Over the years, history has shown that people today are living longer than ever before. According to McDevitt 1999, the life expectancy for Canadian males was 76, and 83 for Canadian females.
A 40-year increase from the life expectancy in 1900.
Where in the past it was rare that a person could survive a critical illness, today thanks to modern technology, more people are able to overcome such illnesses such as strokes, heart disease and cancer. And not all life insurance will aid people who overcome these situations.
It is important to realize many people are unaware of the facts that even though we are able to survive such illnesses, many are unable to provide for their family or themselves afterwards.
According to the Canadian Cancer Society:
What is it & How it works
Risks & History
- 1 in
3 Canadians will develop a life threatening cancer
- Cancer incidence has increased 29% since 1970
- More than 50% of people diagnosed with a common life threatening cancer will survive at least 5 years
- 50,000 Canadians suffer a stroke each year
- You
have a 1 in 20 chance of suffering a stroke before age 70
- 75%
survive the initial event
- The
death rate from stroke has decreased 50% since 1950
- 1/3 of stroke victims are under age 65
Only 9% would have been a death claim
Indirect Costs - Hard Costs
Patient - Family
Patient - Family
-
Treatment
- Travel- Taxi, air
- Accommodation
- Moving Expenses
- Loss
on Sale: Assets -Home -Business
- Loss
of Income- Employee
- Loss
of Productivity - Employer
- Acute Care
- Long
Term Care
- Counseling : Health, Diet, Mental
Indirect Costs - Hard
Costs
Patient - Family
Patient - Family
-
Household: Food Preparation, Laundry, Cleaning, Yard Work, Repairs, Shopping
- Loss
on Accumulation of Assets
- Home
Modification
- Vehicle Modification
- Adaptive Equipment: Beds, Wheelchairs,
Oxygen, Hearing Aids, etc.
- Special Diets
- Alternative Health Providers: In or out of Country
Indirect Costs - Hard
Costs
Patient - Family
Patient - Family
-
Loss of Benefits: Drugs,
Dental
- Vitamin therapies
- Dietary Supplements
- Child Care
- Caregivers
Indirect Costs-
Soft
Difficult to Measure Money Wise
Long Term
Difficult to Measure Money Wise
Long Term
-
Rejection
- Anger
- Depression
- Suicidal thoughts
- Loss
of career
- Possibility of dependence
on society for support
-
Loss of family leisure
- Loss
of hope
- Friends forget about you
- Spouse is burdened
- Employer hires replacement
- Spousal role reversal
- Destroyed marital
relations
The Benefits of C.I. ...
-
Based on survival; it’s a living benefit
- Payable to you, not your dependents
- One
time only claims adjudication
- Not
based on inability to work
- Not
based on severity of condition
- Often a full recovery can be made
You need
insurance but not because you are going to die BUT because you are going to
LIVE!
