According to the Heart and Stroke Foundation and the National Cancer Institute of Canada (2001),
~ Over 80% of heart attack patients admitted to hospital survive
~ 95% of hospitalized heart attack victims survive the first attack
~ 75% of men and 77% of women who develop cancer survive
~ 75% of stroke victims survive the initial event
Yet, while medical treatments and survival rates have improved, most health plans haven't kept pace with the changing needs of patients. Provincial health plans can't help with personal finances. As highly regarded as our Canadian health care system is, it cannot help critical illness patients recover their financial footing if they are not prepared for the financial consequences of surviving a critical illness.
Living with a critical illness can mean major changes to lifestyle and serious financial challenges, if one is not prepared.
The Critical Illness Recovery Plan is not like traditional Life insurance or Disability insurance because it can provide a living benefit to give you time and money to recover fully from a critical illness, comfortably, at your own pace, and without financial worries or lifestyle compromises.
Although the types of illnesses covered differ from company to company, typical illnesses may include Alzheimer’s Disease, Aortic Surgery, Aplastic Anaemia, Bacterial Meningitis, Benign Brain Tumour, Blindness, Coma, Coronary Artery Bypass Surgery, Deafness, Heart Attack, Heart Valve Replacement, Kidney Failure, Life-Threatening Cancer, Loss of Limbs, Loss of Speech, Major Organ Transplant on Waiting List, Major Organ Transplant, Motor Neuron Disease, Multiple Sclerosis, Occupational HIV Infection, Parkinson’s Disease, Severe Burns and Stroke.
You can get up to a $2 million dollar lump sum payment if you are diagnosed with a critical illness. You can chose from several different plans that provide lump sum payments from $25k to $2 million dollars, payable 30 days after diagnosis.
If you own a Critical Illness policy and never become ill, you could receive all of your premiums back by choosing to take advantage of one of the Return on Premium Options suited to you. Return of Premium Options are available after 10 or 14 years, or at the ages of 65 or 75.
If you should die for any reason while your Critical Illness policy is in force, and you were not eligible for payment of a Critical Insurance benefit, all the paid premiums will be refunded to your family. That way, not only have you covered yourself against the financial risks associated with critical illness, you've also made an excellent investment in both your financial independence, and your family's security.
Understanding that each person's Life insurance coverage needs are unique, Favas Insurance offers several different Life insurance plans, so along with your advisor, you can choose the one that best meets the individual needs of you and your family - no matter what stage of life you are currently at.
If you’re looking for a professional, client driven insurance services corporation, with a commitment to cultivating long-term relationships with clients based on trust and integrity – with the highest standard of service – you’ve come to the right place.
We look forward to welcoming you to Favas Insurance.
"If you’re not prepared, it’s not pressure you feel, it’s fear."
- Bruce Bochy