Living Benefits You Need
- Disability insurance: replaces lost income following the potential loss of limbs, illness, chronic condition, and other traumatic events through monthly disability benefit payments until retirement.
- Critical illness insurance: pays out a lump sum benefit following diagnosis and a short waiting period to help afford treatments not covered by government health insurance, private care, time off work and other ongoing expenses.
- Individual Benefits: helps cover healthcare requirements not covered by the provincial plan, the well-being and financial future of loved ones, savings and financial investments, and final expenses.
What Is Critical Illness Insurance?
Critical illness insurance protects you and your loved ones in the event of a life-threatening diagnosis for a serious illness. It’s designed to protect you from the financial impact of a critical illness, which often leaves you unable to work and keep earning a living.
This insurance policy pays out a one-time, tax-free benefit payment to help with immediate expenses and other bills that you wouldn’t be able to pay for when an illness prevents you from working. This helps you focus on recovery instead of worrying about paying the bills.
Additional Benefits
Depending on your critical illness insurance plan, you may also be eligible for other benefits to help you and your loved ones cope with the diagnosis, treatment, and recovery. These can include:
- Counselling and other mental health support services
- Expert medical help, including second opinion consultations and other treatment options
- Family support services, such as child and home care
- Ongoing nutritional advice for long-term health
What Is Disability Insurance?
This income replacement guarantee aims to match a good percentage of your current salary through a tax-free monthly benefit if a serious illness or accident prevents you from working and earning the same income. It equips you and your dependents with financial security after a life-changing event so that you can retain your income potential until the age of 65, or retirement.
Disability insurance covers a wide range of conditions, not just loss of limbs and paralysis. Disabilities can also mean developing chronic conditions and mental health issues after an accident or illness. A disability insurance policy can replace your income if these prevent you from working or begin to impact your ability to perform well at work.
About Individual Benefits
Individual benefits allow you to access these financial protections to secure your assets and well-being. If you already carry coverage through your employer, consider the flexibility of owning your own personal plan. If you are an independent contractor, business owner, or work in any other capacity that does not provide access to insurance solutions, a customized individual benefits plan can help secure your assets and well-being. Equip yourself with these personalized and affordable insurance solutions, and discover strategies to reduce risk and manage your long-term financial goals.
Extended Health and Dental Coverage
As Canadians, we are fortunate to enjoy healthcare coverage for regular check-ups, hospitalizations, management of chronic conditions, and treatment of critical illnesses. However, this isn’t actually universal healthcare.
Dental and vision care, prescription drugs, and other related treatments are essential to your long-term health but are not covered under the provincial healthcare plan. To access these healthcare services, it’s important to have a comprehensive and affordable individual benefits plan to protect your overall health and well-being.
Life Insurance
Protect your loved ones and dependents in the event of your passing. This can be through an affordable term plan or a much more comprehensive universal or whole life plan. Life insurance equips them with a sizable tax-free death benefit to take care of immediate expenses, like unpaid medical bills and funeral costs, and ensure long-term financial stability in the face of a loss of income.
Financial Planning
Discover registered savings plans and annuities to secure your financial future after retirement. Plan for the future and manage existing assets to ensure stable financial health well after years of hard work so that you can reap the benefits of your labour.
Ask Our Brokers
At BrokerLink, we’re a family — we understand the impact of critical illness on your loved ones. That’s why our brokers work to support you as your financial situation changes, and you’re unable to earn an income to afford medical and long-term care expenses, and sustain your lifestyle.
Our mission is to let you focus on your recovery, while we find the best critical illness insurance policies from major providers and tailor coverage options according to your needs. Trust our brokers to help you recover peacefully and ensure financial security during this difficult period.
FAQs
Why do I need disability insurance if I have access to Worker’s Compensation?
Having your own Individually owned disability insurance offers your 24/7 coverage, while Worker’s Compensation is only applicable for injuries or diseases related or caused by something related to your work. Also, in some cases, workers compensation is not sufficient to cover your day to day expenses, and an individually owned disability plan can act as a top up or supplement.
Does disability insurance cover all disabilities?
When applying for disability insurance it is important that you review the exact structure of the plan as all disability coverages can vary. Your broker can assist you in this process and ensure that you are applying for the best suited coverage for your needs.
I live in Canada, why would I need health insurance?
While we as Canadians are lucky to have government health care programs available to us, they do not cover many medical treatments. Some very common treatments that are not covered are: prescriptions, paramedical services, and dental coverage.
What does critical illness insurance cover?
Critical illness insurance can provide monetary compensation if you become ill with a variety of conditions, including: Alzheimer’s disease, heart attack, stroke, cancer, severe burns, blindness, and more.
