None of us likes to think about the likelihood of suffering a critical illness, but statistics show it is a possibility we have to come to terms with. With advances in medical science and improved lifestyles, we now have a far greater chance of surviving a critical illness than ever before.

What would happen if G-d forbid you woke up tomorrow in the hospital after experiencing even a mild heart attack? Your doctor might simply recommend a change of diet and more frequent exercise. But what if you had to modify your lifestyle even further-like being forced into early retirement or to trade in your old job for one less stressful and less productive? What if the diagnosis was cancer or one of 22 other critical illnesses?

Now picture the financial and emotional impact on your family. Not only do you and they have to cope with dramatic lifestyle changes, you will quickly realize that the mortgage and other monthly living expenses still need to be paid.

To compound the problems, the incredible strain on our medical system makes waiting for surgery, treatments and other procedures common place--and projected to get worse as time goes by. Are you willing to bank on treatment you need being available when you need it? Would you rather be in a financial position where you have choices?

What is Critical Illness Insurance?

Critical Illness Insurance (C.I.) was designed to provide financial assistance in the form of a lump sum, tax free payout to help you cope with the stress and difficulties associated with such an event. The benefit is paid on first diagnosis of one of a list of critical illnesses. Coverage can be issued from $25,000 up to $2,000,000. There are no stipulations on how the money is used. You can use it to:

• Pay off debts or mortgages
• Supplement income
• Pay for experimental medical treatments not offered in Canada
• Get quicker treatment outside of Canada
• Take an extended vacation to improve recovery
• Make alterations to your home that may be necessary because of your new condition

It covers all the following illnesses:

What is your health risk?

I don't want to scare you with the statistics but to put it into perspective:

• 1 in 3 Canadians will get cancer…1 in 9 females will get breast cancer…1 in 8 men will get prostate
• 75,000 Canadians have a heart attack each year…50% are under age 65
• 40,000 - 50,000 have a stroke each year…60% of those suffer a long-term disability

The good news is early detection is getting better and survival rates are increasing:

• 5 year survival rate for men with prostate cancer is 87% and for women with breast cancer is 82%
• 80% of heart attack victims survive
• 85% of stroke victims survive

Why is this a NO RISK proposition?

Here is the best part. If you are fortunate enough never to have to make a claim, your premiums will be returned to you anytime after 10 years, 15 years or at the ages of 65 or 75.

If you die for any reason while the policy is in force, and you were not eligible for payment of a critical illness insurance benefit, all of the premiums will be refunded to your family/estate.

Why should you act now?

This product has been in existence in the UK, Australia and South Africa for years and has undergone a number of transformations that has reduced the contract guarantees and benefits. The Canadian product has been around since 1996. The Canadian product is considered to be the most liberal contract, compared to what is available in other countries.

However, the window of opportunity is limited. Insurers feel the product is too liberal and there will most likely be changes in the next 12-18 months, which will make it less attractive than it is today. The good news is that C.I. Insurance is fully guaranteed at issue so if you purchase it today the insurer cannot change the benefits or the guarantees (the main carriers are Manulife, Canada Life, Maritime and Standard Life)

So what do you think?

C.I. Insurance will pay you a big cheque if you are unfortunate enough to get an illness and return your premiums if you are fortunate enough not to make a claim.

All of us are in a similar situation. We are either in (or starting) our prime income earning years, we are taking on mortgages, trying to save for retirement, starting families, etc. What if a critical illness hit you and you had to take time a "time out"? This product can provide the financial safety net to let you concentrate on recovery. C.I. Insurance is extremely relevant to us all.

If you have an Insurance Advisor, ask him about Critical Illness Insurance. If you don't have an Advisor, call me and I'll provide you with the information you need to make an informed decision.