What is Critical Illness Insurance?
Have you ever known anyone in your life who has had a heart attack or cancer and survived? That’s what critical illness insurance is for if you have critical illness insurance on your mortgage and you survive your mortgage could be paid out.
It’s hard to not think of someone who you know that had a serious illness over the years and survived or worse yet who didn’t. In 2007 2933 people were diagnosed with cancer of some type every week, the good news is 55% of people diagnosed with cancer will survive. One in 4 Canadians will suffer from heart disease of some kind in their life time and 82% of them will survive. I know this to be true because my brother and I are both heart attack survivors our father was not so lucky.
How does Critical Illness Insurance for Your Mortgage Work
At our Insurance provider over 14 million dollars in mortgages have been paid out since the product was introduced in 2000. 74% of the insurance was paid out to clients between the ages of 40 and 60 while another 6% was paid out to people under the age of 30. So while it’s true the older we get the more likely the chances but how devastating to your future if you are diagnosed at a young age. Your income could be stopped and payments will continue and with so many Canadians buying with little or no down payment a lot of them are at risk.
So the odds of getting some type of cancer are quite high and the odds of surviving get better every year due to research. The statistics show that 65% of claims through our provider come from Critical Illness Insurance that alone tells us that if you take nothing else you should consider critical illness insurance for your mortgage and financial wellbeing.