Critical Illness Insurance…Can you afford NOT to have it?

Annual renewals for insurance for most is simple, we receive the notice and make our payment.
     Car – ☑
     House – ☑

We do not think twice about insuring our home to protect against incident or our vehicle in case of accident. A high percentage of us also make the smart decision to insure our lives. However, one form of insurance is too often overlooked by people – Critical Illness Insurance.

We realize some people feel bombarded to death with insurance and warranties – home, car, life, liability, business, travel, and even that new appliance. However, the chances that your home will be destroyed, you will have a car accident, or you will get sick on vacation are slim compared to the risk of you or a loved one suffering a critical illness.

In fact, the chances of your house burning down are less than 1% and the chances of being involved in a car accident are only 4%. Yet the chances of developing a critical illness by the age of 65 are greater than 35%.

The reality is that few people are prepared for the added expenses, such as potential home nursing costs, rehabilitation therapies, alternative and prescription medicines. These expenses combined with the potential reduction or loss of income that comes with being diagnosed with a critical illness can be devastating.

Here are some more eye opening statistics*:

  • 1 in 4 Canadians will suffer some form of heart disease
  • 1 in 2 heart attack victims is under the age of 65
  • 50,0000 Canadians suffer a stroke each year
  • 1 in 3 Canadians will develop Cancer in their lifetime
  • More than 50,000 Canadians have Multiple Sclerosis
  • Approximately 80,000-100,000 Canadians suffer from Parkinson’s Disease and 30% of them are under 50
  • Approximately 1 in 100 Canadians suffer from Alzheimer’s Disease
  • Each day an average of 8 Canadians finds out their kidneys have failed

*statistics source: http://www.financialplannercanada.ca/critical-illness-reality-check.html

Critical illness insurance is a living benefit insurance that provides you with a lump-sum cash payment if you are diagnosed with a covered serious illness. It frees you from the financial stresses and allows you to focus on getting better. Policies are available in many different forms and can be tailored to suit your needs and financial requirements.

Over the years, Insightful Wealth Group has been advising clients on the importance of this and other risk management strategies. We have seen firsthand how these policies make a significant difference to our client’s lives when faced with a critical illness. Unfortunately, we have also had to hear of people who wished they had considered CI insurance before it was too late.

It’s important to note that we are not suggesting you to not have house, car, life or any other insurance you feel is necessary. We believe there is a “right” amount of insurance and coverage for everyone. We also feel Critical Illness insurance needs to be part of this “right” amount. The Insightful Wealth Group has the right tools and experience to help you create your “right” insurance package. The insurance landscape is changing quickly so make it a priority to speak with our experienced team and assess your needs sooner rather than later to ensure you protect yourself or your loved ones.