You never plan to get sick, but while you’re healthy, maybe you should. Medical advancements and our focus on healthy lifestyles have made once life-threatening illnesses ones we can survive and overcome. In fact, statistics show that 80% of hospitalized heart patients and 80% of stroke patients survive the initial event.
In Canada, the average female critical illness insurance claimant is only 51.5 years old, while the average male claimant is 53.6 years old. One in three Canadian families will be affected by cancer, heart attack, stroke or bypass surgery.
Why choose critical illness insurance?
Many people plan to use life insurance to care for the loved ones they leave behind, but few have ever thought about the financial impact of surviving a critical illness. These kinds of illnesses can leave you incapacitated and unable to care for yourself. Recovery times can be long, and expenses could run tens of thousands of dollars. Fortunately, OTIP’s Critical Illness insurance makes guarding against these costs easy and affordable.
Who will pay your bills if you get sick?
The good news is government health plans cover some of the medical costs associated with critical illnesses. Unfortunately, they don't cover the additional expenses you incur as a result of a serious illness. OTIP Critical Illness insurance is designed to ease your financial worries during treatment and recovery. A lump sum benefit is paid if you are diagnosed with, and survive, a covered illness.
The lump-sum payment provided by OTIP’s Critical Illness insurance plan doesn’t have to be used for medical expenses. The money can be spent any way you like: to pay your mortgage or other debts, replace your lost income, to seek alternative treatment elsewhere, to pay for housekeeping, or to take a much-needed vacation.
Many people cope with the financial cost of a serious illness by selling or mortgaging their home or by using their RRSPs or savings prematurely. Those funds will get them past the immediate need, but can wipe away their plans for the future.
Whichever way you choose to spend the benefit, having critical illness insurance allows you to focus on getting better. Call a life and living benefits representative at 1-800-267-6847 to learn more.