Trying to figure out what your life and health insurance options are? You have so many choices when it comes to insurance, so this question can spark some confusion. But you’re not alone!
It’s not uncommon to sit down with a new client and they tell us they’re not sure what kind of insurance they need. They just know what they want to prevent.
You can get just about anything covered by insurance nowadays. Kylie Minogue even has her tooshie covered for an easy $3M.
Getting your THINGS covered is fairly straight forward but it gets a bit more tricky when we talk about covering your PERSON.
There’s an endless list of situations you’ll want to cover but only 6 types of insurance.
Life Insurance
Pick your benefit amount (within reason) and this plan will pay a sum of money to your loved ones when you pass away. That includes Mortgage Insurance, Term Life Insurance, Whole Life and Universal Life Insurance.
If you have debt or a growing family, this is a must!
Disability Insurance
It replaces your income if you can’t work while recovering from an accident or illness. Without an income, how would you pay your bills?
48% of Canadians have disability insurance and almost all of those people are covered through employee benefits, not because they bought it themselves. The other 52% only has E.I. to financially help in this situation – and that stops after 15 weeks – that’s a scary statistic!
Critical Illness
Pick your benefit amount and this plan would pay you a sum of money if you survive a critical illness like cancer, heart attack, etc. If you need to make changes around your home because your abilities have changed, this plan is a lifesaver. Use it to replace your income while you take time off work or celebrate the fact that you survived!
Health Insurance
Health Insurance can help or cover the cost of prescription drugs, dentist visits, physiotherapy and more. Getting hurt or sick can be more than losing your income; there are expenses that come with it. This coverage, as with all insurance, must be purchased before you need to use it.
There are a couple of health insurance options if you know you’ll need to use the plan immediately. But, those plans cost more and cover a lot less.
Travel Insurance
Canadians are pretty lucky to have the health coverage that we do. But, once we’re outside the border, we’re on our own! Make sure you’re covered wherever you go with travel insurance.
From surprise dental surgery to changing your flights last minute, travel insurance is super affordable for how much it can save you.
Business Insurance
Your life and health insurance options can be set up so that your small business gets the benefit. Having your business as the beneficiary will allow it to keep operating, even if you can’t. Make sure your business is covered!
From covering the financial loss of your right-hand-worker who has to take a leave, to offering employee benefits, you have a lot of options!
Remember, YOU’RE in control of your financial future.
It takes time and effort to put plans like this in place but it’s worth it to know that your family is taken care of.
Have some follow-up questions? Book a Quick Call with us! We’re here to help 💪
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We’re so glad you found this helpful Riani! Thank you.