What is Living Benefit Insurance?

Living Benefit Insurance policies are designed to provide financial benefits to people who are experiencing difficulties due to circumstances such as serious illness, accidents and/or dependency.

The most common living benefit policies are:

Health and Dental Coverage

While many of us are able to obtain health and dental coverage through benefits in the workplace, these plans are designed to provide extra security in the case of unexpected healthcare costs.

In recent years there has also been concern around government cutbacks in relation to healthcare and the added coverage that comes with purchasing your own health and dental coverage can provide you with significant peace of mind.

Travel insurance

If you are planning to travel outside of Canada, travel insurance is a must-have as the costs associated with becoming ill or injured while in another country can be extremely high, especially if you require extended hospitalization.

There are several options for buying travel insurance, the most common being either through your travel agent or a third party provider.  As with any insurance purchase, particularly if you are buying online, you should do your research thoroughly in order to find the best coverage to suit your needs.

Disability Insurance

Disability insurance is meant to provide you with a monthly income should you become disabled to the point where you are unable to work and earn a living.

There are policies which are geared toward short-term and long-term disability and while many people are covered for this through their place of employment, in the case of self-employed individuals there is the option to purchase a policy through your insurance company.

Critical Illness Insurance

Critical illness insurance is intended to provide financial security to those who find themselves in a situation where they have become critically ill.

There are generally a variety of conditions which may be covered under a Critical Illness policy, however the most common tend to be cancer, strokes and heart attacks.

These policies normally provide the insured with a lump sum payment upon diagnosis of a condition covered by the policy and the insured is subsequently able to use the money in any way they see fit.  For example, some people use the money to cover any expenses incurred during their convalescence, while others may pay debts, invest the money in alternative medical treatments or use it to take a trip and enjoy some serious quality time with family and friends.

Long Term Care Insurance

Long Term Care Insurance is geared toward providing a financial benefit to anyone who requires long term placement in a healthcare facility or nursing home, or long term care at home in the case of incapacitation.

This insurance may pay a daily or monthly benefit intended to cover the cost of your care, including assistance with activities such as bathing and dressing, eating and any other activities which are typically considered part of daily living.

To some, acquiring living benefit insurance may seem like more of a gamble than life insurance as, while death is guaranteed, many of us may go our entire lives without becoming ill or disabled.

However, the fact is that illness and injury do occur and that statistically it makes sense to make sure you’re well covered should you fall victim to unfortunate circumstances.

At IFG we would be happy to help you determine the appropriate Living Benefit policies to meet your insurance needs.

Call today at 705-740-9909!