Fact: According to Stats Canada – 32% of all male deaths in Canada (2002) and 34% of all female deaths in Canada (2002) were due to cardiovascular disease. http://ww2.heartandstroke.ca

Fact: An estimated 159,000 new cases of cancer and 72700 deaths from Cancer will occur in 2007. http://www.cancer.ca

Okay so people are going to get sick – but as technology gets better and better, more people are going to recover from being sick. As a consumer you should worry about recovering and not your bill payments, as an employer, you should worry about your employees and their successful return to work. The solution: Group Critical Illness insurance.

Critical illness insurance pays you a lump sum of money should you get diagnosed with a critical illness (most prevalent are the cancers, heart attacks or strokes) The level of coverage that you get is really based on a few factors:

a) your current age and health
b) the amount you wish to spend

Group critical illness takes things to a whole new level. Like group health and dental plans, a group critical illness plan lowers the cost of critical illness coverage for the members and offers coverage to those who may not have had previous access to it.

Personally you should have your own critical illness policy (also see my article on October 19, 2007 )

Group critical illness insurance is a coverage growing in popularity with employers because of what it offers – compassion for your employees. If they get sick, it takes the pressure off of them to return to work and allows them time to recover. which means that you get back that key person and their wealth of knowledge.

Group critical illness coverage comes in 2 versions: stand alone and bundled with health and dental benefits package. The choice that you make will reflect your needs and cash flow.

Speak to your group benefits advisor (or yours truly if you are looking to speak to someone more that once a year at renewal) and seriously consider adding a group critical illness policy for your staff.

Posted: 12|4|07 at 11:29 am. Filed under: Business Risk, Emerging Risks, Employee Benefits, Key Person Insurance, Uncategorized, Uniquely Canadian.
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