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What happens if I become disabled or am diagnosed with a chronic illness?
"Living Benefits" is a collective term used to refer to a variety of plans that cover you on a long-term basis. These are plans that address your needs if you are diagnosed with a chronic illness or if you become disabled and are unable to work.
Get a quote today!The three most important living benefit products available today are:
Critical Illness
Critical Illness plans cover you in the event that you are diagnosed with one of the chronic conditions on a specified list. This list usually includes such conditions as cancer, Parkinson's, blindness, etc. These plans provide you with a lump sum payment, which you can use as you see fit for such expenses as replacing lost income, covering health care costs or refitting your home.
Disability Insurance
Disability Insurance helps you handle the day-to-day effects of a disability or chronic illness by providing you with a monthly payment for a set number of years. The amount of the payment is a predetermined percentage of your income at the time of the illness onset or injury. This type of insurance is designed to alleviate the loss of income resulting from your inability to work.
Long-Term Care Insurance
Long-Term Care Insurance is intended to help you when you have a loss of independence due to an illness or accident. A loss of independence means that you require care and are unable to perform a few basic daily functions (such as eating or bathing). A Long-Term Care plan will provide you with a monthly payment to help with your daily needs and care.
