Freedom 55 Financial

Uncovering the truth about critical illnesses

Myth: Cancer, heart attack and stroke won’t happen to me.

Reality: 2 out of 5 of us are expected to develop cancer in our lifetime. More alarmingly, every four minutes a Canadian is diagnosed with cancer. More than 400,000 Canadians are living with long-term stroke disability.

Myth: If I get cancer, I probably won’t live. My family can live off of my life insurance.

Reality: 63% of Canadians are expected to survive for five years or more after a cancer diagnosis. If you don’t plan ahead for a serious illness, you could jeopardize your family’s financial wellbeing.

Myth: Alzheimer’s disease isn’t a huge financial burden because no expensive medical equipment is needed.

Reality: Alzheimer’s disease costs the patient and their family more than you’d think. The combined medical and lost earnings cost of dementia totals $33 billion a year. In 2011, family caregivers spent more than 444 million unpaid hours looking after someone with a cognitive impairment, including dementia.

Read the full article here

Are you prepared?