Monday, June 21, 2010

Take a critical look at your financial health

You work and you plan and you save – to pay everyday expenses and to achieve your longer term financial goals, whatever they may be. And everything is going well. Then, on one extra-stressful day at work, your heart says, “I’ve had enough for now, thank you.”

Heart attack – but you know the symptoms and get fast medical attention. Your doctor is confident you’ll be fine … after a few months of quiet recuperation away from work. But in the meantime, the bills will keep coming in and how will you pay them? How will you pay for the many costs of your medical care that are not covered by your provincial health plan? Who will support your family?

That’s the kind of stress you really don’t need at a critical time – and there is a solution: Critical illness insurance.

Think it can’t happen to you?

You might think that you’re immune to a critical illness or that it is only older people who need protection but …
  • 1 in 2 men and 1 in 3 women are predicted to develop heart disease in their lifetime

  • There are 40,000 to 50,000 strokes in Canada each year

  • During their lifetime:

    • 1 in 2.3 men and 1 in 2.6 women living in Canada will develop cancer
    • 1 in 9 women will develop breast cancer
    • 1 in 12 Canadians will develop lung cancer
Over 400,000 Canadians will suffer from a critical illness this year. Mortgage experts tell us that more than 40% of home foreclosures are due to a critical illness.

The good news is that with the tremendous strides in medical technology, you are far less likely to die from a critical illness and may even make a full recovery. The problem is that most people don’t have the money to keep going until they can once again earn a living – and that’s where critical illness insurance comes in.

A financial safety net when you need it

Critical illness does not replace your basic medical coverage. Rather, it pays a lump sum of money if you contract a specified illness. There are no strings attached – once you qualify for the payout, you get a cheque to use any way you wish: You can seek private or out-of-country treatment, keep a business running, or pay debts including your mortgage – it’s your call.

Insure that a life-altering critical illness won’t cause a critical blow to your financial life. Talk to a licensed insurance consultant.

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