Living benefits and health insurance is an important part of insurance planning for our Calgary clients. Even though life insurance is a cornerstone of any good financial plan, protecting yourself and making sure you can provide for your loved ones is also fundamentally important. There are a number of different living benefit plans available to Calgary clients, each suited to different situations.
Disability insurance provides you with income protection if you can't go to work due to an illness or injury. Many personally owned disability insurance policies offer protection for both total and partial disabilities, so you can receive income even when you are only working part-time due to your disability. Becoming disabled during your working years is your biggest risk, with almost 1-in-2 Calgarians experiencing at least one period of long-term disability.
Critical Illness Insurance provides you with a lump-sum tax-free income benefit if you are diagnosed with serious, life altering illnesses like cancer, heart attack, stroke, bypass surgery, MS, Parkinson’s and more. With the steady rise of diseases like cancer, heart disease, motor neuron diseases, etc. this type of insurance is becoming more and more important to your financial plan. Medical science in Canada can very often save our lives, but at what cost. Can you afford the extra expenses of becoming seriously ill? Critical illness insurance can protect your finances from these far too common health issues.
Long Term Care Insurance is one of the newest types of personal health insurance in Canada. It came from the US where private healthcare and elder care is the norm. The growing popularity of long term care insurance a reflection of the massive wave of aging baby boomers, the strain on Alberta’s healthcare system, and the cuts to long term care funding across the province. Everyone should be prepared to care for themselves as they age, as the Alberta Health Care Insurance Plan will not be able to support the massive strain that will be placed on the system.
Health & Dental Insurance is required by the 50% of people in Calgary that are without group benefits. If you are without an employer sponsored health insurance plan, then you are on the hook for all your medical expenses that aren't covered by the Alberta government. These expenses include prescription drugs, dental care, vision care, ambulance rides, medical equipment, and more. Be prepared for the high costs of extra medical expense with health & dental insurance.
If you would like more information about living benefits and health insurance, please contact Freestone Capital Inc.
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