A failure of health isn't something any of us like to think about. But critical illnesses can happen! The good news is that thanks to improvements in healthy living and medical science, there is a good chance you can recover from your critical illness and get on with life but what about the impact on your finances? Recently, a family member of mine with a critical illness (CI) was given the option to try some relatively new drugs that were not covered by our healthcare system. After evaluating her financial situation, her husband and she declined as they did not have the money to pay for it as their finances would take a big hit. It was a tough decision since the new drugs seemed promising. In the end, the family decided to help fund the cost and she was able to proceed with the new treatment regime and improve her recovery odds. Unfortunately, not everyone has this option available to them. Deciding between money in the bank and treatment that could help save your life is not something anyone should have to do. Yet, many of us will experience a critical illness at some point in our lives. According to Manulife Insurance, here are some stats that may surprise you:
Benefits of Critical Illness Insurance
Luckily, by purchasing CI insurance, you would not be forced to choose. Having a CI policy allows you the flexibility to choose how you want to spend the money. For example, you can: • Find the best health care available – anywhere in the world • Hire a nurse or caregiver to help you at home • Make mortgage payments • Replace lost income • Pay for medication and treatment not covered by the government or employer plans • Cover travel for treatment/hospital stays • Complete home renovations to accommodate illness
What is Covered with Critical Illness Insurance?
Here is a list of some illnesses that may be covered with CI depending on your policy: Aortic surgery
Aplastic anemia
Bacterial meningitis
Benign brain tumor
Blindness
Cancer (life-threatening) Coma
Coronary artery bypass surgery
Deafness
Dementia, including Alzheimer’s disease
Heart attack
Heart valve replacement or repair
Kidney failure
Loss of limbs
Loss of speech
Major organ failure (on waiting list)
Major organ transplant
Motor neuron disease
Multiple sclerosis
Occupational HIV infection
Paralysis
Parkinson’s disease and specified atypical Parkinsonian disorders
Severe burns
Stroke
Thanks to CI insurance, you no longer need to choose between health or financial security.
(Graphic sourced from Manulife Synergy Client Guide)