Global Pacific Financial Services Ltd.

Critical Illness Insurance

Critical Illness Insurance offers a lump sum cash benefit upon diagnosis of over 20 covered medical conditions*. This protection gives you the freedom to make choices regarding your treatment, care and recovery as well as financial independence during a difficult time often preserving your investments and assets.

Below are some very compelling articles associated with Critical Illness:

Did you know…

An estimated 130,000 Canadians were diagnosed with cancer in 1997.
1 in 4 Canadians today are expected to contract some form of heart disease.
40,000 to 50,000 Canadians suffer a stroke each year and currently there are between 200,000 to 300,000 stroke survivors in Canada.
Each day, an average of 8 Canadians learn their kidneys have failed and that their survival depends on dialysis treatment, or a kidney transplant.
As the Canadian population ages, the rate at which Canadians require care for heart disease and stroke is expected to rise by as much as 35%.
There are 35,000 men and women living in Canada today with spinal cord injuries.

These statistics don't relate to strangers, but to you, your family and friends, and the people you talk to every day.

Advances in medical technology have resulted in decreases in death rates and have helped more people survive longer. While we are living longer, we are still getting ill. If you survived a critical illness would you have enough money to pay for the following:

Private Nurse
Home care
Special medical treatments inside or outside Canada
Job or career retraining
Daily living costs (food, mortgage or rent, taxes

The C.I. benefit is only paid if you live. Issue is limited to individuals in good health between the ages of 18 and 65 for face amounts of between $25,000 and $1,000,000. Of the many companies offering this coverage, the qualification for benefit is that the insured must survive at least 30 days after diagnosis of the covered condition, however, some insurance companies have a longer waiting period for some illnesses.

Qualification for benefit is not based on inability to work. Covered persons collect the full amount of coverage even if they make a full recovery. There is generally a full refund of premiums paid if a covered person dies and no benefit has been paid. The coverage is offered in different forms such as 10 year renewable or level coverage to a specific age. One insurance company offers this coverage in small amounts in the form of group insurance benefits for employees.

* Not all insurance companies cover the same illnesses. Following are generally the illnesses covered:

Basic Coverage includes:

Heart Attack
Stroke
Coronary Artery Bypass
Life Threatening Cancer

Comprehensive Coverage:

Alzheimer's Disease
Aortic Surgery
Aplastic Anaemia
Bacterial Meningitis
Benign Brain Tumour
Blindness
Coma
Deafness
Heart Valve Replacement
Kidney Failure
Loss of Independent Existence
Loss of Limbs
Loss of Speech
Major Organ Failure on Waiting List for Transplant
Major Organ Transplant
Motor Neuron Disease
Multiple Scerosis
Occupational HIV Infection
Paralysis
Parkinson's Disease
Severe Burns

If you are a business owner, you may find value in this type of coverage for the following reasons:

Key person coverage
Buy sell funding
Employee benefits
Employee replacement
Taxes
Retirement funding
Charitable giving

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