The Necessity of a Comprehensive Critical Illness Policy

The need for a critical illness policy is something that you can never anticipate, and you certainly hope that you never have the need to use the coverage.

However, the reality is that several of us will be diagnosed with a serious illness at some point in our lives and yet no one gives much thought to their financial well-being in a time of illness and most of us are ill-prepared to handle the loss of income as well as the stress of illness. Having a critical illness policy helps to alleviate that stress and can give you and your family much needed peace of mind during a difficult time.

Surprising Statistics

According to the Canadian Cancer Society an estimated 178,000 new cases of cancer occur in Canada each year. Approximately one in two Canadians will develop cancer at some point in their lives; three out of four Canadians stricken with cancer will survive.

Per the Canadian Heart and Stroke Foundations, 70,000 Canadians have heart attacks each year and 50,000 have strokes. 90% of all Canadians have at least one of the major risk factors for heart disease or stroke.

While these statistics may be frightening to you, the fact is it is best to be prepared for the possibility of a critical illness requiring a lengthy hospitalization, which means loss of income for you and your loved ones.

Helping your Family Navigate the Challenges of a Critical Illness

Living with a critical illness poses a challenge that many are ill prepared to face. The toll that it takes on a person – both emotionally and physically – is equaled by the financial toll wrought by a lengthy illness. There are often huge costs associated with a critical illness and, unlike life insurance critical illness insurance is made just for you to help you cope during a very stressful time of life.

Critical illness policies differ from disability as well, in that they pay out almost immediately. In fact, as Lyle C. Lee, founder and President of Morgan National, states “Approximately 80% of my clients who are terminally ill receive their payment before they pass away.” The typical time of payout is 30 days.

Are there Restrictions on Use?

Many people wonder if there are any restrictions on what the payout of a critical illness policy can be used for. The answer is, no. If you choose to use the money to travel to a foreign country to receive specialized treatment for your illness, you are free to do so.

If you decide that you’d like to take your family on a special vacation to give them a much needed break from the stress of your illness, buy the tickets and take the trip. You are under no obligation to use the payout just for medicine, treatments or hospitalizations.

• Travel with your family
• Receive care at an out-of-country hospital or clinic
• Pay off bills
• Use as a nest egg for your family
• The sky’s the limit – the money is yours to do with as you please

But many people do choose to use their payout for treatment. With nationalized health care you could wait six to seven months to get treatment; with this policy you have the funds available to do whatever it takes to get treated immediately, even if it means traveling to another country to receive treatment.

Often, receiving rapid treatment can mean the difference between life and death. A comprehensive critical illness policy can help you achieve a better outcome as well as giving you financial peace of mind. Since stress can be a contributing factor to your recovery from a critical illness, it is worth it to do everything you can to alleviate worry and focus on your health.

Let Us Help You

The policy experts at Morgan National Corporation are here to discuss the ins and outs of a critical illness policy with you today. Call 1-866-595-3533 or visit our critical illness policy page for a quick quote. Our rates are competitive within the marketplace and our experts are available to answer any questions you may have. Please call today and rest easier knowing that you – and your family – will be well cared for in the event of an unexpected critical illness.