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What is Critical Illness Insurance In Canada? ❤️️💟 - YouTube
Channel: Thomas C Chan - Financial Services
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hi this is Thomas and welcome back
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better mindset for the life today
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I want to talk about an insurance
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product in Canada called critical
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illness insurance as the name suggested
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the product is decided to protect
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against severe sickness and condition
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such as cancer heart attack stroke I
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want to go through the pros and cons of
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this insurance product why is it
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important to know how is that different
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compared to disability insurance should
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I consider life insurance or critical
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illness issues first ci insurance is
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relatively new compared to life and
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disability insurance it was found by dr.
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Louis Bernard back in 1983 in South
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Africa dr. panade realized while patient
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survival rate was getting higher
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they were often left in serious
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financial difficulties as a result of
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treatment cost since life insurance
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could not pay out he believed that there
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should be a product out there to provide
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an immediate financial relief the
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insurance was first introduced to cover
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the four major conditions cancer heart
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attack stroke and heart bypass surgery
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but now it can cover up to 26 different
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severe sickness and condition for
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instance multiple sclerosis practicing
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our salma diseases pick cancer for
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example right now cancer is the leading
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cause of death in Canada and is
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responsible for 30 percent of all deaths
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an estimate of 225,000 of new cases of
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cancer and 32% deaths from cancer world
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curve
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in 2020 and the trend will be one in two
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Canadians is expected to develop cancer
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during their lifetime but the amazing
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part is if you were diagnosed with
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cancer now as opposed of getting the
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same diagnosis 15 years earlier the
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survival rate is much better thanks to
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the advanced medication the healthcare
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system in Canada is publicly funded
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which means the majority of the medical
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expense happen in the hospital has been
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taken care of what critical illness
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insurance can do is to provide a
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financial relief on other costs thats
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related to it and here's a list what
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people use the money for imagine if you
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are battling a severe illness would it
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reduce your stress level if you knew the
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mortgage payment has been dealt with or
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your family can also take time off or
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get a second doctor's opinion on
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treatments immediately the biggest
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difference between critical illness
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insurance and disability insurance as
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disability insurance is decided for the
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job income replacement therefore the
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cause of the insurance depends on the
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nature of the job it provides in a
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monthly payment and most of the plans
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expire at age 65 versus seei insurance
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pays in a lump sum of cash and the
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coverage can last until the data issue
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pass away the cause of ci insurance is
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based on the age gender lifestyle and
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family history for a coverage of hundred
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thousand dollars the cost for a further
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year old healthy nonsmoker Canadian will
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start around $40 per month and there's a
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choice of getting a coverage for set
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interval such as for the next 5 10 or 20
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years or longer time frames to Eve 75 or
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800 there are other side benefits such
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as premium refund and waive our premium
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in case of disability
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the great thing about critical illness
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insurance is to help the insurer to gain
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options and dependents it covers what
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life insurance or disability insurance
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cannot do
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and unlike auto insurance the plant is
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guaranteed premium in Canada once the
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contract is binded the insurance company
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cannot adjust the premium for any future
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changes two very important things and
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applies to all critical illness
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insurance there's a survival period for
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certain conditions such as strokes and
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heart related condition the survival
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period means you need to be alive for at
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least 30 days since the diagnosis was
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made before the policy can pay out also
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for cancer coverage no investigations or
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diagnosis of cancer within the first 90
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days of the effective date of the
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insurance therefore it is very important
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when there's a change or upgrade for the
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seei plans make sure that 3 months is
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well covered the rule of thumb of rather
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should you own a criticals insurances
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first ask yourself do you need it how
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much coverage do you need then decide on
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which type of the CR plans that fits in
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the budget please talk to insurance
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advisor to plan accordingly I want to
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raise the awareness or having adequate
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protections I know lots of people who
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have life insurance but not enough
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protection for illness and disability
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I still seek analyst of gold for me
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cases in the past years one thing I know
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for sure when the stress goes down the
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chance you'd be cancer how to tack
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stroke will be much higher thanks so
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much for staying with me comment below
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if you agree with me or not and this is
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Thomas I will see you in the next videos
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[Music]
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you
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