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Home Financial Health Blog Business Owners Myths and truths about critical illness

Myths and truths about critical illness

by Tim Weichel

The risk of suffering from a critical illness is real, and most people don’t even see it coming. When it does, many Canadians are forced to deplete their retirement savings or take on additional debt to cover treatment costs and the day-to-day expenses associated with living with a critical illness.

When you’re healthy, you may be thinking “I won’t get sick, and if I do, the government will pay for my care.” Think again…

Critical Illness Myth #1: I won’t get sick

  • 40% of women and 45% of men will develop cancer during their lifetime.
  • The leading cause of hospitalization in Canada (16.9%) continues to be heart disease and stroke.
  • Today, half a million Canadians have Alzheimer’s disease or a related dementia. Approximately 71,000 of them are under age 65.
  • Canadians have one of the highest rates of multiple sclerosis in the world. Its effects are physical, emotional, financial, and last a lifetime. There is no cure.

Critical Illness Myth #2: The government will pay for my care.

  • One survey noted that 44% depleted their savings and retirement funds and 27% took on debt to cover treatment costs.

To protect you from financial risk, it goes without saying that you have insurance for many things.

For example, you have insurance in the event that your car is damaged in an accident.
But do you have insurance in the event that you suffer a heart attack?

You have insurance to cover you if your apartment floods.
But will insurance cover you if you’re diagnosed with life threatening cancer?

Insurance reduces the financial impact if the shingles blow off your house.
But do you have insurance that will lessen the impact if you suffer a stroke.

In each of these red scenarios, the financial impact on you is much higher than it would be in the green scenario.

Know the truth. Know your options.

Critical Illness insurance provides funds when it’s critical. Following diagnosis of a covered condition, and a survival period of usually 30 days, you’ll receive a lump sum to spend any way you wish:

  • pay off your mortgage,
  • seek timely treatment outside of Canada,
  • or, afford specialized in-home care on top of your regular day-to-day expenses.

To learn more about how you can protect yourself, please call me at 416-230-2703 or 705-798-0062 or email me at tim@timweichel.ca.

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