Concern over Canadians lacking critical illness coverage

Despite debilitating conditions that affect millions of Canadians every year, a new survey indicates that many parents lack the type of insurance they would need for treatment if they were to come down with a serious illness.

According to a recent poll commissioned by TD Insurance and conducted by Environics Research Group, 65 per cent of Canadian parents with children who are still living with them at home don't have critical illness insurance. Families lack this type of coverage, even though approximately one in every two Canadians will develop some type of cancer in their lifetime and more than 1.5 million are currently living with cardiovascular disease or have experienced the effects of a stroke.

Dave Minor, vice president of TD Insurance, said that the consequences of not having sufficient coverage have subsided to a certain degree in recent years.

"The good news is that thanks to medical advancements, many people are surviving critical illnesses and living longer, fulfilling lives with their families," said Minor. "But recovering from a serious illness can be expensive and other forms of insurance may leave a gap in your coverage. Critical illness insurance is designed to fill this gap and reduce the impact that an illness has on a family's overall financial health."

Critical illness insurance provides families with the funding they would need to pay for expensive health-related services that require advanced medical therapies and home modifications. With effective coverage, families can continue to pay for their other expenses without having to cut back on necessities.

Beverly Beuermann-King, a wellness expert, said this type of coverage can be a tremendous source of comfort, as being diagnosed with a debilitating condition can be burdensome for those affected by it directly and indirectly.

"Suffering from a serious illness is an incredibly difficult time for the patient and their loved ones," said Beuermann-King. "Critical illness insurance can help families get through that time. It lets the family focus entirely on fighting and recovering from an illness together, instead of worrying about how to make ends meet."

Because financial and health situations differ from family to family, Minor said it's recommended that they talk to a financial advisor or insurance expert so they can determine what policy best fits their budget and health status.