“The cost of cancer can be devastating to Canadians, because the medications they often need to take at home can wipe out their life savings, said the Canadian Cancer Society.
I agree with them completely – Canadians desperately need that coverage asap.
The Canadian Insurance industry (including insurance advisors) must do a better job at telling people how they can protect themselves right now, before federal and provincial governments get around to it. Unfortunately, during tough economic times, governments at every level look to reduce, not expand, benefits for sick people. It’s time to take personal responsibility.
There is a product available right now called Critical Illness Insurance that covers a lot more than cancer medications.
It pays a lump sum of up to $2 million if somebody gets diagnosed with cancer, stroke, heart attack or any one of about 2 dozen covered conditions, and returns ALL your premiums if you don’t make a claim.
Everyone knows that it’s my favourite insurance product ….because I see it work.
80% of people who are diagnosed with cancer or heart attacks today do not die from their sickness. They may need a “time out” to focus on getting better instead of working and will likely suffer a financial setback. When a family member falls ill, the effects are usually felt by the entire family, suddenly away from their own work attending medical appointments, treatments, etc.
The vast majority of insurance advisors in the country (more than 75%) have NEVER sold a policy. Of the 12 million Canadians age 30-50, fewer than 10% enjoy the peace of mind of having a Critical Illness Insurance policy.
Another product Canadians don’t know about is “catastrophic insurance” which can be purchased as a standalone product through major insurers. It’s really “stop-loss” coverage where the policyholder would be responsible for the first $4,000-$10,000 of annual drug costs and any difference would be picked up by the insurance company. It is surprisingly inexpensive (approximately $20 per month) and requires underwriting. It also qualifies to be included in a Health Spending Account (HSA).
Getting sick in Canada is becoming a lot more expensive - but it’s still very inexpensive to eliminate the financial burden of a sickness with some planning now….while the sun is shining.
Stay healthy
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