It provides a paycheck if you are unable to work.
The number one disability claim in Canada is mental health. A broad term, but it is multifacet and affects many of our lives.
The number two claim is musculoskeletal. This includes bones, muscles, tendons, ligaments and soft tissues.
I know I hurt my back a few years back and was off and on work for a year. The place I was working provided a system for income to come in even though I could not work. For many, that is not the case.
There are other types of insurance in this area as well.
- Cancer insurance – We all know people with cancer. This provides a lump sum in case you get cancer.
- Hospitalization – Help cover expenses in case of hospitalization.
- Medical expense – This covers extras that are not covered by the government or current group benefits.
One of the tools you may want to consider as you manage your financial house is income protection.
These are great tools for those who are business owners and independent contractors or retired or looking to top up current group benefits.
Here are some brochures to learn about what one company offers.
- Income Insurance – Accident and Sickness
- Income insurance
- Cancer Insurance or CPP CI
- Hospitalization
- Medical Expense insurance
What questions do you have? Let’s set up a time to meet.