Without your health, what do you have? Many people ask this question once they find themselves in a situation where their health is declining. For people without individual or group health insurance, this can lead to financial devastation or reduced medical intervention.
When you are healthy, insurance is the last thing on your mind and may not be included in your budget; however, it is the best time to apply! If you wait until you are sick, you may not be able to secure the coverage you will need.
Knowing you do not own the coverage at your workplace should also be another reminder that you need to investigate the possibilities for you and your family. There are many situations where a person could develop an illness or suffer an accident that leaves them unable to provide for themselves or their family. With health care costs soaring and dwindling government aid, people must protect themselves primarily against undue financial strain and secondarily emotional stress.
Often called income replacement insurance, Disability Insurance is the main product to maintain your income while unable to work due to an accident or illness.
Even if you have disability insurance at work, you may not be fully covered. Most group benefits only cover a percentage or dollar amount of what you could qualify for based on your income. Let me look at your policy booklet to find out what your coverage will provide.
This type of insurance pays out a lump sum payment on the diagnosis of a "serious illness or disease." These conditions can include (but are not limited to): cancer, heart attack, stroke, Alzheimer's disease, heart bypass surgery, angioplasty, loss of sight, hearing and/or paralysis.
The statistics are stunning...
*Heart & Stroke Foundation & The Canadian Cancer Society
A lump-sum payment is issued within a specified survival period (usually 30 days*) after the diagnosis of a critical illness or disease. This payment may be used in any way you wish, without restriction.
A return of premium option is available if there is no claim to the policy.
(*may vary between insurance companies.)
At Eisenhauer, we offer no-pressure, no-obligation, consultative insurance services.
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