PI Financial Services

Critical Illness Insurance

 

Critical illness insurance is becoming an essential component of any risk management program. Not only are illnesses such as heart disease, stroke, and cancer becoming more prevalent, but also you are now much more likely to survive these illnesses. The statistics are very alarming:

  • 1 in 2.5 women and 1 in 2.2 men will develop life threatening cancer during their
    lifetime *
  • 1 in 3 women and 1 in 2 men will develop heart disease during their lifetime **
  • While prostate cancer is the number one diagnosed cancer for men, the 5-year survival rate is now almost 75%. *
  • Breast cancer is the leading type of cancer for women, but approximately 70% of those diagnosed will survive 5-years or more. *
  • The average cost of a single course of treatment with newer cancer drugs is $65,000. Not all of the recommended cancer drugs are covered by provincial health care programs, leaving many Canadians with serious financial hardship. ***

Critical illness insurance will pay you a tax-free, lump sum of money 30 days after the diagnosis of any covered condition, including a heart attack, cancer or stroke. These funds can be used at your discretion, whether you wish to pay off your mortgage, take time away from work to spend with your family, or travel outside of the country for special medical treatment.

* Statistics taken from the Canadian Cancer Society's published guide "Canadian Cancer Statistics 2011".
* Source: Heart and Stroke Foundation of Canada, 2009.
*** Statistics taken from Canadian Cancer Society article "Majority of Canadians Worried about the Cost of Cancer Drugs" published Sept 29, 2010.