Discussing cancer, heart attacks and strokes can make people uncomfortable, so they tend to avoid these topics altogether. While there never seems to be a good time to bring up the subject of critical illness, the reality is that many Canadian households will be affected by a serious diagnosis this year. Take time during April’s Daffodil campaign for cancer awareness to assess your insurance coverage and ensure that you’ll be financially protected in case of the unexpected.
The statistics regarding critical illness are startling. About half of Canadians will be diagnosed with some type of cancer in their lifetime,1 and someone in Canada passes away every seven minutes from heart disease or stroke.2 Ignoring the possibility that a family member could be affected can leave everyone unprepared to deal with the physical, emotional and financial consequences of a serious diagnosis.
Missing work to recover can impact your ability to cover mortgage and vehicle payments, tuition and other everyday expenses. You might also require specialized therapy or medication that’s not covered by your provincial or employer health plan. With Critical Illness Insurance, you have access to a tax-free, lump-sum payment so you can focus on recovery — not finances.
The Canadian Cancer Society has designated April as Daffodil Month to raise awareness and money for research and support programs. It’s also a good time to think about how this and other diseases would affect your family and if you’re financially prepared for the costs associated with a diagnosis and recovery.
|Did You Know?
You should apply for Critical Illness Insurance while healthy because pre-existing conditions are usually not eligible for coverage. Signing up for a policy now could help protect you and your family in the future.
During Daffodil Month this year, take some time to assess your insurance coverage and ensure that you’ll have the funds needed to cover expenses in case of the unexpected.
Critical Illness Insurance is offered by Hudson’s Bay Financial Services and is underwritten by Chubb Life Insurance Company of Canada (“Chubb Life”). This information is for general information purposes only. Actual coverage is determined by the facts and circumstances of the particular loss and the terms and conditions of the policy as issued.
Chubb Life is part of the Chubb group of companies. With operations in 54 countries, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. Chubb Limited, the parent company of Chubb, is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index.
1 Canadian Cancer Society. “Cancer statistics at a glance.” Retrieved March 14, 2019, from http://www.cancer.ca/en/cancer-information/cancer-101/cancer-statistics-at-a-glance/?region=on.
2 Heart Research Institute. “Facts about heart disease.” Retrieved March 14, 2019, from http://www.hricanada.org/about-heart-disease/facts-about-heart-disease.
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