The Canadian Cancer society released a report recently suggesting that 1 in 2 Canadians will be diagnosed with cancer in their lifetime, and 1 in 4 will die from the disease.*
While this may seem like a dire circumstance, there are things to consider: just because you are diagnosed with cancer, it doesn’t mean it’s not treatable. Also, not all cancers are equally fatal.
My mother had recently been diagnosed with colon cancer, and the doctors gave her a 60% chance of living after treatments. Fortunately, she made it out OK, but it was not without some hardship.
Aside from the grueling weekly treatments that made her feel nauseous for days, her immune system was greatly weakened, meaning there were a lot of “normal” daily activities she could no longer do. Trivial things like handling money, going outside in the cold, or staying awake all day without naps were all things that could seriously harm her. This was especially difficult as she is a hands-on small business owner.
There was a lot of financial burden as well.
- Her medication was not covered by OHIP.
- She needed an at-home nurse to administer her medication.
- She needed to pay for new part-time staff to cover for her absence.
Fortunately, she had access to Critical Illness protection. This kind of insurance is a godsend for people if they were to get sick. It covers more than just cancer. It covers over 20 different kinds of illnesses with heart attack and stroke being the big ones.
If you can qualify for a program like this, I definitely recommend investing in your health.
The concept is simple: You pay an affordable monthly premium that fits your budget, and you are protected. If you are diagnosed with one of the illnesses, you get a lump-sum, tax-free payout. If you never get sick, you will get all your premiums back.
It’s a win-win.
Let’s talk. It’s definitely worth having a conversation to learn about Critical Illness Insurance.
-Alan Yu, Financial Advisor
Phone: (647) 588-8879
email: Alan.Yu@meritrust.ca
*Globe and Mail article. June 20, 2017. Link HERE.
