Most people understand life insurance. You die and it pays out. However, there are many additional features of life insurance that the average person does not know about. It can be structured in many beneficial ways such as, being used to provide an efficient savings vehicle for your child’s university, or waving your premiums if you suffer a disability.
The vast majority of Canadians rely heavily on government benefits if they get injured at work or become permanently disabled. The Canada Pension Plan, Employment Insurance and Workers Compensation provide minimal disability coverage, often leaving families with little to no disposable income.
Third party disability insurance is an affordable way for individuals to ensure that their family will have a stable, meaningful income for the life of the insured.
Critical Illness Insurance
Cancer and heart disease are the top two killers of Canadians. Critical Illness insurance is one of the most undersold and under estimated insurance product available to Canadians. Not only does the insurance pay out when you have a disease (there are 24 covered conditions), but special provisions in the plan enable you to fly anywhere in North America to see the top rated doctors in the field for the sickness you have!
Long Term Care Insurance
LTC Insurance is the most overlooked of all insurance and may become the insurance we all wish we had. Long Term Care Insurance provides a monthly benefit to the insured if they become unable to perform various activities of daily living such as eating, or being mobile. It provides the luxury to insured clients to live at home or in a retirement home of their choosing, and not what they might be forced to live with!
Health & Dental Insurance
If you are one of the millions of Canadians not fully covered by a group or employer health plan, you and your family are vulnerable to healthcare expenses not covered by your provincial health insurance plan. When you have to pay routine expenses like trips to the dentist and prescription drugs, the out-of-pocket expenses can add up very quickly. Unexpected expenses due to an accident or serious illness could be even more difficult to pay.
Whether you’re planning a trip, expecting visitors, visiting Canada yourself or studying abroad, it’s wise to have the protection offered by travel insurance.
No one expects to have a medical emergency away from home, or to have to cancel a trip due to an emergency. But these events happen and they can be disruptive and expensive.
Before you travel, it’s wise to ensure you have coverage to protect you against the unexpected.