Surviving an illness is likely, but also expensive

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. 

Related articles

Newsletter Images Articles

How Lower Interest Rates Affect Canadians

Canadians have been anticipating an interest rate decrease for the past six months. Why is the market so excited about an interest rate decrease? An ...
Read More →
Podcast Cover Podcasts

Episode 264: Top 10 Investment Mistakes

Welcome to another episode of Think Smart with TMFG, your go-to podcast for what’s newsworthy and relevant to everyday Canadians. Join Senior Financial Advisor Rob ...
Read More →
Newsletter Images Articles

Top 5 Tax-saving Tactics Every Gen-Xer Should Know

In this week’s article, we’re exploring five essential tax-saving strategies explicitly tailored for Gen Xers. Born between 1965 and 1980, Gen Xers are in their ...
Read More →

Financial Planning Advice from Canada's Top Financial Advisors

Sign Up To Receive Email Updates On The Financial Industry And Complimentary Workshops.

By providing your e-mail address you provide The McClelland Financial Group of Assante Capital Management Ltd. with your express consent to send you electronic communications. If you choose to discontinue receiving e-mails, you may withdraw consent by contacting tmfg@assante.com.

FREE RESOURCE

Get actionable financial insights from the Top financial planners in Toronto.

Toronto's Top Financial Advisors
Copyright Assante Wealth Management. © 2024

Disclaimer | Assante advisory services are offered through Assante Capital Management Ltd. Assante Capital Management Ltd. is a Member of the Canadian Investor Protection Fund and Investment Industry Regulatory Organization of Canada. The services described may not be applicable or available with respect to all clients. Services and products may be provided by an Assante advisor or through affiliated or non-affiliated third parties. Some services and products may not be available through all Assante advisors. Services may change without notice. Insurance products and services are provided through Assante Estate and Insurance Services Inc.

We have a team of advisors each specializing in varying portfolio sizes. Please let us know the approx. amount of your investable assets to help us to direct you to the advisor that is best suited to you.