Oakville Life Insurance Broker – Living Benefits

Once you have looked after getting enough life insurance, it is a good idea to investigate Living Benefits such as Critical Illness. Living Benefits are insurance coverages that benefit YOU and not anyone else. They protect you in case of serious illness, or injury. There are 3 main Living Benefits that cover different types of possibilities. Disability insurance and Long Term Care insurance, pay a monthly benefit. Critical illness insurance pays a lump sum. It is important to review these types of insurances. One person in three will develop a critical illness. For disability, the statistics are even higher as we age.


Peace of Mind

At any time, a serious illness or injury can prevent you from going to work for months or even years. If this were the case, how long would your savings last? How would you maintain your standard of living? What would happen to your retirement planning?

In this Globe and Mail article, Paul Sullivan of Conair saw the benefits of critical-illness insurance first hand:

“First, one of his employees developed breast cancer. Then he was floored to learn he himself had colon cancer.

When you experience it firsthand, you know critical-illness insurance is the right decision,” says Mr. Sullivan, who was a professional baseball player before entering the business world.

Unlike disability insurance, critical illness pays out almost immediately, once the recipient survives the first 30 days.”

Critical Illness insurance provides a lump-sum payment (if you survive at least 30 days from onset of the illness) to the policy holder when they are diagnosed with cancer, heart attack, stroke and a range of other illnesses that vary by policy. Critical Illness was created almost 30 years ago by the renowned heart surgeon Marius Barnard. Dr. Barnard the South African doctor that worked on the first human heart transplant became so frustrated watching patients’ financial struggles as he treated them that he convinced insurance companies in South Africa to create a product. In the early 1990’s he brought the product to Canada.

Thanks to advances in medical science and surgery, more people than ever before, are surviving critical illnesses. This is a very important stat, as you have to survive at least 30 days after you are diagnosed with a Critical Illness for it to pay out. How common are critical illnesses in Canada? It is a fact that the chance of developing heart disease in a lifetime is one in two for men and one in three for women. For cancer, it is one in 2.2 for men and one in 2.5 for women.

The average age of a person making a claim is 49. Seems rather young but critical illness does not discriminate; it strikes adults and children alike.

The onset of a critical illness causes extreme emotional/physical and financial stress.

Critical illness insurance can help manage the unexpected additional expenses associated with an illness. Most people are not prepared for the financial consequences of a critical illness. For example, additional expenses could include:

  • Drug and health care cost: not covered by government or private health plans
  • Care and recovery costs: (rehabilitation, home care, modification of home/car)
  • Payments to: mortgage, rent, car loans, credit cards, and lines of credit
  • Living expenses
  • Retirement savings and RESP’s
  • Business expenses

Oakville life insurance brokers like Insurance Advantage have extensive knowledge in Living Benefits like Critical Illness Insurance and will take the time to explain the details of this product.

If you want to learn more, use the services of a full service broker like Insurance Advantage. Go to the website and request an Oakville life insurance quote under the Living Benefits tab to get an idea of the costs and answers to any questions you might have.

(Source: “It May Seem Expensive but Critical Illness Insurance Buys Peace on Mind,” The Globe and Mail, August 24, 2012)