LIVING BENEFITS
There are many situations where a person could develop an illness or suffer an accident that leaves them unable to provide for themselves or their family. With health care costs soaring and dwindling government aid, people must protect themselves primarily against undue financial strain and secondarily emotional stress.
HEALTH INSURANCE
Without your health, what do you have? Many people ask this question once they find themselves in a situation where their health is declining. For people without individual or group health insurance, this can lead to financial devastation or reduced medical intervention.
When you are healthy, insurance is the last thing on your mind and may not be included in your budget, however, it is the best time to apply! If you wait until you are sick, you may not be able to secure the coverage you will need.
Knowing you do not own the coverage at your workplace should also be another reminder that you need to investigate the possibilities for you and your family.
CRITICAL ILLNESS
This type of insurance pays out a lump sum payment on the diagnosis of a "serious illness or disease". These conditions can include (but are not limited to): cancer, heart attack, stroke, Alzheimer's disease, heart bypass surgery, angioplasty, loss of sight, hearing and/or paralysis.
The statistics are stunning...
- Of 10 healthy male adults, 3 will have a critical illness before age 65
- Of 10 healthy female adults, 2.7 will have a critical illness before age 65
- More than 130,000 Canadians will be diagnosed with cancer this year
- Over 60,000 people in Canada will die this year from Cancer
- 1 in 3 women and 1 in 2.5 men will develop cancer in their lifetime1 in 9 women will develop breast cancer
- 1 in 4 Canadians will contract some form of heart disease
- 75,000 Canadians suffer heart attacks each year
- The rate of death among patients hospitalized for heart attacks has been decreased by half, from 16 percent to 8 percent
- 1 in 2 heart attack victims are under the age of 65
- 50,000 Canadians suffer a stroke each year
- 75% survive the initial event
- 1/3 of stroke victims are under the age of 65
- 60% of stroke victims will be left with a disability
A lump-sum payment is issued within a specified survival period (usually 30 days*) after the diagnosis of a critical illness or disease. This payment may be used in any way you wish, without restriction.
A return of premium option is available if there is no claim to the policy.
(* may vary between insurance companies.)
DISABILITY
Often called income replacement insurance, Disability Insurance is the main product to maintain your income while unable to work due to an accident or illness.
In 2017, one in five (22%) of the Canadian population aged 15 years and over – or about 6.2 million individuals – had one or more disabilities.
The prevalence of disability increased with age, from 13% for those aged 15 to 24 years to 47% for those aged 75 years and over.
Women (24%) were more likely to have a disability than men (20%).
Disabilities related to pain, flexibility, mobility, and mental health were the most common disability types.
Source: https://www150.statcan.gc.ca/
Even if you have disability insurance at work, you may not be fully covered. Most group benefits only cover a percentage or dollar amount of what you could qualify for based on your income. Let me look at your policy booklet to find out what your coverage will provide.
GROUP BENEFITS
Healthy employees = happy employees = productive employees = successful business!
When an employer provides group benefits to employees, it gives them the confidence that their employer cares about the well-being of themselves and their families. Group benefits are becoming an essential factor in attracting and retaining valuable employees.
Group benefits include life insurance; accidental death and dismemberment; dependent life insurance; short- and long-term disability insurance; extended health coverage; dental coverage; critical illness and employee assistance programs.
I pride myself on my commitment to my clients. What does this mean to me? It means providing a consistent level of customer care and taking care of all your financial needs. What does this mean to you? It means customized benefits, in-house support and a company that cares about your success.