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10/07 - W. Michael Thomas
CFP, CLU, GBA, RPA, CH.F.C., R.F.P.

     Why do we need Critical Illness Insurance?

 
Due to healthier lifestyles and advances in medical science the average Canadian is living longer which results in a greater number surviving a critical illness.  Those who survive a critical illness may not be able to swiftly return to work and are in need of special medical attention or other care (i.e. convalescence, lifestyle changes, home modification, home/dependent care, medical expenses not covered by government or private plans). 
 
Critical Illness Insurance provides a lump-sum benefit for heart attack, stroke, coronary artery surgery, paralysis, multiple sclerosis, cancer, kidney failure, blindness and major organ transplant.
 
Although we are living longer, an alarming number of Canadians will suffer a critical illness in their lifetime. 
 
            Here are some statistics:
 
                         1 in 9 women will develop breast cancer
 
                         1 in 21 women will develop lung cancer
 
                         1 in 8 men will develop prostate cancer
 
                         1 in 11 men will develop lung cancer
 
                         1 in 3 will develop a form of life threatening cancer
 
                         3 of 4 families will be affected by cancer
 
                         30% of those with cancer are completely cured
 
                         1 in 2 will contract some form of heart disease
 
                         95% of heart attack victims survive the first attack
 
                         1 in 20 run the risk of having a stroke before age 70
 
                         75% of stroke victims survive the first stroke
 
                         1 in 4 will develop kidney disease

W. Michael Thomas is a Partner at The Investment Guild (the Investment Guild is a People Corporation company)


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