Client-focussed piece for Mediaplanet’s 2014 Living with Cancer campaign available online and in print the Toronto Star.
Appeared online and in print June 21, 2014.
There is no such things as a “good time” to get sick. According to the Canadian Cancer Society, two out of five Canadians are expected to develop cancer during their lifetimes. And the number of newly diagnosed cases continues to increase each year.
Life-threatening diseases affect everything from your health to financial situation. Medications, lost income, and other unexpected expenses are all side effects of serious illnesses. Often people don’t consider who will be picking up the tab.
“People have this misconception that if they become sick, the provincial plan covers them for everything they need, and that’s not true, “ says Canadian Life and Health Insurance Director Laurie Down. “That’s why we need to have extra coverage in place to help us with those things.”
Critical illness insurance, launched in the mid 1990s, is designed to offer that little bit of extra assistance. Depending on the provider, this living benefit covers a variety of “critical illnesses,” such as cancer, stroke, or even organ transplant. Upon diagnosis, clients who purchase critical illness insurance receive a lump sum, typically $10,000 to $50,000 or more, which can be used at their discretion.