Do I need Critical Illness Insurance?
If you are diagnosed with a covered critical illness, you will be given a lump-sum payment. The funds from critical illness insurance can be used for anything, including:
- > Help preserve your family's lifestyle
- > Alternative medicine
- > Treatment overseas
- > Pay off mortgage
- > Pay off debt
- > Relocate or remodel your home
- > Restore lost income resulting from time off work
- > Keep your savings and assets (e.g. RRSPs from being spent on recovery)
- > I could afford to take a two-year vacation.
According to Canada statistics, a Canadian is more likely to get a critical illness than to die before age 75. According to the National Cancer Institute of Canada (NCIC), over 200,000 people are diagnosed with cancerin Canada every year with an over 70% survival rate. The survival rate for people who get heart attacks and strokes is also very high. Therefore, the critical illness insurance is a reasonable safeguard against any excessive financial eventualities that may arise from such critical illnesses