Why Manage Health Risks?
Every three minutes Cancer picks a fight with another Canadian. One in four Canadians will be disabled at some point during their lifetime. Disability due to sickness or injury is the leading cause of mortgage foreclosure. The statistics are compelling. Becoming critically ill or disabled is something none of us want to think about, maintaining good health is one of the top 3 life goals; beside debt elimination and retirement.
Through personal experience I have learned that Cancer drugs cost between $6000 – $8000 per month
Through personal experience I have learned that Cancer drugs cost between $6000 – $8000 per month. I have seen savings accounts and RSP portfolios wiped out to help pay for treatments not covered by company benefit plans. I believe that protecting your income and wealth is a critical component of your financial plan. During a disability, household bills still need to be paid. Living Benefits includes products like Disability, Critical Illness and Long-term Care Insurance. Depending on your needs, desires and health condition, there are many types of policies available; it can be very confusing, here is a brief outline of each;
Disability Insurance
Disability insurance usually pays a monthly benefit equal to a percentage of your salary normally 60-70% in the event you become disabled and are unable to work. Many employers offer their employees group disability insurance coverage. However, self-employed individuals or individuals who are not covered through their employers; should ensure that they have adequate insurance coverage to continue to pay their living expenses while they are unable to earn a living. If you want more information click here and schedule a time to talk with me.
Critical Illness Insurance
Critical illness insurance is a relatively new product, which was introduced in the 1980s. It pays a lump-sum benefit shortly after diagnosis, regardless of the ability to work. Some critical illness insurance plans may only cover the most common illness such as cancer, heart attack and stroke while others cover two dozen or more. The lump sum payment can help pay for items related to the illness, such as medical expenses that are not covered by a health plan, or a much needed vacation. If you want more information click here and schedule a time to talk with me.
Long-term Care Insurance
As the population ages, more and more people will require long-term care, the costs can be overwhelming for families, between $3000-$5000 per month. Many Canadians want the peace of mind of knowing that they will be able to afford the care they need without burdening their families with the costs. Long-term care insurance provides a benefit that helps cover the cost of nursing home fees or attendant care fees. Most plans generally pay a stated daily or weekly benefit once it is determined that the insured is no longer able to adequately care for themselves. If you want more information click here and schedule a time to talk with me.
Insurance sales are not conducted through Security Financial nor are they the business of Security Financial. Insurance sales are conducted through Qualified Financial Services (QFS), a Managing General Agency.