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If you were to experience a critical illness, could you cover the associated medical and regular day-to-day expenses? Could you face the potential disruption of a loss of income and lifestyle? Patients suffer many emotional strains after surviving serious illnesses— not to mention the worries associated with financial setbacks. The good news is that you can prepare in advance for the financial consequences relating to a critical illness, by the advance purchase of an insurance product referred to as Critical Illness (CI) insurance.
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Consider that the annual personal cost for medical care—paid out-of-pocket—is $38,750 million as of 2004 doubling from 1996—a whopping 5.4% towards medical care costs and health services combined. Of that consumers spent $13,707 million on drugs and pharmaceutical products. In 2003 the total health-related expenditures cost the Canadian health system 10% of the gross domestic product. 