Living Benefits

Critical illness insurance is a type of insurance that pays a lump sum benefit if you are diagnosed with a covered critical illness, such as cancer, heart attack, stroke, dementia, or kidney failure. This benefit can help you cover the costs of medical treatment, recovery expenses, or any other financial needs you may have during a difficult time. Critical illness insurance can provide you with peace of mind and financial security in case you face a serious health challenge. Unlike health insurance, which only pays for your medical bills, critical illness insurance gives you the flexibility to use the benefit as you wish. You can use it to pay for alternative therapies, home modifications, travel expenses, or even to replace your lost income. Critical illness insurance can help you focus on your health and recovery without worrying about your finances.

 

Disability insurance, on the other hand, is a type of insurance that can help you protect your income and your family in case you become unable to work due to an illness or injury. Disability insurance can replace a portion of your regular income, usually between 60% and 85%, up to a maximum amount, for a specified period of time. This can help you pay for your living expenses, medical bills, and other financial obligations while you recover from your disability or adjust to your new situation. Disability insurance can also provide benefits if you die from a disability-related cause.

 

Disability insurance is important because it can reduce the financial stress and hardship that a disability can cause. According to statistics, one in three working Canadians will experience a period of disability lasting longer than 90 days during their working lives. However, many Canadians underestimate the risk of disability and do not have adequate coverage through their employer or their own plan. Without disability insurance, you may have to rely on your savings, government benefits, or family support, which may not be enough to cover your needs.

 

Therefore, it is advisable to review your disability insurance options and find a plan that suits your budget, occupation, and lifestyle. Disability insurance can give you peace of mind and help you maintain your standard of living in the event of a disability.