Serious illness is more common... The rates of cancer, heart attack, and stroke are increasing. For example, 125,000 Canadians contract cancer every year. 75% of cancer victims live more than five years. In fact, there has been a 1% increase in the incidence of cancer every year since 1970.
People are living longer because of advances in medical technology. There are more older Canadians than ever before... In 1996 there were 3.5 million Candians over the age of 65. By the year 2011 this number will have grown to over 5 million. Because of the increased life expectancies, about half of the elderly in 2036 will be 75 or older.
With change comes uncertainty
What we do know is that today's 65 year old woman can expect to live an average of 19 more years. Men who are 65 today can expect to live 15 more years.
"However, there is an important difference between life expectancy and disability free life expectancy. For women age 65, disability free life expectancy is 9 years, while for men it is 8 years." (Globe & Mail, April 1993)
We also know that the cost of suffering some critical illness is increasing and that the burden of paying the cost is shifting from the government to the individual.
Money cannot buy you love, but it can buy you faster health care.
"For those who are sick and who have recourse to their savings or their bank manager, the question is not whether to find a quick private alternative, it is how to find one. America may be the world leader in health care inequality, but for those who can pay it is also the world leader in health care." (British Columbia Business, November 1996)
The percent of cancer patients waiting longer than one month for radiation was 25% in 1982 and 75% in 1993.
Wouldn't it make sense, in our changing world, to provide yourself with some protection so that you can maintain the freedom to choose when, where and how you respond to the threat of a serious illness?
There are several funding alternatives to provide you with money in the event of a critical illness.
Selling Assets Forced liquidation of assets will likely result in loss of value or shrinkage due to taxes, and fire sale values (forced sale discounts).
Borrow Money Borrowing money can be difficult in the best of situations. Is borrowing really an option during a critical illness?
Use Savings Let's assume you save 10% of your salary per year, for ten years. The cost of emergency heart surgery at a US clinic could completely wipe out your 10 years of savings! This assumes you will have ten years to save. Critical illness can strike at any time.
For a small percentage of your current income, you can secure the future for you and your family. Assuming you qualify, critical illness insurance provides real and immediate coverage, so you can concentrate on recovery and returning to normal life.
Critical illness insurance provides a lump sum, tax free benefit upon the diagnosis and survival of a critical illness.
- Critical Illness Coverage: An Introduction
Would you be prepared for a critical illness?
Facing a critical illness or condition is more common than you might think!
- 1 in 3 Canadians will develop cancer.
- 1 in 2 men and 1 in 3 women aged 40 and under will develop coronary heart disease.
- This year, more than 40,000 Canadians suffer a stroke.
- More than 50,000 Canadians have Multiple Sclerosis.
Surviving a critical illness is also more likely.
- More and more Canadians are surviving medical conditions that were once fatal.
- 95 per cent of hospitalized heart attack victims survive the initial occurrence.
- 75 per cent of stroke victims survive their first stroke.
In many instances today, good news can also be bad news. Surviving a catastrophic illness is the good news. But survival can also result in potentially sudden, severe and, in some cases, long term financial difficulties due to the unexpected expenses relating to your recovery and lifestyle changes.