December 4, 2018

Is critical illness insurance worth it?

Critical illnesses are more common than most of us would like to think. In fact, 81% of us know someone who suffered through a serious illness and half of us have witnessed a family member go through one. Statistics like this make it easy to wonder – what if it happens to me?

An independent survey conducted by Head Research reveals what worries us the most when it comes to the all-too-common event of suffering a serious illness.

1. We worry about quality of life.

Most of us are more concerned about how a serious illness would affect our quality of life than the physical implications of a serious illness. Half of those polled worry about not spending enough quality time with their children and even more (57%) are worried about losing their independence.

2. We worry about caring for a seriously ill loved one.

No one wants to imagine their child or spouse becoming seriously ill, but many worry the financial strain would prevent them from taking time off work to care for a sick loved one. 49% of those polled said would be a serious or life-changing financial impact if someone in their household were to become critically ill. 28% would need to delay retirement or their partner would.

3. We worry about the financial aspect.

Eighty five per cent of those polled are very or somewhat worried about the impact of a life-altering illness would have on their finances or lifestyle. 58% of those polled said they would need to delay their retirement, downsize their home or go into debt if they were struck by a serious illness. Read Keep your glass half full - even when life threatens to tip it overOpens in a new window to learn how a critical illness can seriously affect your ability to maintain the lifestyle you want.

Is there a way to address these worries?

While we can’t necessarily prevent a critical illness, there are steps we can take to lessen the financial burden one may cause. Critical illness insuranceOpens in a new window is one option that can help in the case of a serious illness. If you experience a covered condition, the lump-sum payment you’ll receive can be used for many purposes, including:

  • Airfare to fly in family members from another part of the country/world.
  • Hire a caregiver to relieve the stress on loved ones.
  • Take time off work to stay by a loved one's side as they recover from a serious illness.
  • Pay for medical expenses athat aren't covered by your work or provincial health plan.
  • Quality time away with loved ones to recuperate and relax
  • And many more...

Speak to your financial advisor about your concerns and explore what options you have to address them - before they happen.

Talk to an expert

Not feeling confident in your finances? You can talk to one of our financial security advisors who will work with you to craft a financial plan tailored to your needs.

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