Critical illness insurance was introduced by Dr. Marius Barnard a South African cardiac surgeon in 1983 for what was voted in the top 25 most influential people in the field of health insurance.
Now it is available for Canadians. Critical Illness Plan offers the security of knowing that they financially protected should they become critically ill.
The three most common critical illnesses, occurring across all ages in Canada are heart attack, cancer, or stroke. According to the Heart and Stroke Foundation and the National Cancer Institute of Canada almost 250,000 all ages Canadians are diagnosed with them annually. The good message is: most of them will survive.
Over 80% of heart attack patients admitted to hospital survive
95% of hospitalized heart attack victims survive the first attack
75% of men and 77% of women who develop cancer survive
75% of stroke victims survive the initial event
Yet, even with improved medical treatments, most patience can not deal with an illness depending only on Provincial health plans. They need to be prepared for the financial consequences of surviving a critical illness since your lifestyle and money management are going to change.
Comparing to Life insurance, critical illness coverage is for you, for your recovery. It gives you a lump-sum amount (benefit tax-free in the event that you survive one of the covered illnesses or conditions (most plans have 20 plus covered conditions by thirty days, in most cases) to help with the cost of treatment and concentrate only on your recovery.
You can spend the money as you wish—such as to pay for private out-of-country treatment, nurse, credit card debts, or even as a mortgage helper while being low income.
Maintaining your financial independence and getting an access to medical services you need, your recovery will be fast and successful.
