Although no one likes to think about it, the odds of contracting a critical illness during our lifetime are very high. In fact, there is a greater chance of contracting a critical illness before the age of 75 than dying. The good news is that medical breakthroughs and improvements in patient care significantly increases the chances of surviving a critical illness and continuing to live a long, happy life.

The problem is recovering from a critical illness can often be very expensive and put one’s family under tremendous financial strain. In most cases, savings, health and disability insurance are not enough to cover all the lost income and high cost of care.

Critical Illness insurance is designed to provide a lump sum benefit to cover individuals who contract a critical illness. It is the insurance proceeds that will provide you with financial peace of mind and allow you to focus your efforts on recovery.

For example, you may choose to use the insurance proceeds to:

• Pay off outstanding debts like a mortgage, car payment or credit cards
• Create an emergency fund for home care or rehabilitation
• Make adjustments to your home
• Supplement your income

What if I stay healthy?

Another feature of Critical Illness insurance is the return of premium death benefit. If the insured were to pass away and never use their critical illness coverage, most plans will refund all premiums to the beneficiary of the insured. In addition, most insurance companies offer Critical Illness return of premium riders that will pay back some or all of their premiums if the insured remains healthy and never uses the coverage.

What conditions are covered?

Although plans may vary depending on the insurance company, the 3 most common critical illnesses that are covered are: cancer, stroke and heart attack.

However, most plans cover significantly more illnesses such as:

• Coronary Bypass
• Alzheimer's Disease
• Aortic Surgery
• Benign Brain Tumour
• Blindness
• Coma
• Deafness
• Heart Valve Replacement
• Kidney Failure
• Loss of Limbs
• Loss of Speech
• Major Organ Transplant
• Motor Neuron disease (ALS or Lou Gehrig's disease)
• Multiple Sclerosis
• Occupational HIV Injury
• Paralysis
• Parkinson's Disease
• Severe Burns.