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Why Critical Accident Insurance?
Life and disability coverage are important, but could leave gaps in your personal accident protection
According to the Canadian Life and Health Insurance Association, 22 million Canadians are protected by one or more of the life and health industry's products and services.¹ With a population of just over 30 million people², that means more than 70% of Canadians have some type of life or health insurance. It's no wonder so many of us feel we already have enough insurance protection.
But before dismissing the need for more insurance protection, it's important to realize that life insurance does not provide benefits for the survivors of critical accidents. Typically, the most extensive disability coverage will only replace up to 70% of pre-disability income — and even then, only for a limited time. Survivors of critical accidents often face both immediate and long-term financial challenges for which they may not have coverage.
Many individuals who survive a critical accident face the prospect of having less income — or none at all — because they can no longer do the same type of work. Often, there's the need to re-engineer a home or vehicle, to travel abroad for expensive treatment, to pay for long-term nursing care, a motorized wheelchair — the list goes on. And let's not forget the hospital costs (private room, taxis, babysitters, TV or telephone rental) that are usually not covered by other insurance or health plans.
In situations like these, the Critical Accident Recovery Plan Plus could make all the difference.
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