Critical illness insurance may provide you with a source of funds at a critical time in your life. Let's talk about how a critical illness or condition could affect your family, and how you can include critical illness insurance in your financial security plan.
Unfortunately the odds are stacked against us:
- 1 in 2 men and 1 in 3 women are expected to contract a heard disease at some point in their life
- 1 in 2.3 men and 1 in 2.6 women are expected to develop cancer in their lifetime
- 70,000 Canadians suffer heart attacks every year
- 40,000 to 50,000 Canadians suffer a stroke each year
However, due to medical advancements:
- 80% of hospitalized heart attack patients survive, the percentage is higher for those with their first heart attack, and lower for those with recurrent heart attacks
- 80% of stroke patients survive the initial event
- The relative cancer survival rate has almost doubled since the 1960s*
In addition to these survival rates, individuals today are
living longer!
Changes in Life
Expectancy
|
1920
|
1950
|
2003
|
Men (ages)
|
59
|
66
|
77.4
|
Women (ages)
|
61
|
71
|
82.3
|
If you need immediate treatment the wait time may be long
and could cause a financial drain if you need to seek treatment elsewhere. As
of 2007, the median wait time for Canadians is 18.3 weeks. This doesn’t take
into consideration our aging population and increased strain on our health care
system.
This chart shows how much out of country treatment may cost
based on treatment at the Mayo Clinic in Canadian Dollars:
Out of Country Treatment
|
Canadian Dollars
(Assumed
CAD/USD exchange rate of $1.07)
|
Heart
Transplant (2-4 weeks in hospital)
|
$283,500 - 449,400
|
Coronary
Artery Bypass (1-4 vessels, 5-7 days in hospital)
|
$74,900 – 90,950
|
Radiation
Cancer Therapy (for 6 weeks)
|
$53,500 – 74,900
|
Now think, do you know someone who is suffering or has
suffered a critical illness? Do you think it had an impact on his or her
lifestyle? These types of illnesses can lead to loss or reduction of income,
increased living expenses, lifestyle changes, loss of choice and independence,
jeopardized retirement goals and dreams, and a risk to your children’s future.
Think of your current situation, if you were faced with
these financial stressors, how would you pay for them? RRSP withdrawals?
Borrowing? Selling personal assets? I work critical illness coverage into all
of my client’s plans, that way there will not be a dent as large as this in
your financial timeline.
Let’s sit down and talk about critical illness coverage. Not
only will you protect you, but you will protect those around you from the
financial burdens of these catastrophic events.
National Cancer Institute of Canada: Canadian Cancer Statistics 2008
Statistics Canada 2006
Transplant Financial Services/Mayo Rochester 2008