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An Introduction to Canadian Critical Illness Insurance Rates

Critical illness insurance is a unique product that grants the insured a lump-sum payment to assist with the cost of recovery should he/she becomes critically ill during the policy term. The policy covers a specific tenure and the premium amount remains the same throughout the duration of the coverage.

Developed by Dr. Marius Barnard in 1983, critical illness insurance program was developed to meet the financial troubles experienced by the survivor of major illnesses. Due to life-threatening diseases, the patients often had to lose their job and struggled to meet the expenses. To combat these hardships, they often dipped into their savings and RRSPs, leaving them penniless in the whole process.
Today, Canadians feel secure even in the face of a major illness, because Canadian critical illness insurance rates protect their financial future.

The need for critical illness insurance:
According to statistics, several thousand Canadians suffer and recover from serious illnesses annually. Approximately 50,000 Canadians suffer from stroke and 85% survive the initial incident. Further, 70,000 Canadians annually have a heart attack and over 80% of them survive upon immediate hospitalization.
With medical advancements, the surviving rate for cancer patients has relatively improved. This indicates the improved medical technology is becoming expensive. And, will your finances recover these expenses? The answer lies within Canadian critical illness insurance rates. It helps maintain and protect your pre-illness standard of living while you’re recuperating from the illness. It means covering extra health care bills, alternative medicines, treatment abroad, debts repayments, business and family expenses, the choice is that of the insured.

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