Why Do I Need Critical Illness Insurance?

What are my chances of suffering from a critical illness?

 

Consider these statistics and facts:*

• 1 in 2 men and 1 in 3 women are predicted to develop heart in disease in their lifetime.
• There are 40,000 to 50,000 strokes in Canada each year.
• During their lifetime:
  • 1 in 2.4 men and 1 in 2.7 women living in Canada will develop cancer.
  • 1 in 9 women will develop breast cancer.
  • 1 in 11 men and 1 in 18 women will develop lung cancer.
• An estimated 2,798 Canadians will be diagnosed with cancer every week.
• An estimated 50,000 Canadians, twice as many women as men, have Multiple Sclerosis.

* Statistics sources: Heart and Stroke Foundation, 2004. 2004 Multiple Sclerosis Society of Canada. National Cancer Institute of Canada: Canadian Cancer Statistics 2004.

 

What are my chances of surviving from a critical illness?

 

Advances in medical science and increasing life expectancies mean you have a better chance of surviving a critical illness. However, a critical illness often brings overwhelming medical and financial burdens on you and your family.

 

Some survival statistics:

• 86% 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.

Financial Strain

 

World renowned heart surgeon Dr. Marius Barnard helped develop critical illness insurance. Dr. Barnard witnessed the emotional strains that many of his patients faced after surviving serious illnesses. Financial stress often worked against recovery or, in many cases, left patients struggling to pay bills as they resumed their lives.

 

"You need financial independence when you're ill," said Dr. Barnard. "Not because you're going to die, but because you're going to live."

 

Canada Versus The United States

 

Can you rely solely on the public Canadian health care system to deal with these illnesses? Ask yourself these very important questions:

• Will I receive the operation I need as soon as possible or will I have to wait weeks, even months for it?
• Am I willing to go to the United States and pay for immediate treatment?
• If so, how can I afford to pay?

Without doubt, U.S. patients have greater access to advanced medical technology than do Canadians. Do you want to increase your chances of successfully dealing with a critical illness? Take a look at the chart below:

 

 

 

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What features should I look for in a critical illness insurance plan?

 

How much critical illness insurance do I need?

 

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