Living Benefits Insurance
This is a term that we apply to the variety of insurance products that pay a benefit to you while you are alive (excluding group Health and Dental). We offer a complete range of insurance products and services, accessing some of the top carriers in Canada. Coupled with our expertise, we can custom design packages for both Individuals and Businesses.
Today, there is a significant choice of Living benefits products available for Individuals, including:
Replace your after-tax income if you become disabled…and get your premiums back if you are not.
A pivotal factor in any financial plan is your income generation capacity – losing it can trigger a personal financial meltdown. The peace of mind that personal Disability income protection provides is available for professionals, self-employed and business owners, business executives, and full-time, part-time or home-based workers. Whether you need to secure your main source of income or to supplement the coverage you receive from your employer or an association, we can help by providing you with a comprehensive and fully portable plan that you can rely on throughout your working years.
Receive up to $2 million tax-free in a lump sum if you are diagnosed… and all of your premiums back if you stay healthy.
Critical illness coverage has been designed to fill the gap that exists between Life insurance and Disability insurance where you are financially exposed. Today there is an 80% chance you will suffer a Critical illness, survive and live longer than ever before because of advances in medical science. This product just makes sense for most people. It has been specifically designed to pay out in the event you should suffer a serious life-threatening illness. Unlike Disability Income or Group LTD coverage that pays you a monthly income if disabled, this simply pays you cash in the event of a specified critical illness, the most common of which are cancer, heart attack, coronary artery bypass surgery, stroke, kidney failure, and major organ transplant. In addition, there are a number of other major illnesses that are covered under an enhanced coverage option.
Receive up to $1mill of tax-free funding during your lifetime, if you require long-term care services in your home or in a long-term care facility.
We all plan on being healthy throughout our lifetime, but sometimes getting older can prevent us from doing things that we now take for granted. Part of planning for your golden years means considering the possibility that you'll need long-term care.
The cost for private non-subsidized retirement homes in Canada range from $2,500 to over $7,000 a month. Certified facility (government subsidized) can cost between $800 and $3,000 per month (after the subsidy). Costs for 24 hour in-home nursing care can exceed tens of thousands of dollars.
Now add to the mix, the fact that the public facilities are currently overtaxed and understaffed, and factor in that the Boomer generation is aging and beginning to move through the system. When the bulk of the Boomers require this care in 15 – 20 years, what will they face? Will the costs skyrocket? Today, a long-term stay in a facility can eliminate a retired couple’s assets in just a few years. This is truly a financial meltdown of the worst kind, because they would have no way of recovering.
Long term care insurance (LTCI) provides you with the service and support you need to maintain your day-to-day activities should a chronic illness or cognitive impairment keep you from being able to take care of yourself. It provides the funding for this eventuality in a cost-effective manner. Long term care insurance lets you live for today while caring for tomorrow.