The lawyers at Aaron Waxman & Associates are experienced with Disability, Personal Injury and Employment claims.
Would your way of life survive a critical illness or a serious injury?
If you survived a critical illness would you have enough money to pay for private nurses, home care, special medical treatments inside or outside Canada, job or career retraining, daily living costs such as food, mortgage or rent and taxes?
Critical Illness Insurance is offered by several Canadian insurance companies. CI pays a lump sum benefit upon a diagnosis of one of the covered conditions listed in the insurance policy.
Critical Illness Insurance is considered to be a “living benefit” insurance that offsets lost income and its main purpose is to help pay for additional expenses incurred by those who survive a major illness. Traditional life insurance won’t help in these circumstances.
With CI, you don’t have to dip into your RRSPs or savings. You are paid a lump sum amount as per your policy terms.
For more details about what critical illness insurance covers, and long-term disability benefits refer to our previous blog posts concerning this topic.
If you are a business owner or self-employed, you may want to consider critical illness insurance as well.
CI Insurance does not replace LTD or Life Insurance but is meant to complement these products.
It has been said that insurance is one thing you pay for but never really want to use. But, the reality is, insurance can allow a person to get back to where they need to be financially and can alleviate financial stress in many cases.
Turning to Disability Insurance, LTD insurance is a percentage of your pre-disability earnings and the benefit period ends at age 65. With individual policies, you can choose the level that works for you, from 50-100% of your wages. The higher the percentage, the higher the premiums are.
If you became disabled as a result of a car accident, having LTD benefits will allow you to afford your monthly expenses, like your mortgage payments, car payments, basic necessities and in general, protect your lifestyle if you have purchased enough coverage.
These 2 insurance products should be part of your financial portfolio. Being financially prepared is responsible, and will pay off.
Aaron Waxman and Associates is a personal injury law firm that handles car accident claims, critical illness claims and long-term disability claims.
* This blog is for informational purposes only and is not meant to substitute legal advice. Please read our disclaimer for further information.
* All of our lawyers are licensed by The Law Society of Upper Canada
* Office in Toronto and able to represent people in the province of Ontario