Anyone can develop a serious illness or suffer an accident that leaves them unable to provide for themselves and their family. When this happens, healthcare costs can start accumulating quickly. Furthermore, limited government aid means it’s up to people to protect themselves from undue financial strain and emotional stress.
This is where living benefits insurance comes in, and here’s what you should know about it.
Living benefits insurance is similar to life insurance, except it provides benefits while the policy holder is still alive. This works as a way to remedy a blind spot in traditional coverage: if a person becomes unable to work due to illness or injury, but is still alive, their options for financial support may be limited. Living benefits insurance provides peace of mind that, should you become unable to work, you and your family won’t be left out in the cold.
One of the most common types of living benefit policies is disability insurance. It is the main way to maintain your income if you become unable to work because of an illness or injury.
It’s also one of the most important types of coverage, as disability affects many Canadians every year. According to Statistics Canada:
In 2017, 22% of the Canadian population aged 15 years and over, or about 6.2 million people, had one or more disabilities.
The prevalence of disability increased with age, from 13% for those aged 15 to 24 years to 47% for those aged 75 years and over.
Women (24%) were more likely to have a disability than men (20%).
Disabilities related to pain, flexibility, mobility, and mental health were the most common.
Unfortunately, the disability insurance you get through group benefits from your place of work may not provide full coverage. Make sure to consult one of our brokers so you can make the right choice for you and your family.
It’s often only when their health starts declining that people realize it’s the most important thing in their lives. Without individual or group health insurance, a serious illness could lead to financial ruin or to poor choices made to save money instead of your own health.
While securing health insurance may be the last thing on your mind while you’re healthy, it’s the best time to seek it out. If you wait until your health is in jeopardy, you may have a lot of trouble finding an affordable policy that provides the coverage you need.
In addition, it's best to be aware that you don’t own the coverage provided by your employer. This should serve as a reminder of the importance of securing coverage for yourself, so you are protected in case anything happens.
This kind of insurance typically provides a lump sum payment upon a diagnosis of a serious condition. This can include cancer, Alzheimer’s disease, heart bypass surgery, angioplasty, loss of sight, loss of hearing, paralysis, a heart attack, a stroke and more.
These conditions are a lot more common than many people think, even among young people. It’s estimated that 3 out of 10 otherwise healthy male adults will develop a critical illness before the age of 65, with that number being 2.7 for women.
By far the most common of these conditions are cancer, heart attacks and strokes, and the following numbers show just how crucial critical illness insurance is:
Cancer. Over 130,000 Canadians receive a cancer diagnosis every year, and more than 60,000 die from cancer. One in 2.5 men will develop cancer in his lifetime, and 1 in 9 women will develop breast cancer.
Heart disease. While the survival rate for patients hospitalized with heart problems is going up, it remains a serious concern. A quarter of all Canadians will develop some form of heart disease in their lifetime, and 75,000 Canadians suffer from heart attacks every year. Half of all heart attack victims are under 65.
Stroke. Each year, about 50,000 Canadians have a stroke, with 75% surviving the initial event and 60% left living with a disability. A third of all stroke victims are under 65.
When protected by a critical illness insurance policy, a lump sum payment that you can use any way you wish, without restriction, is issued to you within a survival period. This period corresponds to the length of time you must survive after diagnosis to receive the money, with 30 days being common, although each company has its own survival period.
Another way to access Living Benefits Insurance is through a group benefits program that you run through your company.
Employees are the backbone of your business. If they’re not healthy, they likely won’t be happy, and that in turn means they’ll be less productive. As a business owner, making certain that your staff are taking steps to maintain their health is one of the best ways to safeguard the success of your business.
In addition, providing group benefits to your employees shows them that you truly care about their well-being and that of their families. If you want to attract and retain exceptional employees, providing group benefits is essential.
Group benefits include:
Regardless of your industry, rest assured that Eisenhauer Insurance is committed to providing a consistent level of customer care and to handling all your financial needs. This means we can provide customized benefits as well as in-house support.
Living benefits insurance is the best way to ensure that you and your family are protected from the extreme financial stress that can accompany a serious illness or injury. At Eisenhauer Insurance, we make it our mission to help you find the most affordable and most complete coverage. Our brokers can also help you craft group benefits policies that fit your company’s needs. Contact us today to learn more about our services.
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