Going through an illness, accident or disability can have a significant impact, both emotionally and financially. Critical Illness insurance and Long Term Disability Insurance are two valuable solutions that are designed to help.
When thinking about our insurance needs, most people think about life insurance and the financial impact on our loved ones if we are no longer there. But going through an illness, accident or disability can have an even more significant impact, both emotionally and financially. Critical Illness Insurance and Long Term Disability Insurance are two valuable solutions that are designed to help families and businesses cope with the financial impact of these difficult situations.
The first step is to help you understand what these policies cover, and what protection they provide, leaving you better prepared to identify your own needs and implement the right solution.
Critical Illness Insurance
Critical Illness Insurance policies provide a lump sum, tax-free payment in the event that you are diagnosed with any of the covered conditions including, but not limited to, Cancer, Heart Disease or Stroke. For all full list of covered conditions Click Here.
- Lump sum tax-free benefit is paid after a 30-day survival period, and can be used in any way you choose
- Policies are structured similarly to life insurance, where you have Term and Permanent plans to choose from
- Some Policies allow for a 100% refund of all premiums if you die from other causes, or never have a critical illness claim paid
Long Term Disability
Long Term Disability plans provide a monthly benefit to replace lost income as a result of an illness or accident that impacts your ability to work. You are your most valuable asset, and LTD policies protect your ability to earn an income.
Disability insurance is also available for out-placed executives, individuals becoming self-employed, and to fund business Buy-Sell Agreements & Key Persons.
- Benefit is paid on a monthly basis, as a percentage of your income
- Policies typically have a waiting period of either 90 or 120 days from the date of disability, with benefits payable through to age 65
- Many plans allow you to increase coverage in the future, without medical questions, in order to keep pace with your income
- Some Policies allow for a refund of premiums in the event that you do not have a Disability Claim