Illness Protection Insurance

Medical advances have allowed us to prolong our lives and survive previously fatal diseases. Consider the facts:

• Death rates for heart and stroke have decreased 50% since 1950
• 38% of Canadian females and 44% of Canadian males will develop some form of cancer over their lifetime
• 60% of cancer survivors will live for 5 years or longer
• 300,000 Canadians are living with the effects of stroke

Living benefits are becoming increasingly important as the population ages and health care costs increase. Reliance on family members to provide care and support has diminished because they have other demands for their time. Furthermore, we cannot rely on government programs to sustain the amount of care that may be required by this and future generations.

Critical Illness (CI) – Critical illness insurance provides a lump-sum benefit to an insured person on the diagnosis of a covered medical condition. The benefit can be used to pay for on-going care, home modification to accommodate the condition, access to foreign medical treatment that may not be available at home, or for any other purpose the insured deems to be appropriate. Many CI plans come with riders such as child protection or return of premium.

Long-Term Care (LTC) – Long-term care insurance is relatively new to the Canadian marketplace. It is designed to provide financial assistance for the insured for health and personal care while they are residing in a long-term residential care facility. Coverage can even be extended to provide care in your own home and provide assistance with the activities of daily living.