Many of us know someone who has suffered a critical illness. Yet we still believe that this won’t happen to us. The simple fact is, the vast majority of Canadians will suffer a critical illness before age 70.
With advances in medical technology, 72% of those who suffer a life threatening illness will live 5 years longer after onset. However, surviving a critical illness can often cause a large financial strain on family resources.
The last thing you need to worry about while recovering from a life threatening illness is how you will continue to meet your day-to-day expenditures, pay for your home health care needs or non-covered experimental care, or recover lost income for your spouse and/or care givers of the survivor.
Critical illness insurance will pay a lump sum benefit upon diagnosis of a list of covered conditions. This lump sum payment can be used without restriction.