Life insurance has two major benefits – provide income to loved one or pay debts upon your death. In the event of an untimely death, you want to ensure your family is well taken care of. This means having the funds to pay outstanding debt (such as mortgage), fund your child’s education and sustain their standard of living. Losing a partner and a parent is extremely tough emotionally, life insurance can help ease the financial burden.
Unfortunately, cancer, stroke, heart attack and other critical illness don’t discriminate and can strike anyone at anytime. But thanks to continuous health care improvements, people are surviving life-threatening illnesses every day. Having said that, this does take a toll on their finances. Critical illness insurances can help fund new expenses such as rehabilitation, in-home care or house modifications as well as provide funds for your own discretionary use in the event of an illness.
Disability insurance can be thought of as income protection. A disability is anything that prevents you from working whether that be a physical or mental impairment. Your standard of living, financial goals and retirement plans are all based upon your ability to continue to earn an income. In the event this is no longer viable, disability insurance can provide the necessary income to protect your families future and standard of living.
Today people are living longer than ever. Sometimes this means living years with sickness, cognitive impairment or the inability to perform two or more activities of daily living. LTC is an insurance product that can help fund the expensive costs of assisted living whether that be in your own home or a facility.