Why You Need Cancer Insurance in Canada

Cancer Insurance in Canada, also commonly referred to as critical illness insurance, is designed to transfer the risk of developing a life-changing illness. In addition to cancer, this type of insurance will also pay a benefit in the event you have a heart attack or stroke.

So why should you purchase cancer insurance in Canada? Here are some statistics you should be aware of:

  • Two out of five Canadians will develop cancer during their lifetime (45% of men and 42% of women)
  • One out of every four Canadians is expected to die from cancer. (29% of men and 24% of women)
  • In 2011, more than 305,000 Canadians were hospitalized for heart disease
  • In 2011, more than 46,500 Canadians were hospitalized for having a stroke
  • In 2012, more than 66,000 Canadians died from heart disease or stroke (that is one person every 7 minutes)

While most Canadians have some form of life insurance, cancer insurance is commonly overlooked. It can be a critical addition to your risk management portfolio.

Cancer-specific policies cover a number of costs associated with your diagnosis and treatment. If you think that these costs will be covered by your existing plan, keep in mind that many policies limit the benefits paid for long-term illnesses.

Consider what is involved with a cancer diagnosis:

  • Hospitalization
  • Chemotherapy
  • Surgery
  • Anesthesia
  • Nursing care
  • Blood transfusions

Most Canadians are not in a financial position to cover these costs out of pocket. If you do have the resources, these treatments will drain them significantly. Of course, your existing living costs will need to be taken care of. If you are the primary provider in your family, your inability to earn an income can be devastating.

If you are interested in protecting your income from a long term illness, we strongly encourage you to speak to a representative from DENT Benefits about cancer insurance in Canada.

The information in this material is derived from various sources. Material is provided for general information and is subject to change without notice. Every effort has been made to compile this material from reliable sources; however, no warranty can be made as to its accuracy or completeness. Before acting on any of the above, please contact us for benefit, pension and insurance advice based on your corporate or personal circumstances.

Comments are closed.