Did you know…
- 1 in 9 women will develop breast cancer
- 1 in 21 women & 1 in 11 men will develop lung cancer
- 1 in 8 men will develop prostate cancer
- 1 in 3 will develop a form of life threatening cancer
- 3 of 4 families will be affected by cancer
- 30% of those with cancer are completely cured
- 1 in 2 will contract some form of heart disease
- 95% of heart attack victims survive the first attack
- 1 in 20 run the risk of having a stroke before 70
- 75% of stroke victims survive the first stroke
Thanks to medical advances and greater self-awareness, many people are now surviving these serious illnesses, but few are recovering from the financial burden. That is where critical illness coverage can help.
No one plans to get sick, but when something unexpected happens, you can help your employees and their families as well as your business by being financially prepared. Critical illness insurance is designed to financially help support patients before, during and after treatment by providing a lump-sum benefit when a critical illness is diagnosed.
By including Critical Illness coverage in your benefits package, you are providing your employees with a way to collect a tax-free lump sum benefit. They are then free to use this money anyway they wish.
Employees can use the benefit for anything they wish, such as:
- Financial needs – income replacement, paying down debts or to help preserve personal savings, retirement funds or other investments
- Health care costs – alternative treatment options, medical equipment or expenses not covered under provincial or group benefits plans
- Lifestyle choices – home repairs or renovations, vehicle upgrades, personal or family pursuits, vacation
Employers can see positive aspects too, including:
- An excellent addition to employee benefits packages, helping in recruiting and retaining the best staff
- Support employee health and inspire loyalty in the workplace
- Help lessen the pressure on the employer regarding financial support for those employees absent from work after suffering a critical illness.
This can be one of the best strategies to help lower stress, provide extra financial support, and in turn, help your employee have the chance for a quick and complete recovery.