Health Benefits
WHO IS GOING TO PAY THE BILLS IF YOU ARE UNABLE TO WORK? WHAT NOW?
Health benefits include disability, critical illness, long-term care and individual health and dental insurance.
DISABILITY INSURANCE
Not many of us expect to be affected by a disability, but disabilities are a very real fact of life that can be financially devastating. Many of us know someone close to us who is disabled, and we know about the challenges they face, both personally and financially.
Disability insurance is the protection of your income today, and down the road. It will not only help you prevent a financial catastrophe, it will also help to preserve your future earnings potential and savings. It is a monthly income benefit.
We understand some individuals may have disability coverage. Our objective is to help you understand what you do have, and if it meet’s your current needs now, and down the road. It is too late to review what you do have, after a catastrophe strikes.
some questions to ask yourself:
- If you became disabled tomorrow, will you be able to support yourself and your family without getting into a worse financial situation?
- If you became disabled tomorrow and own a business: how will you protect your business and preserve your income when you are not able to work?
- If you became disabled tomorrow, what will happen to your savings and retirement plan? Will you be able to retire when you want to?
Individual Health and Dental coverage
Individual health and dental plans provide valuable benefits for you and your family. Many plans also may provide tax savings for business owners. Individual health and dental coverage can also be considered by individuals who do not have a company group plan, and are looking for protection for themselves and or family.
some questions to ask yourself:
- As a sole-proprietor, are you interested in looking for health and dental coverage for your family that may have some tax savings?
- Does your employer have a group plan at work that provides protection for you and your family?
- What if you lost your job or you were ‘restructured’? Does your health and dental plan continue?
CRITICAL ILLNESS INSURANCE
Critical illness is ‘living life insurance’. Apart from traditional life insurance that protects you in the event of pre-mature death, critical illness provides you a lump sum benefit in the event you are diagnosed with a critical condition. Medical technology is advancing, and as a result individuals are surviving a critical illness. That being said, critical illness protects your finances during this life altering event so you can focus on what’s important most to you – getting better.
some questions to ask yourself:
- If you became critically ill, and received a lump sum amount of money – what would you like to do with it?
- If you became critically ill tomorrow – how will your life change financially? Do you agree your expenses would go up? How will you pay for this?
- Do you think it’s possible between now and the age of 75, you could have a heart attack, cancer or stroke? How is your family protected financially in the event this should happen?
LONG TERM CARE INSURANCE
Long term care coverage helps to supplement the cost of caring for a loved one who is unable to care for themselves. This could be an elderly person or someone who has become severely disabled and can no longer independently carry on the basis activities of daily living. Long Term Care insurance will help to pay for the day to day expenses that are not covered by government healthcare. Thanks to medical breakthroughs, we are all living longer and we need to ask ourselves, who will take care of me?
some questions to ask yourself:
- Do you agree expenses will go up when a loved one enters a long-term care facility or requires extra in home assistance?
- If you agree with expenses increasing, how will you manage the day to day costs associated with caring for your loved one or yourself?