Disability insurance provides you with financial security when an accident or illness causes you to be disabled and unable to work or earn an income. Disability insurance replaces a portion of your income if you become unable, through injury or illness, to work. Policies differ on how soon you would collect benefits and for how long. They also vary in whether disability benefits are received if you can’t perform the duties of your own occupation, a job in your field, or any job at all.
Unlike Life Insurance and Critical Illness Protection where benefit is usually payable in a lump-sum, and this payment ends the contract, Disability insurance benefits are almost always payable on a monthly basis, while disability continues. Upon recovery from a disability, the policy continues. Benefits could potentially be payable again for subsequent disabilities or for the recurrence of a prior disability.
Most people are unaware of the startling disability statistics. Often they have purchased life insurance to protect their families in the event of death.In fact, the odds are far greater that a person will become disabled in a given year than that he or she will die. There is at least an eight times greater chance of suffering a disability of at least 90 days as compared to the chances of death (up to age 37). While death may be inevitable, disability is more probable at any given age.
Critical Illness Insurance Life cheque Basic coverage is designed as an income protection tool to relieve you of a potential financial burden that may result from treating an unforeseen sickness or certain surgical procedures.
It offers a one-time lump sum payment equal to the amount of coverage you have selected at the time of application in case you develop one of the conditions listed below.
In addition to the unsettling numbers of critical ailment cases, many medications that are used in treatment could incur above average expenses and may not covered by provincial medical plans in Canada. While many people will focus on the immediate expenses such as treatment, there are other surrounding costs including hospital parking, medical supplies at home, certain drugs, mental wellness counselling and much more. Such costs could add up and quickly overwhelm your ability to keep a desirable level of financial standing.
While healthy lifestyle choices can be your best defense against some health risks, a critical illness such as cancer, stroke or heart disease can strike anyone at any time.
One in two heart attack victims are under 65 years old
Over 50,000 Canadians suffer a stroke each year. Of all stroke victims, about 75% will be left with a disability.
The average age of people who make a claim with Critical Illness Insurance is only 43 years old.
Considering the gravity of the situation including related risks that many Canadians face, getting an appropriate insurance protection that pays the whole coverage amount in a single installment could open various possibilities for timely treatment and swiftest recovery. Additionally, you may choose to use the money for any other purpose you see fit.
What is the benefit of Critical Illness Insurance over other products?If you want to be protected from financial burdens caused by a serious illness, Critical Illness insurance protection will be the cornerstone of your financial plan!
As briefly mentioned, Critical illness insurance provides you with a lump-sum payment just 30 days after a covered critical illness is diagnosed. This allows you to concentrate on recovery rather the financial aspect of treatment!
While both Disability and Critical Illness insurance represent complimentary products that share many similarities, Critical Illness Insurance offers you more flexibility of what you can do with the money.
Unlike Disability insurance coverage, Critical Illness insurance pays a lump sum rather than monthly installments over a period of time. Another notable distinction is that Critical Illness Insurance coverage is not based on your income as you receive the amount of money you’ve signed up for right away.
Finally, it is important to note that applying for a Disability Insurance requires you to be employed, whereas anyone can apply for Critical Illness Insurance regardless of their current employment situation.
Choosing the right protection from covered critical illnesses does not require any medical tests and is entirely online. With Critical Illness Insurance plan you can concentrate on your recovery at an affordable rate of as low as $10 – $15 a month with an appealing option of returning 100 % of insurance premiums you have paid if you don’t get ill!
If you are a Canadian citizen or a Permanent Resident, you can protect yourself from the costs related to medical treatment or an income replacement for you and your family.
How does Return of Paid Premium work?One of the main advantages of going with Manulife’s Critical Illness Insurance protection is its Return of Paid Premium option that you can select at the moment of application.
Essentially, as long as you are between 18 and 55 years old and meet other eligibility criteria laid out on this page, you can include an option to receive all of the money you’ve paid for insurance back in case you never need to use your policy.
If you are healthy and don’t develop a serious ailment, you will receive every last penny you’ve contributed to your insurance policy at your 75th birthday (insurance expiry date).
Please note that your protection benefits are guaranteed up to the date of automatic insurance expiry at the age of 75 years with an option of a full paid premium return!
Premiums will not increase for the first five years and you can also get the first month of coverage for free if you opt for the month-to-month payment basis!
This plan would fit the needs of every Canadian resident who would like to obtain specific medical treatments, or would like home nursing services to assist with their recovery. If you are a business owner / self-employed and need compensation for income lost, Lifecheque Basic critical illness insurance from Manulife will also be an ideal option.
Once the benefit has been paid to you, you can get the latest treatments and best services medical science has to offer and allow you to rest during your recovery. You can recover your financial footing after surviving a critical illness and spend time doing something you love!
You can finance a private nursing care or begin an early retirement. You can also pay off the mortgage, pay for children’s education, hire domestic help or anything else you might want to do!
We, HARRY INSURANCE SERVICES are an independent Canadian Insurance Agency, who are committed to upholding the highest standards of the medical and travel insurance industries and to provide our clients and customers with an outstanding service respecting their privacy and freedom of choice.
Harkant Patel
Licenced Insurance Agent
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