Critical Illness Insurance
Being diagnosed with a critical illness can be devastating both emotionally and financially. There may be medical expenses not covered by your government health care. If you work and have disability coverage, your income continues but at a reduced amount. Critical illness insurance pays a tax-free lump sum 30 days after diagnosis of life-threatening cancer, heart attack, stroke or more than 20 other illness. Coverage is available in 10 or 20 year terms, or level to age 65, 75 or 100. Many plans have an optional return of premium (you get your money back) if no claim is made. Critical illness insurance can provide options and peace of mind financially during recovery.
The cost of a cancer diagnosis (from “Estimating the National Wage Loss from Cancer in Canada.” Current Oncology 17, 40-49
$17,729 The average amount of lost wages if you are diagnosed with cancer and have to miss work due to the illness or treatments.
25% The percentage of lost income for caregivers who are taking time off work to be with a loved one who has been diagnosed with cancer.