Saskatoon Directory in our Trusted Saskatoon Financial Services category.
tip on Insuring What Matters The Most: Our Health:
Most of us would never give up our home insurance, our car insurance, and even our life insurance. Nevertheless, when the time comes to insure our health, some of us believe it’s an unnecessary expense, since the government health care is readily available.
Unfortunately anyone can be confronted with a critical illness or long term disability, and as a result, require some form of long term care that is not covered by government plans. Solutions are available to protect your savings and wealth in the event of sudden health care needs. Here are some types of insurance you may want to consider.
Long Term Disability coverage or income replacement insurance allows you, should you become disabled due to illness or injury, to receive monthly benefits during a certain period of time. The amount of coverage available is based on a percentage of your earned income and can be payable up until age 65.
Critical Illness Insurance
Critical Illness insurance allows you, should you be diagnosed with certain types of cancer, heart disease or a life altering event such as paralysis or a stroke, to receive a lump sum benefit provided that the illness or event is covered under the insurance program. If you do not make a claim, the program can be designed to return the premiums paid at a specific period of time.
Medical Care Insurance Outside Canada
A few insurance companies offer a supplementary product to Critical Illness insurance intended to cover medical care expenses that you could incur outside of Canada. This coverage, instead of paying a lump sum in the event of an insured critical illness, covers expenses related to medical care received outside Canada for up to $1,000,000.
Long Term Care Insurance
With age, you may ask yourself:
· Will I be able to rely on my spouse or family members to provide proper health care for me?
· Will I be able to have care and treatment at home?
· Will I be forced to reside in a provincially funded care facility?
Long Term Care insurance can assist with costs associated with home or facility care. This benefit is tax free and can be payable as a result of suffering from a cognitive impairment (such as Alzheimer’s disease) or being unable to perform important activities of daily living.