The lawyers at Aaron Waxman & Associates are experienced with Disability, Personal Injury and Employment claims.
Are you ready for life’s unexpected curveballs?
How would you manage financially if you were diagnosed with a serious illness and were unable to work? Or suffered a serious injury that rendered you unable to work?
Changing life cycles are changing insurance needs. People are living longer, supporting adult children and are more active later in life compared to previous generations. The average life expectancy for men and women has increased. Due to medical advancements, more and more people are surviving critical illnesses.
Another change that has been happening is that people are choosing to have children later in life. Statistics Canada has revealed that more women are giving birth in their 40s.
What does this mean? Critical illness insurance is becoming more and more important. Why? It protects a family’s income and savings. It protects a business person’s income and savings.
Having adequate insurance is important if you are self-employed or have a family or are planning to start a family. The sooner you obtain insurance, the better your premiums will be given your age, and it reduces the risk of being declined for coverage due to health issues.
To read more about the changing need for insurance, read the press release, “70 is the new 50″ issued by TD Insurance found here.
A recent article in the Globe and Mail, called “Lessons learned from a tragic game of touch football” also visited the necessity of critical illness and financial preparedness. Changing work and family dynamics have made protecting income and finances necessary, especially as the health-care system deals with an aging population that is living longer and the federal government discusses possible changes to Canada Pension Plan and Old Age Security.
There are growing numbers of people who are self-employed or who have contract jobs, or are employed without benefits and insurance plans that supplement or protect their income and assets.
Critical illness insurance is a very important product. It’s been available in Canada since 1996. Consider the following:
Critical illness insurance pays a lump sum amount if the policy holder is diagnosed and meets the survival period. The general idea is that the lump sum covers the amount of income that may be lost while the person is off work for treatment or recovering. It can also offset the cost of private nursing care, attendant care, medications or other such needs.
Aaron Waxman & Associates handles critical illness insurance claims. In the event that your claim is denied, contact us for a free consultation.
* 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