Critical Illness Insurance

A lump-sum payment when you need it the most

WHAT IS IT?
Critical illness insurance offers coverage for a variety of conditions - conditions that have a high rate of occurrence. The statistics are overwhelming: 1 in 4 Canadians will contract some form of heart disease; 1 in 3 Canadians will develop cancer in their lifetime (Heart and Stroke Foundation of Canada, 2004). The key to critical illness insurance is that while you have a chance of being diagnosed with these conditions, you also have a chance of surviving them - 80% of heart attack victims that are brought to hospital survive (Heart and Stroke Foundation of Canada, 2004). The Canadian Cancer Society estimates that of the over 70,000 Canadian men and women who will be diagnosed with cancer, more than half will survive (Canadian Cancer Society, April 2006).

A VARIETY OF CONDITIONS
Although the covered conditions vary from supplier to supplier, common conditions are: heart attack, stroke, and cancer. Others include Alzheimer's disease, major burns, paralysis, and organ transplant.

ONE LUMP SUM
You determine the coverage you want - anywhere from $10,000 to $2 million. A lump-sum payment is given upon diagnosis of the condition, and can be used for whatever you like: medical treatment, renovations to your home such as a wheel chair ramp, bill payments, offset lost employment income, travel to visit a specialist.

INCORPORATE INTO YOUR FINANCIAL GOALS
Critical Illness insurance is an important aspect of any long-term plan. Often treatments take up both time and energy, so you need to be sure you can maintain financial stability while your body heals itself. Alternatively, if you do not fall critically ill, some companies allow you to opt for a return of premium rider on your insurance, and have your premiums returned to you.

Visit your MGI Financial advisor for more information on this and other insurance and investment opportunities.