What is Cystic Fibrosis?
Cystic fibrosis is an illness that typically affects children and young people. A usual life expectancy (on average) for people with cystic fibrosis is about 37 years. It is considered a critical illness and it impacts various parts of the body, predominantly the lungs and digestive system. The disease has been described as trying to breathe through nothing more than a drinking straw for the rest of your life, with the effort required to breathe becoming more and more as you age.
The disease is a result of a gene mutation. This mutated gene must be contributed to a child from both parents in order for the disease to appear. According to Cystic Fibrosis Canada, one out of 3,600 children born in Canada inherits this disease and it's more common among people of Northern European origins, and least common in Africans and Asians.
The US National Library of Medicine states that the mean annual health cost for treating cystic fibrosis is approximately $10K per year for mild cases, $25K for moderate cases and $34K for severe cases. The lifetime costs add up on average to approximately $306K - hence the limitations on getting insurance coverage for that critical illness.Eligibility & Policies
Not everybody can qualify for cystic fibrosis life insurance coverage - it is mostly younger people or children who would be able to qualify for the coverage. Adult cystic fibrosis is quite rare and thus is often not covered; According to the insurance experts, it is not an approved illness on any adult critical illness policy available in Canada. Several companies, however, cover cystic fibrosis via children's CI policies to a maximum age of 18, 21, or 25 - depending on the carrier.
Having a critical illness plan that includes a cystic fibrosis insurance caveat for children means that a parent, as a policy holder, would receive one lump sum which can be used for different purposes e.g. for kid's treatment. Some providers also offer some refund of premiums if children were not diagnosed with a critical illness.
A Broker Can Help
Not all insurance brokers have experience with this type of insurance policies. If you or your close ones have this condition and you think about getting life insurance, speak with a broker who is knowledgable in this space about your options.
Insurance policy advice: Be sure to ask about simplified and guaranteed illness policies as these no-medical options are frequently used by the difficult-to-insure. Life insurance greatly eases the financial burden brought on by medical bills and end-of-life expenses. Many people who did not traditionally qualify for insurance, now have policies designed especially for those suffering from a critical illness.
About the Author:
Alexey Saltykov is a co-founder and managing director of InsurEye Inc, a Canadian company that provides online tools for consumers to educate them about insurance, create transparency in insurance market place in Canada. We also connect consumer with insurance brokers in Oshawa
and insurance brokers in Barrie
and all across Canada.
Pros and Cons of FSAs and HSAs - Part 1
Peggy L Farnworth
As the time approaches to sign up for your company cafeteria plan, which do you choose the Flexible Spending Account (FSA) or the Health Savings Account (HSA)? Much depends on your unique family situation. Let's explore how each program works....
Cyber Liability Insurance: Not IF Your Customers Will Need It, But WHEN
In 2013 and 2014, high-profile data breaches at several major retailers and banks put millions of customer credit card numbers in criminal hands. These events put large numbers of people at risk of identity theft, and incurred millions of dollars in IT consulting, legal, and public relations costs to the companies....
Auto Insurance Agents Are Like Professional Advisors
Birendra Mohan Bhattacharjee
Whether you are searching for the perfect business insurance cover or a personal protection with life insurance policy, you must take the support of experienced auto insurance agents because of many advantages. The trusted agent helps choose the best policy by comparing different auto insurance quotes from multiple providers for confirmed economical benefit....
Car Insurance Rates in Ontario
Are you concerned about car insurance rates in Ontario? Insurance rates in this province are among the highest in the country. Learn what you can do to save money on your rate....
How Force Placed Insurance Can Save a Homeowner From Taking a Loss
There is no one place in the world where you can protect yourself against disaster, just like there is no one insurance plan to protect you against all losses. Many homeowners don't own their homes outright because they have a mortgage against their property. So what happens when homeowners have insurance, but their lender deems it insufficient?...
Things You Must Consider While Buying Car Insurance For A Used Car
Whether you have a new car or a used one, the necessity to buy a car insurance remains the same. However, the insurance you buy depends on the kind of vehicle you own and how frequent you need it to travel. To purchase the right insurance with maximum coverage at best price, you must always follow certain few simple tips....
The Importance Of Adequate Insurance Cover To Small Businesses
One of the largest risks facing small business owners is a failure to ensure an adequate level of insurance cover for their company - this is particularly true of small businesses who may not quite have the resources to cope with the large financial losses which may be suffered as a result of 'underinsurance'. A UK study recently estimated that around 80% of businesses may actually be underinsured, and this figure is only likely to rise given the unprecedented volume of new businesses which are forming by the day in the UK....