Living Benefits
Often times when we refer to insurance we think of life insurance which is a benefit that is paid out as a result of death.
We seldom think of the financial repercussions of a life changing event caused by an accident, an injury, a sickness or a life-threatening disease that occurs during our lifetime. Living Benefits coverage allows the insured to be protected in these instances to avoid potential financial hardship.
There are 3 types of Living Benefits:
- Critical Illness Insurance
- Disability Insurance
- Long Term Care Insurance
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Critical illness Insurance
Critical Illness Insurance provides a lump-sum tax-free payment to the insured during their lifetime in the event they are diagnosed with a critical medical condition. The main conditions consist of Heart attack, Stroke and Life-threatening Cancer.
- Choice of Basic coverage (3 conditions) or Enhanced coverage (25 conditions)
- Available in Term and Permanent coverage
- Available to adults and children
- Early detection benefit may be included in certain contracts
- Additional options can be added, such as Return of Premium
Critical Illness Insurance can be used in the following instances:
- To help pay for medical expenses
- To cover debt
- To replace lost income
- To protect retirement assets and other savings
- To fund a buy/sell agreement for business owners
To learn more about these products, Contact Us.
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Disability Insurance
Protect your most valuable asset: protect your ability to earn an income
Disability Insurance provides a monthly tax-free benefit payment to the insured to replace a portion of their income in the event they stopped working due to sickness, injury or accident.
- Plans available for Employed, Self-Employed and Business Owners
- Monthly benefit payments can replace up to 90% of your income
- Plans can be customized to personal needs and budget
- Plans can be set up to offset/supplement employer’s group benefit plan
Disability Insurance can be used in the following instances:
- To replace portion of income
- To supplement existing group plan
- To cover fixed business overhead expenses
- To protect retirement savings
- To fund a buy/sell agreement for business owners
To learn more about these products, Contact Us.
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Long Term Care Insurance
Long Term Care Insurance provides a monthly tax-free benefit/reimbursement in the event of losing independence as a result of being unable to perform 2 out of the 6 activities daily of living. These daily activities consist of: Bathing, Dressing, Eating, Maintaining Continence, Toileting and Transferring.
Long term care isn't just for seniors. You may become unable to care for yourself for 90 days or more at any point in your life. Long term care insurance can cover some of the costs of a care facility or a caregiver in your own home following an accident or illness.
- Allows the option of staying at home and pay for additional expenses as a result
- Allows for the option to pay for a portion of expenses incurred when admitted to a long term care facility
- Available to individuals age 30 and over
- Plans can be customized to personal needs and budget
Long Term Care Insurance can be used in the following instances:
- To protect retirement assets and other savings
- To take the financial burden away from a loved one who wishes to become the primary caregiver of the insured
To learn more about these products, Contact Us.