According to Statistics Canada our life time probability of developing some form of cancer is one in three. According to the Heart and Stroke Foundation (2005) Heart attacks strike 70,000 Canadians, and Strokes hit 50,000 Canadians each year. Canadian Cancer Statistics (2005) and National Cancer Institute of Canada (2005), say an estimated 2,865 Canadians are diagnosed with cancer every week.
Critical illness insurance (CII) wasn't a creation of insurance companies. Surprisingly it was pioneered in South Africa by a renowned heart surgeon - Dr. Marius Barnard, brother of Dr. Christian Barnard, of heart transplant fame. In the early 1980s Dr. Marius Barnard noticed that a patient’s recovery was more affected by the financial strain felt during their convalescence than by medical complications, and he saw a need to provide "living" insurance to survivors of major illnesses. Due to his initiative the first Critical Illness Insurance coverage was launched by a South African Company in 1983.
Critical Illness Insurance benefit is not a monthly payment, and it is a lump sum payment and you can use it as you choose, pay off mortgages, go on a vacation to improve recovery, out of country for treatment, or anything else. No restriction and no questions asked, and it is not affected by your other income, or not tied to any other insurance. You don’t need to withdraw money from RRSP or other savings. Coverage could be from $25,000 to $2,000,000 and if you are diagnosed with any covered illnesses you will get a tax-free lump sum. The very interesting feature in this policy is IF YOU STAY HEALTHY you GET ALL YOUR MONEY BACK. This means you have nothing to lose. Maybe it sounds too good to be true, but it is true. Guaranteed by the largest insurance companies in Canada , Critical Illness Insurance enhances the quality of life.