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Home Financial Health Blog Business Owners Two out of five will develop cancer during their lifetimes

Two out of five will develop cancer during their lifetimes

by Tim Weichel

Cancer is the leading cause of death in Canada, surpassing cardiovascular disease.

  • Two out of five people will develop cancer during their lifetimes.
  • On average, more than 500 Canadians are diagnosed with cancer every day.
  • In recent years, the survival rate has increased and 62% of people are now expected to survive more than five years. 

(Source: Canadian Cancer Society ~ Canadian Cancer Statistics, 2012).

Cancer can strike anytime. It can affect anyone, whether young or old, male, female or child, and regardless of their social or medical condition.  Although you cannot escape that reality, you can limit the financial consequences for your family.  With a cancer insurance policy, you can meet your obligations head on and focus on your recovery without having to worry about the financial consequences of your illness.

Receive a lump sum of up to $100,000 in the event of a cancer diagnosis

You can use the payment any way you like to:
• Meet your obligations (mortgage, car loan, credit cards, etc.)
• Receive additional medical care (home care, professional services, etc.)
• Pay for services (caregiver, babysitter, etc.)
• Cover expenses such as expensive cancer treatment prescriptions not covered by OHIP

Frequently Asked Questions:

1. Does this insurance cover all types of cancer?

Cancer insurance covers all types of cancer, except:
• carcinoma in situ
• stage 1A malignant melanoma
• non-melanoma skin cancer that has not metastasized
• stage A (T1a or T1b) prostate cancer
Certain other cancers may be covered subject to an additional charge (breast cancer, prostate cancer…)

2. Does this insurance cover any other illnesses?

Yes, additional coverage can be obtained by purchasing a critical illness rider. Ask us about coverage for heart attack, stroke and other critical illnesses.

3. Who is eligible for this insurance?

Anyone age 65 or less. No medical exam is required. All you need to do is answer the eligibility questions. Download the brochure to learn what the eligibility questions are and find out more about premiums > Brochure_Cancer_Guard.pdf

4. When will coverage be effective?

If you meet the eligibility requirements, the policy will be effective from the date on which Excellence receives your application.

5. How long does the coverage stay in effect?

Cancer Guard will cover you up to age 75.

6. I already have group insurance with my employer. Why would I need this insurance?

Most group insurance plans only offer disability income insurance. With Cancer Guard, you can obtain coverage up to $100,000 to cover expenses caused by the illness.

7. When can I submit a claim?

A claim can be submitted from the date on which you have been diagnosed.

8. What is the payment amount?

The benefit will be paid in a lump sum up to $100,000, depending on the conditions set forth in the insurance policy.

To find out more about cancer insurance, and the more comprehensive critical illness insurance, please give me a call at 705-798-0062 or 416-230-2703 or send me an email at tim@timweichel.ca  

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