Critical Illness
According to recent statistics, Canadians are 10 times more likely to be unable to work due to a critical illness than to die before the age of 65. Most people do not realize that critical illnesses are affecting people in the prime of their working lives. It is estimated that one in two heart attack victims is under the age of 65.
In addition, the incidence of cancer has risen dramatically. In Nova Scotia alone, more than 13 people a day are being diagnosed with some type of cancer.
As alarming as these statistics appear, advances in medicine have produced a great number of survivors who make full recoveries. Although many people survive physically, the financial outcome of a critical illness may reach beyond their available resources.
Critical Illness insurance provides a substantial lump sum tax free benefit upon the diagnosis of cancer, heart attack, stroke or one of several other conditions. This benefit is paid out 30 days after diagnosis. In the event death occurs before the 30 day waiting period is satisfied, the premiums paid into the policy may be refunded to the estate.