Living benefits insurance

Many people understand the value of life insurance—it provides your family or business with financial protection when you die. Yet few consider what may happen if they have a serious accident or illness.

Fortunately, advances in medicine make it possible to not only survive but eventually resume a meaningful lifestyle. Unfortunately, you may be left without regular income, which could deplete your savings. Plus, your family may be faced with additional costs when, due to illness or aging, you can no longer take care of yourself.

Living benefits insurance helps provide financial resources when the unexpected happens. Let us guide you through your options.

Disability insurance

Help protect your earnings if you can’t work.

The basics

It makes sense to protect your most valued assets against fire and theft with insurance coverage. Yet, if you added up the value of everything you have insured, the figure would pale in comparison to the value of your biggest asset—your ability to earn an income.

Disability insurance replaces a portion of your salary if sickness or injury prevents you from working for a sustained period of time. It helps you maintain your lifestyle when not receiving your regular income.

Business owners may want to consider this type of insurance to cover essential monthly expenses should they become disabled and unable to work.

Critical illness insurance

Help ease the burden of a costly medical condition.

The basics

While you may have insurance coverage for when you pass away, what happens when you’re diagnosed with a critical illness? A severe illness or disease may require additional care, accommodations and a change of pace, which may cause a substantial financial drain on your resources.

Critical illness insurance is designed to give people the opportunity to recover and resume a meaningful lifestyle without the added burden of incurring debt. Proceeds from the policy—a one-time lump sum payment—may be used at your discretion. Some people use the funds to receive specialized care quickly, travel with loved ones, finance a leave from their business or modify their home.

Business owners may want to consider this type of insurance to cover business expenses associated with the loss of a key employee due to a critical illness.

Long-term care insurance

Take care of the expense of having others care for you.

The basics

We’re living longer. Each year, thousands of Canadians face the reality of needing long-term care services—either for themselves or for a family member. The government may provide some assistance, but there are limitations. The key is to be prepared for what may come.

Long-term care insurance provides the funds necessary to pay for additional health care when you can no longer care for yourself. These funds may cover the cost of home visits from a qualified individual or a room at a public or private care facility.