LIVING BENEFITS

With increasing life expectancy, living benefits should become an important part of your financial plan. What will you do if you are faced with an accident or illness?

Critical illness, disability, and long-term care insurance address these worries.

1. CRITICAL ILLNESS INSURANCE

With advances in medical science, more and more people are surviving critical illnesses. As such, it has become increasingly important to consider the financial hardships that may occur should you be faced with a critical illness in your lifetime.

Critical illness benefit will be paid in a lump sum of up to $2,000,000 tax free for any of the illnesses or conditions covered by your policy. Each insurer has specific definitions and waiting periods (often between 30-90 days) that will have to be satisfied.

Aside from stroke, heart attack and cancer, there are a number of illnesses that may be covered under a critical illness policy, including but not limited to Alzheimer’s Disease, Paralysis. Multiple Sclerosis and Kidney Failure.

CI Benefits could be used for:

• Lost income after time off from work.
• Home modifications to improve accessibility.
• Medical services not provided by public health plans.
• Debt incurred during illness.
• In-home assistance.

Key features and advantages of Critical Illness (CI) Insurance:

With most CI policies, you choose how you spend your lump sum. There are a number of costs that may be associated with critical illness including:

• Return of premiums benefit:provides a refund of all the premiums you have paid under the policy at maturity when there is no clime during policy lifetime.
• Return of premiums upon death benefit:pays your beneficiary a refund of all the premiums paid under the policy if insured dies while covered by your policy.
• Tax-free, lump sum payment: CI policies benefits are Tax free and paid lump sum.

With critical illness insurance, financial worries can take a backseat while you focus on making a full, speedy recovery.

2. LONG-TERM CARE INSURANCE

Like disability, long-term care insurance pays a monthly tax-free benefit after a waiting period of anywhere between 30 days and 180 days. In order to qualify, you must be unable to perform two or more of the following daily living activities: bathing, dressing, toileting, transferring, continence, and eating.

Did you know that…

• 25% of elderly caregivers are also seniors?
• 57% of caregivers are employed?
• 78% of care receivers continue to live at home?*

As we age, our need for care changes. The cost of this care can be staggering and public healthcare plans only provide limited coverage, with subsidies being decreased over time. Long-term care insurance covers the costs associated with services such as:

• Rehabilitation
• Nursing care
• At-home assistance

Key features and advantages of Critical Illness (CI) Insurance:

• Duration:Depending on the plan, benefits may be paid for 2 years, 5 years, or the rest of your life.
• 20-Pay Option:With this payment option, an insured individual can be free of premium payments after 20 years while still receiving coverage for a lifetime.

3. DISABILITY INSURANCE

With disability insurance, you can ensure that you protect a portion of your income should you be faced with an illness or injury. Depending on your policy, a tax free benefit will be paid out weekly or monthly, and usually up to 2/3 of your income prior to disability.

WHO CAN GET Disability Insurance (DI)?

Disability insurance is available to:

• Professionals
• Business owners
• Executives
• Home-based workers
• Full-time or part-time employees

Like critical illness, disability can add major financial stress. With disability insurance, you can ensure that you maintain a steady flow of income while you focus on recuperating.

Key features and advantages of Disability Insurance (DI):

• PARTIAL DISABILITY / RESIDUAL BENEFITS: Consider the idea that you are injured but are able to perform lighter duties at a lower paying job than you previously held. Some policies will help you split the difference between your new wage and your previous wage.
• PRESUMPTIVE BENEFITS: This benefit is an feature that allows the insured to receive a benefit if any of the following occurs: loss of sight in both eyes, loss of hearing in both ears, loss of speech, loss of use of both hands, both feet, or the hand and foot on the same side of the body.
• ELIMINATION PERIOD: Also known as the waiting period, the elimination period is the amount of time you must be considered disabled before receiving your disability pay. Lasting anywhere from 30 days to 120 days, longer periods generally result in less expensive premiums.
• OWN OCCUPATION VS. ANY OCCUPATION: Policies differ in that some specify that the insured is only covered if they cannot perform the duties of their own occupation. This means that they will receive benefit even if they become employed in another occupation. In contrast, other policies specify that the insured is considered disabled only if they cannot perform the duties of any occupation that they are qualified to perform.
• BENEFIT PERIOD: How long will you receive benefit if you become disabled? Common duration periods include 2 years, 5 years, or up until age 65. Premiums vary with the option that you choose.

4. Extended Health and Dental Protection

If you don’t have coverage through an employer, or an employer group plan doesn’t have the coverage levels you want, Extended Health and Dental Coverage is here for you.

Extended Health plans provide dental coverage, drug coverage or a combination of both. You can also select Add-Ons to further increase coverage in the areas that suit your client’s need.

Key features and advantages of Extended Health and Dental Insurance

• Customizability: It’s as easy to select the dental and drug plan that best meets your needs and budget
• Cost effectiveness: Prescription drugs Helps cover the rising costs of drugs and Dental care plan facilitate visit to the dentist
• Vision care: provides New glasses, contact lenses, eye doctor appointments, etc.
• Homecare and Nursing: Rehabilitation from the comfort of your own home
• Paramedic Services: Registered therapists Chiropractor, naturopath, massage therapist and more are included

Enhanced coverage for seniors at age 65, benefits increase in the areas you want it the most.