If only health was guaranteed and accidents didn’t happen.
Disability Insurance
What will happen if you have an accident or an illness and you cannot work?
Will you still be paid your salary? Do you have any other source of income? Who will pay for basics such as groceries, rent or your mortgage?
Disability Insurance will replace 65% to 80% of your income and up to a maximum amount and for a specified time if you temporarily cannot work or are permanently disabled due to an accident or illness.
Most Group Plans provided by an employer will include some kind of disability insurance. However, there are two important points to keep in mind:
- The amount provided might not be enough to replace the income you and your family need, and
- If you leave your employment, you lose the protection. Getting Disability insurance will become more expensive as you get older.
Critical Illness
Survivors of a critical illness are sometimes left with the long-life financial consequences of their diagnosis. Critical Illness Insurance can make a difference.
People that have this coverage and are diagnosed with a critical illness receive an amount to pay for :
- a private nurse,
- treatment or devices not covered by the provincial or other insurances plans,
- mortgage installments or credit,
- take time off work to concentrate on their recovery,
- any other special need.
Premiums for a $50 000 CAD Critical Illness insurance can be as low as $2 CAD per day, depending on age, plan selected (conditions may apply).
Considering statistics that show men and women after 55 are more likely to get diagnosed with a critical illness, it is in your best interest to get this coverage while you are young and healthy to guaranty your insurability and lock rates.
This kind of insurance is also available as a rider to your Life Insurance in a form of “package” protection that is more cost effective that if you purchase them separately.
Health & Dental Insurance
Health insurance will cover costs not covered by the provincial health plan, e.g. dental and is usually offered by a work group plan on the part of your employer.
You as the employee, do not have any control on the benefits offered by the plan and you can lose it if your employer decides to not renew the policy or if you leave the company.
On the other hand, a private Health & Dental insurance coverage is tailored to meet your family’s specific needs and as long as you pay the premium, it is yours.
Some plans will cover you while you are between jobs so you won’t be left hanging in case you need medical services that are not covered by the province.
People that can benefit from a private Health & Dental insurance plan are:
- Workers with no access or that have lost group benefits, e.g. roofers, truckers, retirees, etc.
- Students and recent graduates that have lost their parent’s group coverage
- New residents
- Employees without group insurance
- Small business owners
- People with an unstable health condition or awaiting a diagnosis