Critical Illness Insurance Canada | Why You Need CI Insurance?

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Critical Illness Insurance Canada | Why You Need CI Insurance?

What is Critical Illness Insurance?
Critical Illness Insurance is relatively new compare to life insurance or disability insurance. And this was initiated by Dr. Marius Barnard back in 1983 in South Africa.

Dr. Barnard witnessed first hand while patients‘ survival rate was getting higher, they were often left in serious financial difficulties on the patients and their families.
For example, treatment cost, recovery phase, and other liabilities.

If you survive a severe illness, your life insurance can’t be paid out. That’s why Dr. Barnard believed that there should be a product out there to provide immediate financial relief.

The insurance was first introduced to cover 4 major conditions:

● Cancer
● Heart attack
● Stroke
● Heart bypass surgery

And now, CI insurance in Canada can cover up to 25-26 different serve sicknesses and conditions. Included are, for example, Multiple sclerosis (show ice bucket challenge), Parkinson's or Alzheimer’s Disease.

b) The main benefit of Critical Illness Insurance
So, why do you need CI insurance in the first place? Can’t you just get life insurance or disability insurance and be done with it?

There is one main reason why Critical Illness Insurance is getting more important: More and more people who get sick survive the sickness. This is an amazing trend thanks to modern medicine.

But as a result, people who survive a critical illness need financial help.

Let’s look at some numbers to give you a better picture.

Take Cancer for example:

Right now, cancer is the leading cause of death in Canada and is responsible for 30% of all deaths.

An estimate of 225,000 new cases of cancer and 32% deaths from cancer will occur in Canada in 2020. On average, 617 Canadians get diagnosed with cancer every day.

And the trend will be that 1 in 2 Canadians is expected to develop cancer during their lifetime.

But the amazing part is, even if you were diagnosed with cancer now as opposed to getting the same diagnosis 15 years earlier, the survival rate is much better thanks to the advanced medication.

For sure in Canada, the health care system is publicly funded, which means the majority of the medical expense happen in the hospital has been taking care.
However, this also means everything outside of hospitals such as mortgage payment, certain treatments, and transportation between hospitals will not be covered.



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In the past 10 years, Thomas C Chan been focus on helping Canadians to develop for their financial success, with advice about investments and insurance, such as life insurance, critical illness insurance, and disability insurance.

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