It is important to protect one of your most valuable assets – your ability to earn an income – from unexpected events such as disability and illness.
Disability Insurance, sometimes called Replacement Income Insurance, is designed to replace a portion of your income if you were to become disabled and are unable to work and earn an income. A disability can be due to an injury, a serious illness, or a mental health issue, and can last a short or long period of time. It is important to have Disability Insurance in place so that monthly expenses such as mortgage/rent, debts, utilities, food, bills, and other expenses can be covered for the period of time you are unable to work and earn an income.
Critical Illness Insurance, also considered a Living Benefit, is designed to alleviate financial stress if you have been diagnosed with a major illness such as cancer, heart attack, stroke, among others. When a major illness is diagnosed, often two things occur: income goes down since perhaps time off work may be required and expenses go up since the costs associated with medical treatments of that illness may not be covered by provincial health care. Critical Illness Insurance will pay out a lump sum of coverage at the time of diagnosis so that you can have the financial peace of mind to take the necessary time off work, get the treatment you need, and focus on what’s most important… your recovery.