurance amount, and plan.
In various plans, premiums may increase with your age. The advantage of this policy is that the cash benefit is tax-free and you can use the amount in any way you want; not necessarily for medical expenses. Even after recovering from illness, you are eligible to avail the total policy amount.
Some shocking facts:
- Every 1 in 3 Canadian is prone to get cancer
- Among all new cancer cases diagnosed in 2013, almost 9 in 10 (88%) were diagnosed in people aged 50 and older, 10.7% were among those aged 25 to 49, and 1.3% were among those aged under 25.
- Every 1 in 4 Canadian is prone to getting heart diseases
- There are more than 300,000 stroke survivors in Canada
- Every year, many Canadians are diagnosed with kidney failure, and their lives depend on dialysis. The amount of Canadians diagnosed with this issue is increasing every day.
- Heart diseases and stroke cases are increasing every year.
Source: Statistics Canada, Cancer Society
*NOTE: The above facts are meant to draw you attention to a sensitive topic that may otherwise never be addressed.
When your health is at its worst, you can count on your Critical Illness plan to help with the recovery process.