Critical Illness Insurance & Disability Insurance Ontario
No one plans to be sick or disabled, but in the eventuality that it happens, it’s best to be prepared, which is why critical illness and disability insurance is important.
By purchasing critical illness insurance, you will receive financial assistance following the diagnosis of a critical illness, honor your financial commitments while you recover, and take the time you need to recover by providing financial support to compensate for lost income.
Purchasing disability insurance protects a percentage of your earned income for the duration of your disability or the coverage period as pre-selected by you at the time of application. Moreover, disability insurance provides you with a monthly income to compensate for the loss of earnings due to a disability. As a result, you can continue to meet your financial obligations as well as cover expenses related to your physical condition.
Truck drivers, like many professions, need to have disability insurance. Long-term disability insurance for truck drivers helps disabled truck drivers pay their bills and even their business expenses. Whether you can’t drive due to illness or an accident, a disability insurance policy will help cover you if you’re unable to work.
As a leading insurance advisor in Ontario, Paul Taneja will help you select the best insurance for your needs.
Critical illness insurance is an insurance product where the insurance company will pay a lump sum cash amount in case a person is diagnosed with one of the specific illnesses. In some policies, it has a survival period of 30 days. Critical illness will protect you against the loss of income on diagnosis number of illnesses from 3 major like Heart Attack, Cancer, Stroke to 25 illnesses.
There are some serious data to think about Critical Illness insurance:
- One in two Canadian man and One in three Canadian Woman will develop heart disease in their lifetime
- 80% of hospitalized heart attack patients survive the event.
- There are 30000 strokes in Canada each year.
- 85% Stroke patients survive their first stroke
- One in two Canadian will develop Cancer during their lifetime
- The likelihood of Canadian with Cancer surviving five years or more is 63%.
Suffering from anyone Critical illness can put a big financial burden on an individual. Have you ever thought about how your life would change if you were diagnosed with a life-threatening disease?
What if you were diagnosed with cancer today or had a heart attack tonight? Or had a stroke at work today? How would you supplement your income because you can not work?
Critical illness insurance is the only option to take care of any of these situations.
No one has control when accident or illness strikes. Disability insurance will provide an income when you can’t work due to injury or illness. Benefits under disability insurance will be paid monthly as per terms and conditions of the policy. Disability insurance benefits are based on your income. It can be based on net taxable income declared to revenue Canada or can be based on Business revenue. This has to be properly designed on the basis of the nature of your Job/ profession at the time you apply for disability insurance.
The chances of getting disable are higher than the chances of dying before the age of 65. More than one in four of today’s 20 years olds will become disabled before age 65. Disability can be short term or long term, partial or totally disable. Short term disability when you are off from your work due to injury or illness for a limited period of time. Long term disability will be considered when you are disabled for an extended period of time. It is different than WSIB as WSIB only covers any work-related injuries or illnesses. Long term disability insurance covers you for a period of 5, 10 years or up to age 65, which varies according to plan you choose at the time of application. This period is called Benefit Period which is the maximum time till insurance companies will provide you income replacement in the event you become disabled. Longer the Benefit period higher the premium you pay for your policy.
Disability insurance can be purchased for Injury only or illness only or both. It all depends on the nature of your job and budget. If you choose injury only it will be the cheapest option to cover in case of disability and if you prefer to have injury and illness you have to pay a higher premium. There are some guaranteed issue disability insurance policies which start from the day you apply the insurance but some are medical written policies which you have to answer some health-related questions. A good advisor can help you to better understand your needs and recommend the proper coverage as you should have applied.
The elimination period is also one of the major parts while considering disability insurance. The elimination period is the time when the insurance company is not responsible to cover any income replacement after the event of disability. Longer the elimination period on your policy will lower the premium you pay for insurance. It can be as low as 0 days and up to 120 days.
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