critical illness insurance

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  • 1. CRITICAL ILLNESS INSURANCEYou work hard to build your life We can help you protect it

2. YOU WORK HARD TO BUILD YOUR LIFE You build your life around your dreams, your family and your future.But what if something were to happen? Have you ever thought about how an illness like cancer or multiple sclerosis could affect your life? Suddenly, everything would revolve around your illness, threatening your ability to look after your family and putting your future in doubt. Thanks to advances in medicine, your odds of beating a serious illness have never been better. Having some help with your finances could make all the difference.Illness is a reality so is recovering from it. 40% of women and 45% of men will be diagnosedwith cancer at some point in their lives. 81% of those under 45 will survive more than 5 years. Every 7 minutes, someone has a heart attack inCanada. Since 1952, the survival rate has increased by 75%.Sources: Heart and Stroke Foundation Canadian Cancer Society you can never imagine it happening to y ourself but, its amazing how much strength you can draw upon that you didnt know you 1 everhad. 1 Male, malignant bone tumor, 26 (Cancer Care Ontario, Public Health Agency of Canada, Canadian Cancer Society, Cancer in young adults in Canada, May 2006. www.cancer.ca)2 3. THE HIDDEN COST OF A CRITICAL ILLNESS IN CANADA Under the public healthcare system in Canada You can expect to waitand waitand wait In 1993, during the depths of the national health care crisis, Canadians had to wait an average of 9.3 weeks or 65.1 days between the time they were diagnosed by their family doctor and the time they received their first treatment. In 2011, the waiting time had increased to 19 weeks or nearly 133 days an increase of 104% between 1993 and 2011.You will have to deal with the physical and the financial realities/expenses of your illness. Lost income while youre off work getting treatment or waiting to see a specialist (Did you know that in 2010, 825,827 Canadians waited an average of 9.3 weeks for an appointment with a specialist?) Reduced income of your spouse who has taken time off to be by your side Bills for at-home assistance (housekeeping, sitter, meals) Prescription drugs and alternative treatments (alternative medicine, physiotherapy) not covered by provincial health insurance Sources:The Frasier Institutes National Waiting List Survey, 2009. Perspectives: le cot priv des files dattente publiques, automne 2011.Counting on your employer for support? You might need to think again Some recent findings from the Canadian Breast Cancer Network (CBCN) point to a disturbing trend in the Canadian workplace for women diagnosed with breast cancer. While many employers provide help and support for their employees diagnosed with a critical illness, many more do not.Are you in good health? Now is the time to apply! 16% were fired from their jobs while undergoing treatmentHere are a few examples to give you an idea:Youll receive a cash benefit whether youre able to work or not. It can help you:Also, if youre diagnosed with cancer within 90 days of purchasing a policy, instead of paying you a benefit, your insurer will refund the premiums youve paid. 80% who kept their jobs had financial difficulties during treatmentThe cost of critical illness insurance is based on your age, health, personal needs and the options you select, and will herefore t vary for each person. Your financial security representative is best equipped to help you determine your financial needs should a critical illness occur and calculate the cost of your insurance. Harmony critical illness will pay you $100,000 tax-free, or the amount chosen, if you are diagnosed with one of the 25 covered illnesses, including cancer, heart attack, stroke, MS (multiple sclerosis), Alzheimers disease and Parkinsons disease.Would an insurance company agree to insure your house against fire if it was burning down? Its somewhat similar with critical illness insurance: you cant obtain insurance if you already have an illness.In a study conducted with 450 working women diagnosed with breast cancer, the CBCN revealed:How much does critical illness insurance cost?Harmony, The right tool can make all the difference!Are you eligible for critical illness insurance? get the best treatment available without waiting recover without stressing over money protect your plans for the future take control of your life again 44% admitted to depleting their savings 27% took on additional debt to cover expenses for their treatment 20% returned to work sooner than their doctors recommendWendy, non-smoker, age42As a group they reported a 10% drop in their average household income as a result of treatment, and with many of these women retuning to lower paying positions, much of this lost income will never be made up. Source: Canadian HR Reporter, August 2010.Eligibility illnesses/conditionsIn private Canadian clinics As a general rule, private clinics or hospitals operating in Canada do not treat critical illness cases such as cancer. Nevertheless, they offer timely consultations with medical specialists to render or confirm a diagnosis, provide second opinions, and make suitable treatment p roposals for your specific condition. You can also access comprehensive testing and diagnostic methods in record time.Specialists and consultants: appointment available in less than a week A consultation with a medical specialist The Specialist Referral Clinic in British Columbia MedExtra offers a second medical opinion servicefrom $125 $600 to $1,200 $2,500Testing and Diagnosis CT Scan: detects the spread of cancer cells MRI (Magnetic Resonance Imaging): soft-tissue imaging to detect cancer, for example Colonoscopy: intestine exam using optical systems MIBI Stress Test: detects heart disease$250 to $595 $725 to $1,350 $480 to $540 $650Treatment HIFU ultrasound treatment for prostate cancer Destroys cancer cells without damaging surrounding organs. Available in Ontario only Avastin, drug treatment for colon cancer Patients receive two treatments per month. Not covered by provincial health plansYour family historyExcept for some early-stage cancers, if youhave or have had one of the ollowing f i llnesses or conditions, you will not beeligible.You may be charged an extra premium* or your application may be declined if a critical illness or condition has been diagnosed in more than one of your i mmediate family members (father, mother, brother, sister). AIDS, HIV seropositivity or an AIDS- related illness Alcohol or drug addiction in the last 3years Alzheimers disease Amyotrophic lateral sclerosis (ALS or Lou Gehrigs disease) Cancer Cystic fibrosis Diabetes, other than type 2 diabetes Heart disease, including myocardial infarction, angina, open-heart surgery, coronary bypass, angioplasty or heart failure Hepatitis, other than hepatitis A$22,000 Huntingtons disease Kidney disease, other than a kidneystone Motor neuron disease Multiple sclerosis Muscular dystrophy Organ transplant Parkinsons disease Permanent paralysis (except mild erebral palsy) c Systemic lupus erythematosus (lupus) Transient ischemic attack (mini stroke) or strokeYour weight and height You may be charged an extra premium* or your application may be declined if your measurements exceed those in the reference table. Your blood pressure and cholesterol levels You may be charged an extra premium* or your application may be declined if you have non-standard blood pressure or cholesterol results.$4,500 to $6,500/month * Pay a higher amount for your coverage due to theincreased insurance risk.510Insurance that refunds your money if you remain in good health! With our premium refund options, your critical illness insurance policy can help you accumulate savings! If you dont suffer from one of the 25 illnesses covered while your contract is in-force, you can receive up to 100% of the premiums youve paid! Harmony guarantees the payment of a tax-free benefit upon the first occurence of one of these three events: If you suffer a critical illness, you will receive the sum insured. If you die prematurely, your beneficiary will receive a refund of 100% of the premiums paid or 25% of the sum insured, whichever is highest. If you remain in good health until your contract expires, you will receive a refund of the premiums youve paid throughout the lifetime of the policy contract.Wants critical illness coverage as long as she has a mortgage to pay.Critical Illness Insurance and Disability Insurance working together for you!Stephen, non-smoker, age 35 Wants the ultimate freedom to be able to choose where in the world he receives care and the option to get his money back.Purchases $100,000 of C onsumers Critical Illness coverageHow is critical illness insurance different from disability or wage loss insurance? Ifa stroke renders you disabled for several months, isability insurance will replace d most of your monthly income, so that you can pay your verydayexpenses. eOptions selectedPurchases $100,000 of H armony coverageRenewable term every 20 years until age 75 Refund of premiums paid to her beneficiary if she dies prematurely Monthly premium: $66.69Monthly premium: $158.49At age 56, Wendy is diagnosed with breast cancerAlternatively, critical illness insurance provides you with a tax-free cash benefit that you can use for anything you need. Things like:Options selectedAt age 65, Stephen has not developed any illnesses covered. He decides to take advantage of the premium refund option.She paid: $11,204 She receives: $100,000 Medications and treatments not covered by your group or government health plan Replacing the lost income of a family member or friend wants to stay by your side Paying for childcare, travel and accommodation expenses during treatmentHer contract is terminated.Lifetime coverage Premium refund with total reimbursement available after 20 yearsHe paid: $

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