Critical illness insurance typically makes a tax-free lump sum cash payment if the policyholder is diagnosed with one of the critical illnesses listed in the policy. The policy will usually require the policyholder to survive a minimum number of days (the survival period) from diagnoses .The survival period used varies from company to company, however, 14 to 30 days is the most typical survival period.
Critical Illness Insurance coverage’s can be difficult to discuss among family members and business partners. CG Hylton has over 30 years helping people protect their most cherished investments. Our Team helps make the hard decisions easy, with our experience and understanding of the emotion and delicate feelings that can be involved.
Few people like to think about being diagnosed with a serious illness. Even less of them have thought about being able to make ends meet, never mind paying for a Critical Illness insurance policy. With the chances of surviving a critical illness being better than ever the following facts should be acknowledged,
- An estimated 177,800 new cases of cancer occurred in Canada in 2011. Approximately one in two Canadians will develop cancer; three in four will survive1.
- 70,000 Canadians suffer from heart attacks each year2.
- 50,000 suffer from Strokes Canadians each year3.
- 13,000+ Canadians undergo surgery every year to replace aortic valves4.
- Nine in ten Canadians (90%) have at least one risk factor for heart disease or stroke5.
Critical illness day to day living can be very challenging, physically, emotionally and financially. Throughout recovery, there may be costs that need to be covered for healthcare services, drugs and supplies, There also may be homecare costs that the government health insurance plan does not cover. There may even be travel involved to receive the proper care for your diagnosis. The results of your daily living expenses and the combined cost of treatment for a critical illness can place overwhelming stress on your personal finances. Critical Illness insurance can offer peace of mind.
There is no way of knowing what life holds for you health wise, but you can plan for it.