Critical Illness Insurance

82% of people will survive their first heart attack.”

- Canadian Heart and Stroke Foundation

Dr. Marius Barnard pioneered the concept of critical illness insurance in South Africa in 1980. Barnard saw a need for a living benefit payment for individuals who survived a major illness, but were unable to work and had high medical expenses.

Critical illness insurance provides a lump-sum payout upon diagnosis and survival of a covered critical condition. The proceeds are paid tax-free and can be used in any manner desired. The lists of covered conditions are continually evolving, but the most common critical illness claims are from cancer, heart attack, heart surgery and stroke. The statistics facing Canadians are not reassuring. Consider the following:

  • In Canada, one woman in nine will be stricken by breast cancer during their lifetime
  • Based on current incidence rates, 40% of women and 45% of men will develop cancer during their lifetimes
  • One in four Canadians will suffer heart disease during their lifetime
  • 60% of strokes cause long-term disability

Sources: Canadian Cancer Society, Heart and Stroke Foundation of Canada

Luckily, with medical advances, many Canadians are surviving these once fatal illnesses. However, this requires them to overcome a new obstacle: post-illness debt. A critical illness can quickly wipe out years of savings, and can create an ongoing medical burden.

Odds are, you will survive a critical illness. Will your finances do the same?

Take the financial stress out of your recovery and contact Gryphon Benefits today.