Had a most enlightening meeting this morning at IA (Industrial Alliance Financial Group) weekly meeting.
From the period between 2000 and 2021, IA paid over $117,000,000 ($117M) in Critical illness claims for clients between the ages 40 and 59 inclusive!
Compare that with $21M over age 60 AND $24M for Age 30 to 39!
Wow! We often think critical illness is for the older generation not realising that the dreaded diseases can hit at any time – especially during a period of high income.
In addition 85% of the claims are for the Big 4, Cancer, Stroke, Heart Attack and Coronary Bypass surgery.
That makes you think, doesn’t it? Critical illness was designed for the income earner during the most productive time of their life. Should they suffer a dreaded disease they will able to pay the bills during recovery and get back to earning a living. Imagine had those individuals not have had the coverage? I personally have two siblings, a mother and sister-in-law who had cancer diagnosis and only one survived and eliminate the cancer using alternative therapies. They did not have coverage and there were definite financial struggles during that period. My sister, who did survive, was faced with 10’s of thousands in additional costs not covered by BC Medical. While we do not want think about, it is a potential reality for most of us.
Fortunately I have access to IA Critical Illness products. IA sold the most CI policies last year for a reason. We have flexible product that includes children’s diseases and 22 other adults diseases. Return of premium options available – should you not claim, get your money back! Give me a call (604 – 882 – 5917) or message me if you would like to know more.
Tim
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