Let's Talk Critical Illness

Most people understand the importance of life insurance—to help protect their family financially if they’re no longer around. You likely have car and home insurance for accidents or emergencies. But what if you’re still here, with your family, but suddenly facing a serious health crisis?

Every year, hundreds of thousands of Canadians are diagnosed with life-altering illnesses. According to the Canadian Cancer Society, over 206,000 Canadians were expected to be diagnosed with cancer in 2017—a number that continues to rise. Similarly, the Heart & Stroke Foundation predicts that heart disease and stroke will affect more Canadians than ever before.

The good news is that advances in medicine mean more people are surviving. But recovery is often long and expensive—and many of those costs aren’t covered by provincial health plans.

What Costs Are We Talking About?

Even with universal healthcare, critical illness can create serious financial strain. Out-of-pocket costs may include:

• Travel for treatment

• Prescription drugs not covered by insurance

• Childcare or home care during recovery

• Nutritional supplements or specialized equipment

• Lost income due to time off work or self-employment disruptions

For many families, these financial pressures can add a whole new level of stress at an already difficult time.

How Can Critical Illness Insurance Help?

Critical Illness Insurance provides a tax-free lump-sum payment if you're diagnosed with a covered condition and meet the required survival period. Most policies cover 25+ conditions, including the "Big Four".

• Cancer

• Heart Attack

• Stroke

• Coronary Artery Bypass Surgery

This benefit is designed to give you flexibility: pay off debt, cover out-of-pocket medical expenses, replace lost income, or even seek treatment outside the country. The choice is yours—because financial support means peace of mind when you need it most.

Consider These Statistics

• 1 in 2 Canadians will be diagnosed with cancer in their lifetime.

• The average cost of a single course of cancer treatment drugs is $65,000, with patients responsible for up to $13,000+.

• Someone in Canada experiences a stroke every 10 minutes.

• 75% of stroke survivors live with lasting impairments.

• Over 564,000 Canadians are currently living with dementia.

Could You Afford to Get Sick?

If faced with a critical illness, how long could your savings last? Would you need to cash in investments, delay retirement, or take on debt? Could you keep your home? These are tough questions—but planning ahead gives you options.

Critical Illness Insurance helps relieve the financial burden, allowing you to focus on what really matters: your recovery and your family.

Let’s Have the Conversation. If you haven’t included Critical Illness Insurance in your financial plan, let’s talk. A quick conversation could make all the difference for your peace of mind and your family’s future.

Kevin J. Zakus is a Professional Financial Advisor in Kelowna, BC. You can reach him at kevin@zakuswealth.com

This article is for informational purposes only and does not constitute legal, tax, or insurance advice.