
10 Reasons to Get Critical Illness Insurance
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Jan 30, 2022 in
Despite living a healthy lifestyle, we are all vulnerable to unexpected illnesses. If the pandemic has taught us anything it’s that even certain types of flu or colds can lead to ongoing health issues creating critical illnesses that keep us from working. A diagnosis of cancer and other critical illnesses impacts your life, with long and difficult treatment that keeps you from working. As a result, your ability to recover can be affected. Critical illness insurance is designed to provide financial support when you are faced with recovery from serious illness. Here, we offer 10 reasons you should have critical illness insurance.
1. Critical illness risk is higher than you think
Many people think if they eat the right foods and lead a healthy lifestyle, they can’t get sick. Unfortunately, in 2020, 617 Canadians were diagnosed with cancer every day. This is a scary statistic to wrap your head around, but it is a reality-check showing us that we are at higher risk of critical illness than we might think. It’s not just cancer: in the same year, 35,000 people suffered from cardiac arrest, and 62,00 people had strokes. Although these numbers are scary, the good news is the odds of survival improve for critical illnesses each year. However, it still means you or a loved one will be unable to work during the recovery process, which is why critical illness insurance is so important.2. Health care is expensive
While OHIP covers the most expensive elements of healthcare for those with critical illness in Ontario, there are other unexpected expenses involved including:- Medication
- Rehabilitation therapy
- In-home care
- Childcare costs (if you are the main provider)
- Lost wages
- Mental health support and therapies
3. Everyone needs critical illness insurance
Unless you have an impressive 100% health benefits package at work, or are independently wealthy, you need critical illness insurance. The best way to determine if you need critical illness insurance is to consider the following questions:- How long will your savings last if you are unable to work?
- Can you afford medical expenses on top of your current financial obligations?
- Who will be impacted if you lose your income during your illness?
- What other financial stress will you face if you become ill, such as paying for childcare, having someone cook and clean for you, paying for medications, etc.?
4. You might not have disability insurance
Many people assume they have disability insurance or employee benefits at work. However, it is never safe to assume this will be enough to cover critical illness expenses. Speak to your employer and make sure you understand what type of disability insurance (if any) you have. Look into the following:- What type of disability insurance do you have?
- What is the maximum benefit amount?
- Are there limits on how long the benefits will be paid out?
- What are the deductibles?
- Is there a waiting period before payments are made?
- What illness or conditions does the disability insurance apply to?