The prevalence of critical illnesses exposes a troubling reality that fundamentally encourages understanding the importance of Critical Illness insurance and how it can ensure, even guarantee, the financial security of Canadian families.
To do this, let's navigate through statistics concerning certain critical illnesses in Canada:
- About 1 in 2 people will be affected by cancer and of this number 1 in 4 will die from it according to the Canadian Cancer Society. Cancer remains the number 1 cause of death in Canada. However, 79% of affected people live more than 5 years after a diagnosis.
- 2.2 people receive a cancer diagnosis every minute in Canada. So, on average 641 every 24 hours.
- 233 Canadians on average die from cancer every day.
- 1 in 4 people, according to the Heart and Stroke Foundation of Canada, will be affected by heart disease.
The financial consequences of a diagnosis can prove catastrophic for a large portion of the population. Indeed, according to the Canadian Cancer Society, 9 out of 10 people encounter financial difficulties following a diagnosis of cancer or critical illness. Not to mention that just over 20% of cancer survivors indicate limitations in their ability to work for periods up to 5 years following their diagnosis.
However, despite these gloomy statistics, things are evolving in the right direction. Indeed, thanks to medical advances, survival rates and duration have greatly improved over the years. But at what cost?
Here is some data presented by CLHIA:
- For Canadians with cancer, the survival rate up to five years after diagnosis is 60%.
- For Canadians who have suffered a heart attack and were hospitalized, the survival rate is 95%.
- For Canadians who have suffered a stroke and were hospitalized, the survival rate is greater than 80%.
Hence the importance of good financial planning to foresee and face the financial impacts of critical illnesses. Critical illness insurance becomes an essential ally to offset significant and unforeseen expenses generated by such a situation.
