If your income stops because of illness how long could you pay your bills? Your work health plan will typically cover only a portion of your salary for a limited time if you become ill or disabled. So the need to be financially prepared while you're well and able is crucial.

This is where insurance can play an important part in your financial plan.

WHAT TYPE SHOULD YOU GET?

Our insurance experts can help you select a living benefits policy best suited to your needs.

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DISABILITY

Disability insurance helps provide replacement income if you are unable to work because of sickness or injury. It can help:

• Replace lost income.
• Subsidize living expenses while you are unable to work.
• Provide security for your family.
• Benefits are calculated as a percentage of your usual salary and are tax-free in most cases.

​Coverage Options

• The monthly income you receive while on disability.
• You can receive disability benefits from 2 years to the age of 70.
• The waiting period before your first payment.
• Top-up benefits if you are unable to perform your old job but can still work in another role.
• Cost of living option to insure that your benefits keep pace with cost of living increases.

CRITICAL ILLNESS

Critical illness insurance pays a significant lump sum, tax-free benefit to you if you are diagnosed with a condition covered in your policy and survive 30 days after diagnosis. That way, you don’t have to choose between your personal health and your financial wellness. You can use the benefits however you wish:

• Go out of the country for medical treatment or pay for private nursing.
• Modify your home or move to a home more appropriate for your condition.
• Stay home longer before returning to work.
• Allow a family member to take a leave from work to help you recover.
• Pay off your mortgage and bills, or even retire early.

​Additional optional features

• Return of Premium at Surrender will reimburse your premiums if you are not diagnosed with a critical illness after a certain period of time, usually 15 years or at a specified age.
• Return of Premium at Death will refund premiums paid to your estate or named beneficiary if you pass away without becoming eligible for the insurance benefit.
• Children’s Critical Illness riders can provide insurance for all of your children under a certain age with one small additional premium.

LONG TERM CARE

Should you experience a serious health setback and be unable to care for yourself, long term care insurance:

• Offsets the costs associated with receiving ongoing health care at home, in a nursing home or assisted living facility.
• Provides a daily benefit that allows you, your spouse or your family to choose the type of care that’s most appropriate for your circumstances.
• Allows your spouse to continue living in the manner to which he/she is accustomed.
• Preserves your assets (including your home and savings).
• Benefits your family by taking the financial worry out of long-term health care, and providing alternatives to at-home care by family members Benefit periods of varying lengths are available.
• Daily/monthly limits.
• Premiums are returned to your estate if the coverage is never used Inflation protection for yourself.