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| March 04, 2009: 61 per cent of Canadians admit they have no plan ready if diagnosed with a critical illness... |
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{Based on press release of this date}: 61 per cent of Canadians admit they have no plan ready in the event they are diagnosed with a critical illness, reveals a recent survey of more than 1,600 Canadians by Ottawa-based polling firm, Redfern Research. Many are concerned about the time it takes to see a specialist, and then get the necessary tests done. And a growing number see the need for critical illness insurance to cover costs the healthcare system doesn't cover.
Bottom line, Canadians believe their healthcare system will be there for them if they do become critically ill - but many feel under protected. Since its introduction in Canada in 1994, critical illness insurance has increased in popularity. However, just over two per cent of the population have some type of critical illness insurance coverage through a group plan or their own private plan, according to the Canadian Life and Health Insurance Association. This leaves the majority of Canadians without any type of critical illness protection. --------- Note to readers: Unlike life insurance, coverage that is intended to transfer the financial risk of the insured's death, Critical Illness insurance covers the (often more pronounced and greater) financial risk of the insured person's survival of an insurance coverable critical illness. Unlike death which is covered by life insurance, critical illness is not one single event but a category of events. Critical illness insurance doesn't necessarily cover every critical illness but only specific critical illnesses that are named and defined in the insurance contracts. Critical insurance contracts vary substantially in the critical illness events that are covered and not covered. Therefore, it is clearly insufficient and potentially misleading to compare Critical Illness insurance coverage offerings on the basis of face amount and price alone. Comparison of Critical Illness insurance offerings need to include the illnesses/events that are covered. The LifeGuide Professional Software was the first independently produced multiple company insurance comparison and quotation software to include and properly treat comparisons of Critical Illness insurance offerings. It remains the resource and software of choice by consumer-interest oriented financial advisors since, among other facilities, it also provides for comparisons that take covered illnesses/events into considerations. LifeGuide also provides the user with access to the contract wordings as disclosed by the leading insurance companies who offer Critical Illness insurance coverage. E.&.O.E. |
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