This Sunday June 2nd is National Cancer Survivors Day. Becoming critically ill is something none of us want to think about; but we all know families whose lives have been dramatically affected by this terrible disease. If you do get sick, thanks to improvements in healthy living and medical science, there is a good change you will recover and get on with your life. In fact, 60% of Canadians diagnosed with cancer will survive at least 5 years after their diagnosis.
In 2017:
An estimated 206,200 new cases of cancer and 80,800 deaths occurred in Canada. Half (50%) of these new cases were prostate, breast, lung and colorectal cancers. Approximately 2 in 5 Canadians will develop cancer in their lifetimes and 1 in 4 will die from the disease.
But getting better costs money. Treating and coping with illness can mean significant and often unexpected costs. For this reason I personally own a Critical Illness Policy.
Critical illness insurance pays policy holders a lump sum, tax free, cash payment (similar to life insurance) should you be diagnosed with a critical illness, to spend however you wish. You can choose to be covered for the five most common illnesses; cancer, heart attack, stroke, coronary artery bypass surgery and aortic surgery; or choose full coverage which includes up to 22 different conditions. The money can pay for non-covered medical expenses, keep a business running, or perhaps afford to have a spouse take time away from work to help during the recovery period. The policy is designed to eliminate financial stress during a very stressful time.
How does this protection differ from disability insurance?
In the event you become disabled and unable to work disability insurance provides a monthly income payment normally between 60-70% of your salary. Disability insurance is valuable and if you have it, I recommend that you keep it; a critical illness policy would simply compliment this coverage.
Getting your Money Back
Most Critical Illness Insurance providers offer a Return of Premium rider on the policy; this is an option whereby if you stay healthy and never make a claim; the insurance provider will return most if not all of the premiums you have paid.
Insurance is an important part of everyone’s financial plan. Protection of one’s financial nest egg; and quality of life can be established from the payment of the first premium. As with all things in life, you get what you pay for; there are relatively inexpensive basic plans and more expensive comprehensive plans. It’s always important to consult a licensed insurance agent to determine the most appropriate solution for your needs. If you have any questions or want more information please don’t hesitate to give me a call.
Have a great weekend,
Tracey
Sources: Canadian Cancer Society, Manulife Financial, RBC Insurance, Invesco
All insurance and segregated fund transactions are provided through QFS Financial. Any information in the enclosed note is provided by Tracey Marshall who is a registered insurance agent under the Financial Services Commission of Ontario. QFS Financial is not affiliated or related to Security Financial Services. MT 2017
Image courtesy of Stuart Miles at FreeDigitalPhotos.net