Who Becomes Critically Ill?

Surprisingly, the average age of people who make a claim on a critical illness insurance policy is 49 years of age.  Can you afford to shoulder the costs associated with becoming critically ill not to mention pay your day to day bills?  What would be the impact to your retirement goals if you had to remove $25,000.00 or even $50,000.00 from your savings?

Critical Illness (CI) insurance is the perfect way to protect you and your family’s future.  CI insurance is a living benefit insurance product.  This means you are insuring yourself to protect against the potentially high costs associated with the many critical illnesses (24 illnesses typically covered).  

Why is this important?

More and more Canadians are experiencing and surviving life-altering illnesses.  Here are a few facts:

  • Every 10 minutes someone in Canada suffers a stroke (source: 2011 Heart and Stoke foundation)
  • 80% of hospitalized stroke victims leave the hospital alive (source: Heart and Stroke Foundation)
  • Survival rates of patients hospitalized for heart attacks increased to 92% (source: Heart and Stroke Foundation)
  • 40% of Canadian women and 45% of Canadian men will develop cancer during their lifetimes (source: Canadian Cancer Society)
  • Cancer mortality rates are declining for males of all ages and for females under the age of 70 (source: Canadian Cancer Society)

Odds are you or someone close to you will experience a setback and survive. Medical advances have improved life expectancy and the survivability rate of serious medical issues, but there is still vulnerability to illness.  The majority of the time one can’t return to work right away, however the bills keep coming.  This is an increased stress you don’t need.  We at Insightful Wealth Group worked with a family who has agreed to share their story:

“In October of 2012, my wife, age 37, suffered a heart attack due to a rare condition called SCAD (spontaneous coronary artery dissection).  This unfortunate health event had nothing to do with her cholesterol levels or heart disease whatsoever.  It was the result of high hormone levels due to the recent birth of our daughter.  Totally unexpected!

In our early 30’s we applied and successfully acquired critical illness insurance in the event something was to happen to one of us.  At that time we were on the fence as to whether or not we needed to spend the extra money on this type of insurance as we thought things only happen to other people and not us!

In June of 2013 my wife underwent triple bypass surgery in order to bypass all of the stents that were placed in her arteries that her body was not reacting to.  I am happy to say that she has recovered well and her prognosis is very good. 

The CI Insurance we attained years ago resulted in a successful claim of $100,000.00.  This allowed my wife the time to get better with little stress and allowed our family to hire a nanny to help with her day to day activities until she fully recovered.”

Russ M and family – Surrey, B.C.

We would like to thank Russ for sharing his family’s story in the hopes it will save another family from experiencing the financial stress caused by an unfortunate and unexpected critical illness. For the monthly cost of dinner and a movie, you can provide this protection for you and your family.  

Come in, call or email Insightful Wealth Group and we can provide you with the details and a quote for a policy that can suit your needs