Everyone who enjoys good health hopes it will last for a lifetime. But it doesn't always turn out that way. Sometimes life throws a curve.
Injuries can happen. A critical illness could dramatically change your life, your future, your family's lifestyle, as well as your financial security. A chronic disease or disability could keep you from working. Someone in your family could become injured and require personal care services. Insurance can't prevent those things from happening. But it can help you and your family cope.
Critical Illness Insurance
Hundreds of thousands of Canadians - single parents, families, independent business owners, contract workers without benefits - suffer from serious illnesses each year. Thanks to the advance of modern medicine and technology, many of these people will survive their ordeal. But recovery can be expensive and can take a long time.
Critical illness coverage helps survivors to manage the costs associated with recovery by providing a valuable lump-sum payment. This money, which can be used for any post-illness expense, helps critical illness survivors deal with the financial demands of recovery.
This money can be used in many ways, including:
- Replace lost income
- Keep a business going during your crucial recovery period
- Pay off a mortgage
- Reduce debt incurred during your illness
- Renovate your home or relocate
- Protect savings and assets from being spent on recovery
- Help maintain your family's lifestyle
- Make a dream come true
Why do you need Critical Illness Insurance?
No matter your situation (single parent, family, independent business owner, contract worker without benefits, etc) a serious illness could dramatically change both your life and your family's life.
Critical Illness Insurance helps manage the costs associated with recovery by providing a valuable one time lump-sum payment that can be used for anything, allowing you to focus on recovery and resuming a meaningful lifestyle.
Disability insurance is designed to provide the policyholder with a stated amount of periodic income in the event that he or she cannot work due to a disabling illness or accident. Benefits paid under a disability policy are received by the insured in the form of weekly or monthly income payments.
Unlike life insurance, insurance companies typically place a limit on the amount of disability income protection any one person can apply for, defined in terms of a maximum percentage of a person's salary or wages.
What are the chances that an accident or illness could strike you?
- 1 in 7 people is disabled
- 1 in 8 people get food poisoning
- 1 in 70 motor vehicles is involved in an accident causing disability, injury or death
- 1 in 88 homes catches fire
- 1 in 106 people dies prematurely
- 1 in 111 people have their car stolen
Why do you need disability insurance?
Disability insurance provides you with an income when a disability stops you from working. With insurance protection, your family would have money to pay bills, and remain financially stable.
Think about it this way. Suppose you owned a valuable piece of equipment. Day in and day out, the equipment operates reliably. It helps you earn a large amount of money every year. Without question, you would insure that piece of equipment in case it broke down.
Similarly, when a family depends on someone to go to work and earn money, year in and year out, doesn't it make sense to have disability insurance in case you become disabled?
Disability Income Protection Insurance provides you with a monthly income in the case of disability. It is designed to protect the income of a person who is currently employed.