Critical Illness Recovery Insurance
Getting sick isn’t something any of us would like to think about. But it happens. The cost to treat and cope with a critical illness is often significant and unexpected. Critical Illness insurance provides you with a tax-free lump-sum payment of a specified amount if have diagnosed with one of the 22 covered illnesses as described in your contract, including heart attacks, stroke, cancer, Alzheimer’s, kidney failure, organ transplant, and you survive the waiting period (30 days in most cases). The benefit gives you the financial freedom to focus on getting better.
If you have not contracted a critical illness and there has not been a claim, additional riders may be included in the plan to refund all premiums after a specific time period or at death.
Disability Income Protection Insurance
A serious illness or sudden accident can happen in an instant — leaving you unable to work and earn money. While your other health insurance can help with the medical bills, you may need disability income protection insurance to help replace lost income throughout your working years. The income protection plan is available for professionals, business owners, business executives, and full-time, part-time or home-based workers.
Long-Term Care Insurance
If due to aging, illness or accident, you become unable to care for yourself, long-term care at either a facility or at home may be necessary and costly. Provincial health insurance plans offer NO coverage for private facility care, and pay only a limited amount for care at home. Without proper planning, the cost of long-term care may quickly deplete your savings and create a huge financial burden on your loved ones. Long-term care insurance helps to fill that gap, ease the financial burden from your family, and provide you with a peace of mind over your future.
Long-term care insurance provides a source of monthly income to help cover the healthcare costs. The qualification for the monthly payments is based on an inability to perform two out of six activities of daily living or a cognitive impairment. These activities of daily living known as ADL’s are feeding, bathing, dressing, transferring, toileting and countenance.