As of 2020, the Central Intelligence Agency (CIA) estimates that the global death rate will be 7.7 per 1000 people. Let’s confront it, we live in a fairly dangerous world. The number of reasons to meet death has increased dramatically in the past years. From motor vehicle accidents, health problems, to contractible illnesses; the list goes on repetitively. Even after being aware of all that, it’s a miracle that we are willing to leave our homes at all – and yet we do.
We do it despite the fact because we realize that if we started worrying about every single risk while living in the dilemma, we would be risking even more than just our freedom. Our thoughts will be consumed by compulsive behaviour and there will be nothing left to be done. Everything you intend to do next will be judged ambiguously and the result will be inaction.
It will also limit us from living our lives to their fullest potential. One of the ways to live a happy life is to discard the tiny risks that come along your way. Although it is smart to rescue your mind from the shackles of everyday risks; it is juvenile to do the same with larger ones.
The bigger risks in life shouldn’t be ignored at all, especially when there is a practical solution for mitigating them. Unlike the chance of a house fire or catastrophic car crash, which are 1 in 1200 and 1 in 240 respectively, the odds of suffering from a critical illness is 1 in 3.
Having the odds stacked against you which is 33.33%; is not a small margin to ignore easily – it must be confronted. You must take measures to make sure that you fall into the category of 66.66% and not the first one. This is a large risk, but one that can be resolved by critical illness insurance.
Critical illness insurance is a type of insurance policy in which the insurer normally pays out lump sum payment benefits to the candidate if he/she is diagnosed with a critical illness, provided that the specific illness is listed as one of the many in the contract you sign up to. Moreso, you can also receive the benefits upon diagnosis and survival of conditions covered by your policy. There are all kinds of conditions listed in the policy that ranges from cancer, heart attack, and stroke to comas and severe burns with most conditions requiring you to survive for 30 days and beyond the original diagnosis.
Depending on the illness, the total cost of replacing lost income due to inability to work, and the costs of covering your current and health recovery expenses that are not covered by provincial health care plans will vary. If you seek professional guidance for your case, your insurance advisor can help you determine your capital needs depending on your specific situation.
A critical illness policy can be used in other ways as well. It can be used as a form of a savings plan. Receiving all that money at once could help you in your situation. If you are not sure whether you can take care of your savings because of your expenses, then this policy could come in handy. Most insurance companies provide a return of premium in case your policy expires or is canceled. This means you could be entitled to a full or partial refund of the premiums you have already paid.
In that particular scenario, perhaps you will either be receiving a cheque in the form of a critical illness benefit (should you become sick) or a cheque for a health benefit (should you remain healthy). Risks are inevitable but instead of getting exasperated and ominous, you could do something about the situation to make it work in your favour. Take well-measured steps to ensure that you don’t end up in despair and demolish your tranquility.
Critical illness is a risk that comes with being human. There is no guaranteed safety but there is a way to avoid the worst-case scenario. Critical illness insurance is available to provide you with financial security and peace of mind.
What will be your plan of approach and how are you going to deal with a critical illness?
*Source: Patty Randall. Let’s Talk – The Care Years. 2007.
**Sources: Heart and Stroke Foundation, 2004. Multiple Sclerosis Society of Canada, 2004. National Cancer Institute of Canada: Canadian Cancer Statistics, 2004.