When you or your loved ones are struck with a critical Illness
posted on August 8, 2018
We have all witnessed someone close to us, be it in the family or friends, who suffered a critical illness like cancer, stroke, heart attack or neuropathic diseases like Parkinsons. MS, ALS etc. What we don’t always witness is the financial impact that a critical illness may have had on the loved ones.
Let me explain. How many of us would share the financial impact if one of us had a critical illness? I bet most of us would be too embarrased to talk about it and deal with it financially as best as we could. we do take comfort in the fact that in Canada our healthcare would cover the treatment but the quality of the treatment is sometimes debatable.
It’s not all bad news! the chances of surival for a lot of these illnesses is very high when diagnosed early.
- 82% victims survive their first heart attack
- 1 in 4 will develop some sort of hear disease during their life time
- 1 person in 3 will develop some sort of cancer during their life time
- 1 woman in 9 will develop breast cancer during her life time
- 75% survive their first stroke
- 50,000 Canadians suffer stroke each year
* Source: Heart and Stroke foundation, Canadian Cancer Society
When a critical illness strikes us, the first thing we do is focus on cure and treatment. What slowly creeps in is the financial impact. Unless there is an alternative such as replacement of income, large pool of money to live on, group benefits etc, the financial stress on the individual and the family is sometimes devastating. The impact on future retirement plans, that may now have to be put on hold, becomes secondary.
As I mentioned above, it’s not all bad news. There are alternatives and solutions that are cost effective. There are about 25 life-threatening illneses that can be covered in a plan. I will classify this as survival benefit. If you survive 30 days, in most cases, you are paid a lump sum, tax-free benefit of the value of the benefit you have in your plan. This can range from as low as $10,000 to $5,000,000. The plan has no bearing on what your annual earnings are, as in the case of disability insurance (I’ll write about this in future article). Of course, you’ll have to qualify for this insurance. Feel free to connect with me for more indepth discussion on Critical Illness insurance and I would be happy to address any questions or concerns you may have.
Lastly, if you don’t have financial stress due to a critical illness then you can freely focus on recuperation and treatment.
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