What if you or someone in your family becomes critically ill?
Being diagnosed with a serious illness isn't something any of us want to think about. But, it could happenand it does happen. Just think about your family, circle of friends, business colleagues or acquaintances. Do you know anyone that has had cancer, a heart attack or a stroke?
We all know of someone who has experienced a serious illness and who has fortunately survived due to medical advances.Survival and recovery can be one of the most difficult challenges in life. There is so much to consider - from finding proper care and treatment, to meeting your family's day-to-day needs.
Critical Illness Insurance was designed to help people in the transition from diagnosis and treatment to recovery. Originally conceived of by medical professionals familiar with the financial strain on their patients' and families' lives during recovery, it provides a lump sum of money that may be used to assist you and your family financially after a critical illness is diagnosed and you satisfy a survival period.
A serious illness can happen to anyone. Each year, 50,000 Canadians suffer a stroke.Of all stroke victims, 75% will be left with a disability, 10% of whom will become severely disabled enough to require long-term care.1 That risk level doubles every 10 years after age 55. Research from the Canadian Cancer Society shows that an estimated 25% of Canadians are expected to die from cancer, based on 2006 estimates.
What if it happened to you or a member of your family? How would you cope physically, emotionally and financially? In the event of a critical illness, having greater financial resources can help you:
Access medical services. Pay for drugs and treatment not covered by provincial health plans, or timely treatment that may not be available within Canada (as well as the family's travel and lodging expenses).
Reduce your financial stress. Reduce or pay off your debts (mortgage, credit cards, etc.), maintain your business or practice and avoid drawing on your retirement savings to pay for medical expenses.
Maintain your independence. During rehabilitation and recovery, you can modify your home for improved mobility, hire domestic help or a home care worker, or allow for a family member to take a leave of absence to help you recover.
However you choose to use the benefit, Critical Illness Insurance can play an important role in your recovery.
This article was supplied by Colin MacAskill CFP, CIM, a vice-president and an investment advisor with RBC Dominion Securities Inc. Member-Canadian Investor Protection Fund. Insurance products are offered through RBC Wealth Management Financial Services Inc. ("RBC WM FS"), a subsidiary of RBC Dominion Securities Inc. When providing life insurance products in all provinces except Quebec, Investment Advisors are acting as Insurance Representatives of RBC WM FS. Colin welcomes your calls on his direct line (604) 257-7455.
