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Critical Illness Insurance

Critical Illness (CI) Insurance offers a lump sum cash benefit upon diagnosis of over 20 covered medical conditions*. This protection gives you the freedom to make choices regarding your treatment, care and recovery.  Having financial independence during an illness may help in your recovery, while preserving your investments, savings and assets for your future.

* Refer to your policy for covered conditions and definitions, terms will vary per policy.

Here are some compelling statistics to be aware of…

Heart Attack *From the Heart and Stroke Foundation
1 in 4 Canadians will contract some form of heart disease. 75,000 Canadians suffer heart attacks each year. Heart disease costs the Canadian economy approximately $19 billion every year in medical services, hospitalisation expenses, loss of income and loss of productivity. The rate of death among patients hospitalised for heart attacks has been decreased by half, from 16% to 8%. 1 in 2 heart attack victims is under age 65.

Stroke *From the Heart and Stroke Foundation
50,000 Canadians suffer a stroke each year. 75% survive the initial event. Strokes are the leading cause of neurological disability. One-Third of stroke victims are under the age of 65. 60% of stroke victims will be left with a disability.

Multiple Sclerosis (MS) *From the Multiple Sclerosis Society of Canada
More than 50,000 Canadians have Multiple Sclerosis (MS). MS is the most common neurological disease among young Canadians. Canadians have one of the highest rates of MS in the world. Women are twice as likely to develop MS as men.

Parkinson's Disease *From the Parkinson's Foundation of Canada
30% of all Parkinson's patients are under the age of 50. 20% of all Parkinson's patients are under the age of 40. Approximately 80,000 to 100,000 Canadians are suffering from Parkinson's Disease.

Paralysis *From the National Spinal Cord Injury Association of Canada
Each year an estimated 900 Canadians sustain a spinal cord injury. Over 30,000 Canadians suffer from paralysis of 2 or more limbs. Most persons who suffer spinal cord injury are between 16 and 30 years of age. The most common causes of spinal cord injury are car collisions and falls.

Cancer *From the Canadian Cancer Society
More than 130,000 Canadians will be diagnosed with cancer this year. Over 60,000 people in Canada will die this year from the disease.

  • 1 in 3 Canadians will develop cancer in their lifetime.
  • 1 in 9 women will develop breast cancer.
  • 1 in 3 women and 1 in 2.5 men will develop cancer in their lifetime.

Coronary Artery Bypass Surgery *From the Heart and Stroke Foundation of Ontario/Canada
Bypass surgery is performed more often on men than women by a ratio of nearly 4 to 1. Approximately 11,000 bypass surgeries are performed in Canada each year. The rate at which bypass surgery is performed on people age 65 and older has increased.

Alzheimer's Disease *From the Canadian Alzheimer Society
Alzheimer's Disease is the fourth leading cause of death in Canada. Every year approximately 10,000 Canadians die from Alzheimer's. Approximately 1 in 100 Canadians suffer from Alzheimer's disease. There are approximately 22,000 people in Metro Toronto with Alzheimer's Disease. The disease occurs in 8% of the general population over 60.

Kidney Failure *From the Kidney Foundation of Canada
Kidney disease ranks sixth among diseases causing death in Canada. Each day an average of 8 Canadians learn that their kidneys have failed. Approximately 2000 Canadians are on a waiting list for kidney transplant. 351 kidney transplants were performed in Ontario in 1995. 1 in 10 will develop kidney stones at some point in their lives.

Deafness *From the Canadian Hearing Society
280,000 Canadians are deaf. 1,120,000 Canadians are hard of hearing. 1,400,000 do not use amplification. There are more than 2,800,000 Canadians suffering from hearing loss.

Occupational HIV *From the Canadian Aids Society
Approximately 4.4 million health care workers suffer 800,000 needle sticks and other injuries from sharp objects annually. An estimated 16,000 of these objects are contaminated with HIV.

These statistics don't relate to strangers, but to you, your family and friends, and the people you talk to every day.

Advances in medical technology have resulted in decreases in death rates and have helped more people survive longer. While we are living longer, we are still getting ill. If you survived a critical illness would you have enough money, if needed, for:

  • a Private Nurse
  • Home care
  • Special medical treatments inside or outside Canada
  • Job or career retraining
  • Daily living costs (food, medicine, mortgage or rent, taxes, transportation)

The C.I. benefit is only paid if you live. Issue is limited to individuals in good health between the ages of 18 and 65 for face amounts of between $25,000 and $1,000,000. Of the many companies offering this coverage, the qualification for benefit is that the insured must survive at least 30 days after diagnosis of the covered condition, however, some insurance companies have a longer waiting period for some illnesses.

Qualification for benefit is not based on inability to work. Covered persons collect the full amount of coverage even if they make a full recovery. There is generally a full refund of premiums paid if a covered person dies and no benefit has been paid. The coverage is offered in different forms such as 10 year renewable or level coverage to a specific age. One insurance company offers this coverage in small amounts in the form of group insurance benefits for employees.

* Not all insurance companies cover the same illnesses. Following are generally the illnesses covered:

Basic Coverage includes:

  • Heart Attack
  • Stroke
  • Coronary Artery Bypass
  • Life Threatening Cancer

Comprehensive Coverage:

  • Alzheimer's Disease
  • Aortic Surgery
  • Aplastic Anaemia
  • Bacterial Meningitis
  • Benign Brain Tumour
  • Blindness
  • Coma
  • Deafness
  • Heart Valve Replacement
  • Kidney Failure
  • Loss of Independent Existence
  • Loss of Limbs
  • Loss of Speech
  • Major Organ Failure on Waiting List for Transplant
  • Major Organ Transplant
  • Motor Neuron Disease
  • Multiple Scerosis
  • Occupational HIV Infection
  • Paralysis
  • Parkinson's Disease
  • Severe Burns

Contact your Global Advisor today for a quote or to arrange a review of your critical illness insurance needs.

Globe & Mail Article: Why Patients Need a Say in Health Care118.31 KBapplication/pdf