The London Free Press - August 17, 2009
Page: BM9, Section: Business Monday
Byline: by Audrey Dakin, Special to the Free Press
Page: BM9, Section: Business Monday
Byline: by Audrey Dakin, Special to the Free Press
Column: Managing Your Money
There's an old saying: When life hands you lemons, make lemonade.
That's a commendably positive and proactive way of looking at what might otherwise be a very gloomy life event.But life is always unpredictable and can throw you some real curves - and that's where critical illness insurance comes in.
If you think a critical illness couldn't happen to you, think again:
- An estimated 166,400 new cases of cancer will occur in Canada in 2008, the Canadian Cancer Society reports.
- Heart attacks strike 70,000 Canadians each year, the Heart and Stroke Foundation says.
- Almost one in four Canadians had to care for a family member or close friend with a serious health problem during the past year -- many had to use personal savings and take a month or more off work to do so, according to the 10th annual Health Care in Canada Survey.
That's a bit of bad news -- here's some better news:
- Mortality rates from heart disease and stroke have decreased by 70% since 1952, according to the the Heart and Stroke Foundation.
- While women have a one in nine chance of developing breast cancer, they have only a one in 27 chance of dying from it, Canadian Cancer Society figures show.
- While men have a one in seven chance of developing prostate cancer, they have only a one in 26 chance of dying from it, the society says.
Plenty of Canadians expect that provincial or employee health plans will pay critical illness expenses but many expenses -- such as travel, day care and home care -- often aren't covered. Nor are some drugs, private treatment, or the costs for medical treatments outside Canada.
The first few months after diagnosis of a critical illness are often the most critical in terms of emotional and physical trauma and expense. That's when the benefits of critical illness insurance really kick in.
With this type of insurance, you receive the "living benefit" of a lump-sum cash payment (once you've satisfied the waiting period) for any life-altering illness covered by your policy, usually including the most common such as cancer, heart attack, and stroke. The money is yours to use any way you wish, and under current tax law, is paid out as a tax-free benefit. Pay your medical bills, replace lost income, pay your mortgage, hire a nurse or caregiver, or even retrofit your house or vehicle to accommodate a wheelchair or chairlift -- the choice is yours.
If a critical illness strikes, you want to be able to focus on recovery and not be distracted or defeated by the extra costs. Talk to your professional adviser about how critical illness insurance -- and perhaps other forms of coverage -- might fit into your lifelong financial plan. If a critical illness strikes, you want to be able to focus on recovery and not be distracted or defeated by the extra costs.
© 2009 Sun Media Corporation. All rights reserved.
That's a commendably positive and proactive way of looking at what might otherwise be a very gloomy life event.But life is always unpredictable and can throw you some real curves - and that's where critical illness insurance comes in.
If you think a critical illness couldn't happen to you, think again:
- An estimated 166,400 new cases of cancer will occur in Canada in 2008, the Canadian Cancer Society reports.
- Heart attacks strike 70,000 Canadians each year, the Heart and Stroke Foundation says.
- Almost one in four Canadians had to care for a family member or close friend with a serious health problem during the past year -- many had to use personal savings and take a month or more off work to do so, according to the 10th annual Health Care in Canada Survey.
That's a bit of bad news -- here's some better news:
- Mortality rates from heart disease and stroke have decreased by 70% since 1952, according to the the Heart and Stroke Foundation.
- While women have a one in nine chance of developing breast cancer, they have only a one in 27 chance of dying from it, Canadian Cancer Society figures show.
- While men have a one in seven chance of developing prostate cancer, they have only a one in 26 chance of dying from it, the society says.
Plenty of Canadians expect that provincial or employee health plans will pay critical illness expenses but many expenses -- such as travel, day care and home care -- often aren't covered. Nor are some drugs, private treatment, or the costs for medical treatments outside Canada.
The first few months after diagnosis of a critical illness are often the most critical in terms of emotional and physical trauma and expense. That's when the benefits of critical illness insurance really kick in.
With this type of insurance, you receive the "living benefit" of a lump-sum cash payment (once you've satisfied the waiting period) for any life-altering illness covered by your policy, usually including the most common such as cancer, heart attack, and stroke. The money is yours to use any way you wish, and under current tax law, is paid out as a tax-free benefit. Pay your medical bills, replace lost income, pay your mortgage, hire a nurse or caregiver, or even retrofit your house or vehicle to accommodate a wheelchair or chairlift -- the choice is yours.
If a critical illness strikes, you want to be able to focus on recovery and not be distracted or defeated by the extra costs. Talk to your professional adviser about how critical illness insurance -- and perhaps other forms of coverage -- might fit into your lifelong financial plan. If a critical illness strikes, you want to be able to focus on recovery and not be distracted or defeated by the extra costs.
© 2009 Sun Media Corporation. All rights reserved.
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