Critical Illness Benefit (Benefit Tips ® - © 1992)

Canadians are concerned with the future of the health care system. They worry that more of the health care cost will shift to the disabled and their families. Critical illness insurance provides a hassle free way to provide liquidity to meet the financial needs during a medical crisis.

Why is Critical Illness Insurance Necessary?

  • disability insurance replaces income but is insufficient for the added burden of medical expenses
  • group health coverage has restrictive limitation and maximums
  • social medical care is eroding and cannot be relied on
  • personal and retirement savings have intended purposes other than medical expenses
  • long term care insurance is too restrictive and inflexible
  • most critical illness victims make a full recovery after a lengthy expensive treatment period

Canadian Statistics

  • 1 in 2 will contract heart disease
  • 1 in 2 heart attack victims are under age 65
  • 1 in 3 will develop some form of life threatening cancer
  • 1 in 4 currently suffer from cardiovascular disease
  • 70% of open heart surgery operations each year are coronary bypasses
  • 1 in 4 will suffer kidney failure
  • 1 in 20 run the risk of having a stroke before age 70
  • 1 in 500 people will suffer from multiple sclerosis
  • heart attack, cancer and stroke are the 3 most common diseases of the 90s
  • 1 in 4 will contract cancer or heart disease before they retire
  • 2/3 of the cost of cancer treatment is not covered by provincial medical plans
  • 30% of cancer victims are completely cured
  • 75% of stroke victims survive the initial occurrence
  • 95% of heart attack victims survive the initial occurrence