​​Myth:

​Cancer, heart attack and stroke won't happen to me!

Reality:

2 out of 5 of us are expected to develop cancer in our lifetime. Every four minutes a Canadian is diagnosed with cancer - more than 400,000 Canadians are living with long-term stroke disability.

Myth:

If I get cancer, I probably won’t live. My family can live off my life insurance!

Reality:

63% of Canadians are expected to survive for 5 years or more after a cancer diagnosis. If you plan ahead for a serious illness, you could be better prepared for your family’s financial well-being.

Myth:

If I have a heart attack or stroke, I might not survive!

Reality:

More than 90% of Canadians who have a heart attack and more than 80% who have a stroke and make it to the hospital will Critical Illness insurance can help support you if you need time off work to recover.

Myth:

If I get sick, my government health plan will pay for my medical expenses!

Reality:

The government will cover some of your medical expenses – but may not cover all of them.  Covered medical costs vary from province to province. In some provinces, it’s not uncommon to pay for oral cancer medications, which can be prescribed for up to a year. That’s $72,000 that must be paid out of pocket if you don’t have private prescription insurance coverage (and private insurance often has a spending cap). The government also won’t pay for the extra costs associated with your treatment, like hospital parking, gas, and lunches on the go.

Myth:

My personal or group disability insurance will cover all my income needs!

Reality:

Group Disability Insurance is a great solution to cover your income, but most disability plans have a waiting period of one to three months and a maximum percent of coverage. Disability insurance also won’t cover you if your spouse or child gets sick. Critical illness insurance will cover your income in those instances. Pairing critical illness insurance with disability insurance is a great solution to cover your immediate and long-term income needs.

Here is an example of a working person earning $50,000 a year income, with $250,000 in savings. One spouse develops an illness either contributed to a disability or a critical illness and can no longer take care of themselves and need constant care 24 hours. The other spouse would have to quit their job to take care of the other, what does this mean you ask?

The 1st year they just lost their yearly earnings of $50,000 and they will deplete their savings of $250,000 within 5 years. On the 6th year what will happen to you?