Critical Illness Insurance = Critical Protection

Consider the statistics…

• This year in Canada 1 in 4 Canadians will contract some form of heart disease. 75,000 Canadian suffer heart attacks each year. Heart disease has become one of the leading causes of death for women, many of whom are now suffering from heart attacks as early as 30 years of age.

• More than 130,000 Canadians will be diagnosed with cancer this year. 1 in 3 Canadians will develop cancer in their lifetime. 1in 9 women will develop breast Cancer (Canada has the second highest breast cancer rate in the world, and it is expected that it Canadian women will have the highest breast cancer rate within 3 years).

• 50,000 Canadians suffer a stroke each year. 1/3 of them are under the age of 65.

• More than 50,000 Canadians have Multiple Sclerosis. It is the most common neurological disease among young Canadians. Canadians have one of the highest rates of MS in the world, with women twice as likely to develop MS as men

• Alzheimer Disease is the fourth leading cause of death in Canada. There are approximately 22,000 people in Metro Toronto with Alzheimers

• Approximately 4.4 million health care workers suffer 800,000 needle sticks and other injuries from sharp objects annually, 16,000 of which are contaminated with HIV

• Every year in Canada, more than 400,000 people suffer a critical illness, most of whom survive.

Who do you know who has suffered from one of the above illnesses or other illnesses such as Parkinson’s Disease, Paralysis, Coronary Artery Bypass Surgery, Kidney Failure, Deafness, Blindness, etc.? Think about the age at which they were diagnosed and then think about what a difference receiving a lump sum of perhaps $25,000, $50,000, 100,000, $250,000 or more would have made in helping to maintain their lifestyle, to improve their recovery, to save their business, or even to increase their life expectancy.

Critical Illness Insurance provides funds that are payable tax free and may be used in any way that is wished (i.e., Travel to U.S. for cancer treatment, home modifications required for wheelchair access, to cover cost of cancer drugs, to allow your spouse to look after you (their disability insurance will not cover them for a voluntary leave of absence), etc.) If you are a business owner or a partner in a firm, you should consider what would happen to your firm if you were diagnosed with cancer, suffered a heart attack, etc. Should you suffer a heart attack and are advised by your doctor that you should not return to work, your partners will require funds to buy you out of your partnership, or if you are a proprietor, you will likely require funds to pay off bank demand loans or other business liabilities, etc.