Overlooking disability insurance can be costly

Long-term disability insurance is the forgotten insurance.

The importance of auto, health, homeowners and life insurance is well known. But disability coverage, which replaces lost earnings if you can't work, tends to be ignored — until you need it.

Government studies show that a 20-year-old worker has a 30 percent chance of becoming disabled before reaching full retirement age. Yet only about a third of employees in private industry have long-term disability insurance, according to the Bureau of Labor Statistics.

read more (source: Business Week)

In the Dark About How Much Insurance You Have?

You might already have insurance through your group benefits plan at work, but do you know how much coverage you have? Is it enough?

Manulife Financial has the tools to help shine the light on how much protection may be right for you and the right products to meet your specific needs.

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The Importance of Critical Health Insurance

At a recent insurance seminar, we were approached by one of our colleagues with this letter. He felt, as do we, that it was essential for all of us to be aware of how important living benefits really are.

READ: A touching story from an insurance colleague

3 Reasons to Get Critical Illness Insurance

With Critical Illness Insurance we sometimes donít see the point into putting money into a policy where nothing might come of it. What I mean is that we might not acutally get an illness listed in the policy and therefore have wasted all the years paying for the policy.

For such a dilemma I have 3 standing reasons to why you should:

1. Protect your financial stability
With Critical illness insurance you are ensuring that during any circumstance - live or die, you will be able to have the finances available to live the life you have always been living or your family has. The lump sum of money you get from the insurance policy will help tide you over through any event that may come to pass.

2. Paying for survival
When opening a critical illness insurance policy you are paying for you to survive the treatment, not in case of death. You will want to be able to pay off any medical bills and other treatment you might need.

3. Looking at statistics, donít ever think it could not happen to you
Here are just a few:
  • 50,000 Canadians suffer a stroke each year; 75% survive the initial event
  • Approximately 11,000 bypass surgeries are performed in Canada each year
  • An estimated 166,400 new cases of cancer and 73,800 deaths will occur in Canada
  • 75,000 Canadians suffer heart attacks each year; 95% of heart attack patients hospitalized survive
The entire basis of getting critical illness insurance is because of the money involved, whether it is for you to survive on while not working or your family to survive on without you. So take a look at critical illness insurance options and trust me you wonít regret it.

Source: banknerd.ca

* Return of Premium is an option that can be added to your policy should you never require the critical illness coverage and die of natural causes *