Sales of daffodils raise funds for research, innovation and treatment.
Good news: global smoking rates have dropped 2.5% in the past 10 years, proving awareness makes a difference.
Not so good: the American Cancer Society warns those born in 1990 have double the risk of colon cancer and quadruple the risk of rectal cancer, compared to those born in the 1950s! There is a suggestion this is lifestyle influence, possibly related to obesity; sedentary lifestyle, less than healthful diet; not enough exercise.
About 1 in 2 Canadians will develop Cancer in their lifetime, and 1 in 4 diagnosed with Cancer will die of the disease.
60% of Canadians diagnosed with Cancer will survive at least 5 years after their diagnosis
Given current population trends, the number of new cancer cases is expected to grow, attributed in large part to an aging population.
While no one can accurately predict if they are among the population that will contract the disease, buying insurance to cover medical expenses, loss wages and income, non-medical costs for services, care giver fees can provide peace of mind.
Insurance products such as monthly Income Replacement for illness, Critical Illness, Cancer Insurance and Guaranteed Issue Critical Illness for those not eligible for standard Critical Illness Insurance because of family history, or pre-existing conditions are readily available.
Use “cents” to buy dollars available at the exact time needed, paid in the amount needed and for as long as needed.
Someone with a pre-existing medical condition history can have an income replacement plan that includes injury/accident and Guaranteed Issue Critical Illness for a package of benefits; totally Guaranteed.
Many cancers are now curable or managed over a long period of time.
The time of most concern for people who are working and relying on earned income to support lifestyle, is upon diagnosis, when treatment is initiated. Cancer patients most often have exacerbations of the condition and return to active work; periodically and for extended time.
MONTHLY INCOME REPLACEMENT INSURANCE
Group insurance or professional association insurance:
If you are an employee with a benefit plan, inquire if it includes LONG TERM DISABILITY benefits. Does the benefit cover all of your income, or is the plan capped at a certain amount? How long does it pay? Often, employees with lower incomes enjoy a higher percentage of benefit/pay ratio than those whose incomes are considerably larger. If you determine a shortfall, then you might buy a personal plan to “top up”. The same is true for association plans.
Check whether the plan covers YOUR occupation or ANY occupation. A plan that pays for ANY occupation could limit your ability to collect benefits for a prolonged illness.
Self Employed, Contract Workers, Business Owners and Individuals
Business owners must create their own plan for income replacement in the event of a serious illness, like cancer. Plans address the needs of the individual whatever their occupation. Individual plans can provide higher benefits to the insured, recognize the unique nature of taxable income and expenses for the business owner. A business owner can supplement personal income replacement insurance with a policy to cover business expenses and guarantee continuation during recovery.
CRITICAL ILLNESS INSURANCE
Critical Illness insurance pays a lump sum for a number of specific illnesses. The most important feature of this insurance is it pays on DIAGNOSIS of a covered condition. Some plans have modifications included for certain types of cancer. Critical Illness insurance pays in addition to a monthly income benefit, so it can provide immediate cash to pay off a mortgage, take a trip or pay expenses associated with treatment of the disease.
GUARANTEED ISSUE CRITICAL ILLNESS INSURANCE
This insurance pays on diagnosis also. Usually it is a simplified application with a few or no medical questions, for a modest amount, $25,000 or $50,000 for example. People who are declined for traditional Critical Illness, for any number of reasons; a pre-existing condition, diabetes for example; family history can buy a benefit and offset considerable costs at the time of diagnosis.
Many people who have a Critical Illness plan recover and return to daily activities (including working again) having had the benefit of the lump sum for expenses, etc. to enable a recovery free of the stress of job/wage loss or sacrifice in lifestyle just when they need to feel comfortable and secure. Some policies pay for a second event, so the insured can continue the policy by resuming premium payments.
CANCER INSURANCE
Some Canadian Insurance companies offer a cancer specific product. It can be combined with other insurance.
62% of working respondents reported a belief they had only a 2% chance of being disabled for 3 months or more during their working career.
The Social Security Administration (USA) however, indicates the likelihood is 25% that a wage earner will be disabled for 3 months or longer (SSA Fact Sheet February 2013)
Further, the Council for Disability Awareness (USA) reports 90% of all disability claims are for illness.
Excerpted from a Study conducted by the Council for Disability Awareness (USA) 2010
The single most valuable asset anyone who works to create and maintain a chosen lifestyle, is their ability to do that work and earn the income that supports those goals and aspirations.
“No one plans to fail, they just fail to plan”
An educated consumer can consult with a knowledgeable insurance professional and make sure the underpinnings of their financial plan is solid.
