The concept of insurance has always been difficult for people to accept. After all, nobody believes they will be sick. It is easier to understand that you will pass away at some point. This is why we have seen that life insurance is the most common policy. However, the statistics show a very different story.
Thanks to medical advancements, premature death before the age of 65 have become very rare. We continue to see people get cancer, heart attack or stroke. But thankfully, the mortality rates of these illnesses have dropped dramatically. Two out of five of us are expected to develop cancer. However, 63% of Canadians are expected to survive for five years after a cancer diagnosis. There are even better survival rates for Heart attack and stroke. More than 90% of Canadians who have a heart attack and more than 80% who have a stroke and make it to the hospital will survive.
It is excellent that medical science has developed to the point that survival rates in Canada are rising. But what’s also on the rise in the amount of financial difficulty that arises from these illnesses. People are protecting their families from premature death, but they are not protecting their finances when surviving a significant illness.
That is where critical illness insurance comes into the equation. Critical illness insurance will provide a tax-free benefit to those who have survived a major illness, providing the financial flexibility to fund their recovery. The more significant benefit is financing expensive treatments that OHIP cannot cover. So, you and your family can ensure you are getting the best health care and are financially stable, so you can focus on your recovery, which matters most.
Statistics say there is a good chance we will get diagnosed with cancer, heart attack, or stroke during our working lives. So why not invest in an insurance policy that will help you and your family be protected during these times? If you are working, you should have a critical illness policy.