Category Archive for: ‘Disability/Critical Illness’

You need Critical Illness Insurance

critical illness insurance

Eight years ago a client bought a critical illness insurance policy due to her family’s history of breast cancer, only to claim on it six years later for an entirely different and unexpected reason. She was diagnosed with a very aggressive version of multiple sclerosis. Today, she credits her critical illness payout for allowing her and her husband to take …

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Why You Need Personally Owned Disability Coverage

disability coverage

Often when meeting with clients and we touch on the importance of disability coverage, the usual response is “Thanks, but I don’t need it as I’m covered at work.” This leads into some tough questions that we ask: Have you read and understood what’s covered in your policy? How long do you plan to stay with your current employer? How …

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Tax Changes that will Impact Insurance Products

tax changes

As our Federal and Provincial Governments go further and further in debt, so does their need to squeeze ever more tax revenue out of all of us Canadians. The 2017 tax changes for life insurance and annuities are two examples of this.  With life policies, there is potential for some of the payout on death to now be taxable. Life …

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Don’t Let Sickness or Disability Sideline Your Finances!


Today young and healthy Canadians might want to consider owning critical illness and disability insurance ahead of life insurance. But most 20 and 30 year olds don’t spend a lot of time thinking about a sickness or disability. If you’re young and healthy and low on savings, it may not be a high priority, especially if you have not started …

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Why Critical Illness and Disability Coverage?


Most of us understand the importance of life insurance: to look after your loved ones by replacing your lost income earning ability if you were to die prematurely.  But what happens to your income earning ability if you become ill or disabled? Critical illness (CI) and disability coverage are often overlooked, but are equally as important as life insurance. They …

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The Importance of Regular Insurance Review

insurance review

  Of the less that half of Canadian families that have life insurance, very few do an insurance review on a regular basis. Most policies sit in a filing cabinet gathering dust and ignored until someone passes away. Most Canadians today are more concerned about outliving their money than dying prematurely. Unfortunately, many fail to appreciate the randomness of sickness …

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Why Millennials Need Income Protection


Why Millennials Need Income Protection If you are part of the millennial group, you may be familiar with the debt burden of student loans, car loans and credit card debt. In a recent Facebook study, almost half indicated that their most important financial goal is paying down debt.  But paying down debt requires income. What if that income is interrupted by …

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Insurance Protection for Single Parents, Housewives, Contract Workers and Farmers (Part 2)


  Continuing from last week, let’s review the importance of more insurance options for this cohort of people. Critical illness insurance: This pays out a lump sum if you are diagnosed with life-threatening illness such as cancer, heart attack or stroke that is covered by the policy. Subject to certain conditions such as surviving for a specified length of time, …

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Insurance Protection for Single Parents, Housewives, Contract Workers and Farmers (Part 1)

insurance protection

For those of you who are the sole earner and provider for your family, you have to make every dollar count. So to this end there are a number of insurance options to consider what will protect your family financially should you become unable to work for an extended period of time because of sickness, disability or worse – death. …

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Insurance – Safeguarding Your Family’s Lifestyle


When you first started working you may not have given insurance a second thought. However, as you enter your peak earning years, you have a lot more to protect. It’s likely that you and your family depend on your salary for the lifestyle you enjoy. Life, critical illness and disability insurance can help protect that lifestyle if you are unable …

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Life Insurance! But Why Disability, Critical Illness or Long Term Care?


Several recent surveys have highlighted that most Canadians have insufficient life insurance coverage, and a significant number don’t have any insurance coverage. When quizzed as to why, the most common reason given is that life’s other financial priorities take precedence. Other reasons given are, they feel they can’t afford it, they have group coverage at work, plus several other common …

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Alberta’s Financial Benefit from Insurance

financial benefit

A common misconception people have about life, health and dental, critical illness, disability & long term care coverage is that insurance companies don’t pay out on many policies. The 2014 Canadian Life & Health Insurance Association’s annual report provides a snapshot of the huge financial benefit that 2.9 million Albertans and their families receive from insurance payouts. In addition to …

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Why do we need Critical Illness & Disability Coverage?

critical illness

Many Canadians still don’t understand the financial risks of suffering a critical illness or disability as compared to dying. Statistically, only 6% of us are at risk of dying prior to age 65, whereas 26% have the possibility of suffering a critical illness and 34% of becoming disabled. It’s ironic that most of us understand the need for life insurance …

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Critical Illness – A Greater Risk than Dying?

Sick Dog1

A healthy 35 year-old male has a significantly greater risk of suffering a disability or critical illness prior to age 65 than he will of dying. Continual medical advances are extending our life expectancy, while at the same time increasing the likelihood that we will survive major illnesses such as cancer, stroke and heart attacks. It’s also why Canadians need …

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Why You Need Critical Illness Coverage

Couple With Doctor

Though most Canadians understand the need for life insurance, they often don’t understand the need of critical illness coverage. The sad reality is that, one out of every three of us will suffer some type of critical illness prior to age 65, with cancer, heart attack and stroke the three biggest risks. If you were to suffer a critical illness, …

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Prepare For The Unexpected

Portrait 3170411

Critical illness is inconvenient. People typically save for things like vacations, vehicles, and new homes, but it’s not exactly common to save for a health emergency.  Sadly, this means that many people aren’t financially equipped to deal with a sudden heart attack or other serious illness. But, what if there were a convenient and affordable option to help you prepare …

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Are You Fully Protected Before You Travel?


According to a recent survey, only about half of Canadians aged 50 and over bother to check their insurance coverage before leaving for vacation.  Others wait until they are at the airport and buy something without knowing what coverage they have. Are you fully protected before you travel? Before traveling, you should make sure everything you take is covered, as …

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Why You Need Critical Illness Coverage

Clock And Pills1

On the heels of a previous post where we asked if critical illness insurance was really necessary, we wanted to iterate why you need critical illness coverage. The reality for most of us is that prior to age 65, we are at a much greater risk of suffering a disability or critical illness than of dying.  Everyone understands the need …

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Our Biggest Financial Asset – Ourselves!

Raining Money1

Our ability to earn an income is usually our biggest asset, more valuable than our home or other investments.  This asset is at greater risk than we realize through death, disability or illness.  Simply put, our greatest asset is ourselves and our income earning ability over our lifetime. Every day we have costs associated with daily living.  Typically our largest …

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Life Insurance, Disability Insurance, or Creditor Insurance?

Risk Management1

When is it most beneficial to obtain creditor insurance, disability insurance, and/or personally-owned life insurance..? I want to reinforce some things I’ve mentioned before about the pitfalls of life, critical illness or disability coverage for mortgages, loans, and lines of credit offered by banks, auto dealerships, and other lenders. Creditor coverage pays the lender if the borrower dies before the …

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