Often times, we are quick to look towards life insurance as our primary source of financial protection in case of what we believe to be the worst case scenario - death. In actuality, some of the greatest financial hardships we may face are caused by issues due to aging, illness, accidents and dependency while we are alive.
Living benefits provide financial aid when we survive such issues life may throw our way.
LIVING BENEFITS
Financial Aid When You Need It Most
TYPES OF LIVING BENEFITS
Critical Illness Insurance
Disability Insurance
In today’s world, critical illness insurance (CI) is very widely considered by advisors to be the base on which we build our entire financial plans upon. If we are one of the few lucky ones, we will live out our lives and never cross paths with any sort of critical illness. However as we age, society is becoming increasingly susceptible to severe illness in some capacity. In the event of a major health emergency such as cancer, heart attack, or stroke, critical illness insurance may be the only thing protecting you and your loved ones from financial ruin.
People are often led to believe they are completely protected by standard health insurance plans (via their workplace/government). The truth is that the exorbitant costs resulting from life-threatening illnesses and diseases usually far exceed the coverage these plans provide. Critical illness insurance provides a tax-free lump sum payout in the event that you succumb to one of 24+ conditions (as outlined in your policy). This payout can be used toward any costs incurred as a result - money you and your family may depend on.
When discussing the insurance of our assets, we often overlook one of the most important factors - our ability to earn income. Disability insurance (DI) is an insurance policy that will pay out a predetermined monthly income in the event that you become disabled; and thus cannot work.
The disability in reference does not have to have taken place at work, and it must be severe enough that you are physically incapable of performing the duties of your job - thus being unable to earn income. Though employers often provide their employees with some sort of long and short term disability coverage, not everyone is fortunate enough to be in an industry where benefits are supplied. Personally-owned disability insurance policies are crucial for the self-employed, as they are impacted the most by the increased cost of not having income.
Long Term Care Insurance
Similar to disability insurance, health and dental benefits are often covered though standard workplace benefits. However, that is not always the case. Having a personal health and dental insurance plan allows you to customize your benefits and tailor them to meet your needs. These plans help with both expected and unexpected costs of healthcare when you need it. A comprehensive health and dental plan will significantly help with the financial burden incurred due to prescription drug requirements, dental costs (both routine and emergency), eye exams, and paramedical services. Personal plans can also ensure proper coverage for both spouses and dependents alike.
Our ability to perform our day-to-day activities is often taken for granted. We must always consider the fact that these abilities can change - most predominantly from aging. Long term care insurance (LTC) provides a monthly / daily financial benefit that can be directed towards the increased cost of living, should you require assistance with your daily tasks - i.e your ability to eat or dress yourself. Expenses can quickly add up when you take into account the need for professional medical or custodial care, or the cost of residing in a nursing home or hospital. Long term care is a crucial insurance solution that must be carefully considered when looking to secure our future financial stability.
Health & Dental Insurance