Survival rates have increased and so has the need for Critical Illness Insurance
According to the Canadian Cancer Society (CCS), between 1992–1994 and 2006–2008, survival rates increased from 53% to 60% for all cancers combined. Fortunately (for an unfortunate situation) more and more individuals are able to go back to work and enjoy their life with family and friends after battling cancer due to improvements in treatments.
Since it’s Breast Cancer Awareness month and 5-year net survival rates have increased – 87% of females and 79% of males (CCS) – I want to address the importance of critical illness insurance, how it differentiates from cancer only insurance and the value both bring to you and your family while recovering from a life-threatening illness.
What is Critical Illness Insurance?
Critical illness insurance is a form of protection that provides an individual recovering from a life-altering illness with a tax-free lump sum payment to use as they see fit. Though over 30 critical illnesses are covered with Critical Illness Insurance such as, major cancers, heart attack, stroke, kidney failure, and paralysis, about 70% of all critical illness claims are for cancer.
Several companies offer critical illness insurance in Canada, however you have to pass a stringent underwriting process before qualifying for coverage which is why it’s beneficial to apply when you are healthy. Most critical illness policies have a 90-day waiting period for the payout, but since the underwriting was completed prior to obtaining the coverage the claim process is seamless.
What is Cancer Insurance?
IA Excellence is the only carrier in Canada that offers a cancer only insurance product called Cancer Guard. CancerGuard is a guaranteed issue cancer insurance product that covers you for up to $150,000 in the event of a cancer diagnosis. No medical exam is required.
Cancer insurance is a less expensive alternative to a comprehensive critical illness insurance plan since it only covers cancer. To qualify for Cancer Insurance you must be under the age of 65 and answer two eligibility questions. A huge benefit to Cancer Insurance is that it provides coverage from day one of diagnosis.
How it benefits you and your family
Both critical illness insurance and cancer only insurance will give you the ability to keep your finances in order stress-free so you can focus on your recovery. You have the flexibility to use the money to cover travel costs to get to treatment facilities, supplement lost wages due to time off from work and stay on track with everyday expenses.
Critical illness and cancer only insurance will give you the financial stability to support you and your family during this difficult time. It will also prevent you from depleting your retirement savings so you can still have the lifestyle you want post recovery.
Thanks to modern medicine, more people survive serious illness. If you or anyone you know would like to learn more about how to have the financial security during a difficult time please do not hesitate to contact our office or click the “request a quote” button above.