It`s a Matter of Life | An Overlooked but Essential Piece Of The Puzzle: Critical Illness Insurance

Eagle Bay Financial Services Newsletter
Fall 2020
Serving Canada`s Indigenous Community since 2002
It is a Matter of Life
An Overlooked But Essential Piece Of The Puzzle: Critical Illness Insurance
“I was enjoying a wonderful life with my husband, his children and a grandchild. I remember the day I re-discovered my
second lump. I was disappointed, and I said to my self, “Here we go again!” This time the cancer was on the left side, yet
again I knew I had to go through all the same procedures; mammograms, ultrasounds, biopsy and that anxious wait!”
– Ida Sue Calla
Critical Illness Insurance is a great product that covers you and your dependents for unexpected serious illnesses from a predetermined
list of covered conditions such as life-threatening Cancer, Heart attack, Kidney failure, Multiple sclerosis, Paralysis, Stroke and more. Upon
diagnosis of one of the covered illnesses, and after the applicable waiting period has expired, the lump sum is paid to the policyholder.
The money received from the Critical Illness(CI) insurance;
• is a tax-free,
• is not dependent on whether the policyholder can
return to work during recovery,
• can be used by the recipient for whatever way they
wish, where and when they need it the most. It can be
used for medical expenses, childcare, private nursing,
allowing you to return to work when a spouse or child is
diagnosed with a critical illness or otherwise,
• has a multiple event coverage, which means you
can claim multiple times for separate and unrelated
conditions.
Rates of cancer diagnosis, incidences of stroke & heart disease
are increasing among Canadians.
Page 1 of 7

Eagle Bay Financial Services Newsletter
Fall 2020
Serving Canada`s Indigenous Community since 2002
What Conditions Are Covered by Critical Illness Insurance?
Let`s quickly review the top three prevalent conditions affecting Canadians and see why Critical Illness Insurance brings peace of mind and
additional financial stability during a difficult time.
Cancer - According to the Canadian Cancer Society, nearly one in two Canadians is expected to be diagnosed with cancer in their life
time 1
. The number of Canadians diagnosed with cancer each year is also increasing 2
.
Heart Attack - Heart Disease is a leading cause of hospitalization in Canada 3
. Approximately 2.4 million (8.5%) of Canadian adults 20
years and older live with diagnosed ischemic heart disease, including 578,000 (2.1%) with a history of a heart attack.
Stroke - Due to increased awareness and medical improvements, 80% of those who suffer from a stroke survive 4
. This results in more
and more Canadians living with the effects of a stroke, including services and support. More troubling, incidences of stroke are rising
in young people at a faster than older Canadians 5
.
The increased prevalence of critical illnesses shows a disturbing trend. It’s
becoming more likely that we, one of our loved ones or a colleague
will receive a severe diagnosis in our lifetimes
Why You May Need Critical Illness Insurance?
As the Canadian life expectancy continues to increase, so too
does the chances of being diagnosed with a critical illness.
If you get diagnosed with a severe illness, you or your partner may
need time off from work for treatment and recovery, resulting in
lost income. As you can imagine, any added expenses related to
the treatment and the financial strain that it may bring to your
life can be incredibly stressful. Perhaps a good question that we
should ask ourselves is, “Could your bank account survive the cost
of a critical illness?”
Could your bank account survive the cost of a
critical illness?
Critical Illness Insurance has been in the marketplace for a long
time; the number of Canadians affected by these illnesses has
seen an increase in the past couple of years. Therefore, the CI has
also seen an uptake as a safeguard against the rising probability
of these diagnoses.
Page 2 of 7

Eagle Bay Financial Services Newsletter
Fall 2020
Serving Canada`s Indigenous Community since 2002
Your Options
If you don’t have Critical Illness insurance on your group benefits plan and would like to add one, that`s not a problem. Here are some ways
we can help you with it;
Group Critical Illness Insurance provides coverage for all employees. If you would like to add this benefit to your group benefits plan,
please contact your plan administrator. Our Account Managers Mina Dingle and Denise Perry can provide them with more information.
Individual Critical Illness Insurance is an employee-funded benefit that provides coverage for employees who wants to have this protection
for themselves, Spouses and Dependent Children. The cost is your responsibility and not financed by your employer. If you would like to
add this benefit to your benefits plan, please contact our Financial Advisors Amanda Calla and Tiziana Cagnoni for more information.
Critical Illness Insurance provides your and your dependents with peace of mind! The financial security offered by the lump-sum payment
can be used as you see the fit, allowing you to focus on the treatment, recovery, and family.
Ida Calla`s Story
I am a three times Survivor of Breast Cancer, and I would like to share my story about why I am a big
fan of Critical Illness Insurance.
I had my first diagnosis in 1989
I discovered my first lump through self-examination at age 34. It was scary and shocking!
Unfortunately, back in 1989, Critical Illness Insurance was not an option. But thankfully, I had
excellent private insurance coverage through my employer in the USA. Most of my treatments,
including chemotherapy and radiation, were covered by private insurance.
Back in 2005, at age 49, cancer came back again.
Ida Sue Calla ,
Vice President of Eagle Bay Financial Services.
September 2020.
At that time, my husband Nick and I were busy building our business. I was enjoying a wonderful
life with him, his children and a grandchild. I remember the day I re-discovered my second lump. I
was disappointed, and I said to my self, “Here we go again!”. This time the cancer was on the left
side, yet again I knew I had to go through all the same procedures; mammograms, ultrasounds,
biopsy and that anxious wait!
Page 3 of 7

Eagle Bay Financial Services Newsletter
Fall 2020
Serving Canada`s Indigenous Community since 2002
Again, just like the first time, I was lucky because we had a private health insurance plan through our company, but we had no critical
illness insurance. You need to know that during my treatments, I was able to work, the kids were old enough to take care of themselves,
and we had our savings, so we didn’t need extra money to cover our expenses. However, some cancers don’t qualify under the definition
of disability; yet some people might find themselves unable to work. In that case, Critical Illness Insurance is a perfect financial cushion for
unforeseen medical costs and family needs.
In December 2016, at age 61, I had noticed another lump in my right breast again. As a two times survivor, I knew the cancer was back again!
I quickly saw my family physician and went through all the routine mammograms, ultrasounds, biopsy and waited. On Christmas Eve in
2016, my doctor called and confirmed that the cancer was back again. Can you imagine? It was my 3 rd diagnosis!
This time I would need to have a mastectomy of my right breast.
My wonderful husband Nick and our family talked about the
alternatives; we decided to get a bi-lateral mastectomy to
remove both breasts and go through reconstruction. We
believed if cancer was back in the right breast, there is a good
chance, it would happen again on the left.
“
Some cancers don’t qualify for
disability insurance yet some
might find themselves unable to
work. Therefore, Critical Illness
Insurance is a perfect financial
cushion for unforeseen medical
costs and family needs.
”
My oncologist told me to get a PET scan asap and start my treatments right after.
Perhaps you know, the wait times for a PET Scan is quite long in B.C. We wanted to
get the scan at a private facility instead but were informed it would take up to three
months for B.C. Medicare to pay for the cost of the scan. It was $3,200 back in 2016.
The provincial and private health insurance was covering most of my drugs; except
one. The drug was a new pharmaceutical called Neulasta. Luckily, the drug got
approved by B.C Pharmacare 3 days before my first treatment. If we didn`t have a
Critical Illness Insurance and Pharmacare wouldn`t pay for it, we had to think twice
about how to pay for the medication. Four shots of Neulasta would cost us $11,200
back in 2016.
Ida Calla at her first chemo treatment.
January 2017.
Page 4 of 7

Eagle Bay Financial Services Newsletter
Fall 2020
Serving Canada`s Indigenous Community since 2002
After my second recovery, we decided to be proactive and include mandatory
Critical Illness insurance into our Group Benefits package. The Critical Illness
Insurance Policy paid for the uncovered treatments and drugs. Even though I had
a recurring condition and had breast cancer twice before, I received my payment
on time. That is one of the most incredible things with Critical Illness Insurance!
Today, I am a healthy senior in my mid-60s. I enjoy the love of my husband and
cherish the company of his children and our four grandchildren. I truly believe in
having Critical Illness coverage because it covers more than 36 illnesses, including
heart attacks, strokes, cancer of various sorts, brain tumours, etc. If you are
wondering, I still have Critical Illness coverage today, just in case. Because I believe
it is a matter of life, not death!
After my second recovery, we decided to be proactive and have included
mandatory Critical Illness Insurance into our Group Benefits package.
Ida Sue Calla & Dr. Nancy Van Laeken
November 2018.
Shannon Hamilton`s Story
No one ever thinks they will fall victim to a critical illness like cancer or a stroke. But the
chances are increasing, as we continue to make advances in medical science and enjoy
the longest lifespan of any generation in history. The probability of being diagnosed
with a serious illness and surviving is much higher than premature death…and, most of
those who suffer from a serious illness recover and return to work.
I’ve been in the Group Benefits industry for over 20 years, and seen many presentations
on Critical Illness (CI) Insurance. I knew CI was a great benefit, but it wasn’t until I
received payout from my Employer’s Group benefits plan that my passion for the
product grew.
Shannon Hamilton - Regional Director at
Benefits by Design Inc. (BBD)
Page 5 of 7

Eagle Bay Financial Services Newsletter
Fall 2020
Serving Canada`s Indigenous Community since 2002
I’ve always taken a proactive approach to my health management - I eat well, exercise regularly, and go for routine health exams. When I
was 40, I referred myself for my first mammogram…and three weeks later, after a variety of other scans, ultrasounds and biopsies, I was
diagnosed with breast cancer. Suddenly, my perception of being in great health and invincible to illness was shattered, and my world and
everything that I knew of it came to a screeching halt. Not knowing how serious the cancer was, or what to expect next, and the worry
for my husband and two children filled my head. We put future plans on hold and dealt with each day and challenge as it came. Surgery,
reconstruction, radiation, chemotherapy, and the fatigue and anxiety that comes with it, could all be in my future. I would have to take
time off work for recovery, and not knowing how long I’d be off added to the financial stress in our household.
I did a lot of reading, and went to several surgical and reconstructive consults. I reached
out to breast cancer survivors to discuss their journeys, and took in as much information
as I could to make an informed decision on my treatment. I was off work for over a month
after surgery, and grateful that my aggressive breast cancer was a covered condition under
our Group Critical Illness benefit.
Critical Illness Insurance provides a tax-free, lump sum payment if an insured is diagnosed
with a covered condition. Payment is made regardless of the insured’s ability to work or
make full recovery, and can be used in any way that the insured chooses. The peace of mind
that the policy proceeds gave, by allowing me to tie up some financial “loose ends” so I
could focus on treatment, recovery and my family, and return to work when I was ready,
meant the world to me.
“
I didn`t know how
serious the cancer
was, or what to
expect next, and the
worry for my husband
and two children
filled my head.
”
It’s been four years and I’m cancer free, and I count my blessings every day that I am healthy and happy, and a proud employee of an
organization that cares about my health & financial well-being.
References
(1) Canadian Cancer Statistics, Canadian Cancer Society
(2) Canadian Cancer Statistics, Canadian Cancer Society
(3) Heart Disease in Canada, Public Health Agency of Canada
(4) 2017 Stroke Report, Heart & Stroke Foundation
(5) 2017 Stroke Report, Heart & Stroke Foundation
This content is adapted from;
Benefits by Design`s promotional document; “Making the Case for Critical Illness Insurance” September 22 2020.
Industrial Alliance`s “Promoting VoluntaryCritical Illness Insurance” September 24 2020.
Page 6 of 7

Eagle Bay Financial Services Newsletter
Fall 2020
Serving Canada`s Indigenous Community since 2002
Denise Perry
Account Manager, Group Benefits
Denise comes to Eagle Bay Financial Services Ltd with over 25 years of experience in the insurance industry with an emphasis on Group
Benefits working with major carriers and advisors in Canada and the US.
Denise’s focus is on the client and has been called “Client Obsessed” as she will work tirelessly to ensure the client continually has a
good client experience and their needs are fulfilled. Always respectful and professional she strives to ensure your interactions with
her are a positive experience.
Originally from Washington state, her passion for cooking was inherited from her father who was a chef and she attended culinary
school in Tuscany Italy to hone her skills and loves cooking for friends and family.
Questions?
Don’t hesitate
to contact us.
Group Benefits Questions
Danijela
danijela@eaglefinancial.ca
Group Retirement Questions
Rita
rita@eaglefinancial.ca
Marketing & Promotions
AJ
msm@eaglefinancial.ca
About Eagle Bay Financial Services Ltd.
Eagle Bay Financial Services Ltd. is an aboriginally owned and operated independent advisor agency located in BC. We specialize in First
Nations Benefits and Retirement plans and offer customized plans that meet your needs and budget. We represent your best interest
with all of Canada’s leading insurers and retirement providers. You have a choice in who represents you.
Call us at 1.866.425.6527 and experience the Eagle Bay difference!