If I had to pick a couple of positive points that have come out of this pandemic, it would be that many people have a greater sense of what is important in life and how important good health is. The pandemic has shown many of us how fragile our health can be. We can be fine one day and have our health turn for the worse the next. I had this lesson taught to me a number of years ago when I had a lung collapse suddenly and without notice. It is called a spontaneous pneumothorax. I found myself in an emergency room with tubes being inserted into my chest. While I don’t think my life was in danger, I was in real danger of losing a lung. Fortunately, I had a successful surgery and only missed a few weeks of work. I don’t think I’ll ever forget how fast my health changed.
More serious medical conditions like cancer and stroke can also happen very quickly with little warning, and they have the power to change your life. The survival rate from these conditions is better than ever. The road to recovery, however, can be long and can test your resolve, courage, and your finances. Yes, your finances.
If you were unable to work for six months due to cancer, how would your finances hold up? Would you be able to pay the mortgage and the bills? Would you have to use your savings? What would that mean for the kid’s education? For your retirement? Once your savings are depleted, then what? Would you depend on your family? Would you ask strangers for help through something like GoFundMe?
While it is great that services like GoFundMe exist, there is no guarantee that any help will be forthcoming. They are a last resort. You can help yourself, though. Critical Illness insurance works much the same as life insurance except it pays you if you get sick and survive rather than when you die. It can supplement your income and pay your family’s bills while you take the time you need to recover. You are also in control. You set the amount of coverage you need through a rational process. Many policies also have a return of premium feature that returns your premium after a certain number of years.
I know what you’re thinking – it won’t happen to me. Perhaps, but the current cancer statistics show that 1 out 2 Canadians will have some sort of cancer in their lifetime. Check out this EMPIRE CI Info sheet. The statistics come from the Canadian Cancer Society. The numbers also show that 9 out 10 families with a cancer diagnosis have reported financial difficulty.
You will also find a video below about Dr. Marius Barnard, the South African surgeon who developed critical illness insurance after seeing firsthand the financial problems his patients were experiencing while battling health problems.
I encourage you to learn more about this safety net for your family. We have no problem insuring our death through life insurance, we should also insure our life with critical illness insurance. If you want more information, I will be happy to help.
Chris
The video can be originally found here: video