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People are living longer now, often with a life altering illness. Modern medicine can save the patient but can cause a huge financial drain on family resources. If you contract one of the diseases or injuries specified in a Critical Illness Insurance policy, you receive between $25,000 and $2,000,000 tax-free. The exact amount depends on the policy and the insurer. Unlike your disability income policy, Critical Illness Insurance pays a benefit even if you are still able to work. There are no restrictions placed on the use of the insurance money.
You decide how to spend it. If you don’t need it for new or unexpected
expenses, maybe a cruise or other vacation will help you recover from
your ordeal quicker. Or you may decide to invest the money for your
future use. There are a number of plan choices you can make - basic
or comprehensive protection; premiums on a 10-year renewable or level
basis; additional benefits like Return of Premium. Long Term Care Insurance protects the insured against care costs that arise when they can no longer care for themselves. These contracts can provide a daily benefit ($10-$300) to cover care-costs incurred in the Insured's home or in a government or private facility. LTC insurance pays out only when the insured requires care which is judged based on their inability to perform a predetermined number of activities of daily living (i.e transferring, bathing, eating etc) Most contracts will pay if care is required due to either physical or cognitive impairment. The daily benefit is paid out after a predetermined elimination period and is payable for a predetermined length of time called a benefit period (1 year, 2 years or lifetime). Disability insurance protects the insured against financial hardship created by an inability to work due to accident or sickness. A monthly benefit is calculated as a percentage of income (typically not more than 85% of take-home pay) and is payable after a disability has continued for a predetermined amount of time (called the elimination period). Benefits continue to paid so long as the client meets the definition
of Contracts vary tremendously based on definitions of disability and premium contract guarantees. Thus, one should take great care in selecting Disability Coverage. There are several insurance companies that allow a Refund of Premium if you don't use the policy. This is a great feature, consider it a savings plan with no interest as the interest pays for the risk. People are the most important asset... People are the most important asset in any small business; so it's important to protect their health. We can offer a comprehensive range of health plans that can be custom-tailored to your requirements. Worry-free protection beyond government plan coverage. It's surprising how many common health expenses (e.g., prescription drugs, dental care, vision care, registered therapists) are not fully covered by provincial health plans. We have plans that bridge the gaps in government health coverage, and provide comprehensive protection and peace-of-mind for your employees. A segregated fund or seg fund is similar to a mutual fund but with
added Term insurance is the lowest cost Life Insurance protection that you can buy for individuals, families and businesses. It is designed to cover a variety of insurance needs such as Income Replacement, Loan-Mortgage-Debt coverage, Buy Sell, Key Person, Education funding etc. Common premium structures are for Term periods of 1, 5, 10, 15, 20, 30, 65, 75 years. Generally, coverage can be Renewable and Convertible (R&C) and Renewable and Non-Convertible (R&NC) up to specified ages depending on the Product. Many people wish to benefit a favorite charity but do not have, in their minds, the means to leave a significant legacy. It may be that a hospital provided special care to a loved one, their love of animals makes them want to provide for the SPCA, their religious convictions make them intent on benefiting their church. Whatever the reason there are unique and interesting ways to help them with their dreams. |