Disability Insurance will provide assurance if you become disabled and can no longer perform at work, and earn your income as usual.
It will help you in difficult times if you are sick or hurt and not able to work. Disability insurance can replace a portion of your income when you are unable to work.
It is the most difficult time to go through, to maintain a certain standard of life, to pay your bills, look after your children and all of your other financial necessities.This is when disability insurance is most needed.
While looking for disability insurance, consider the following points:
- Definition of total disability
- Residual disability
- Renew ability provisions: One of the most important aspects of a disability insurance policy is the renew ability provision, and there are two types:
- Guaranteed Renewable: A guaranteed renewable policy can not be canceled by the insurance company even if a change in your circumstances would put you at greater risk.
- Non Cancellable: There is a type of individual disability insurance available which offers an insured a guaranteed future premium
Long-Term Care is essential to your retirement plan. If you fall within the Baby-Boomer or Gen X groups, you’ll count among 9.8 million senior citizens in 2036, according to Statistics Canada. If you’re currently between the ages of 40 and 60, you’ve most likely started planning for retirement by putting money away in an RSP or pension.
Long-Term Care insurance
For some, Long-Term Care insurance is a critical aspect of their retirement plan. Not many people consider what might happen if they become sick with a chronic illness. Current research shows that chronic illnesses like Alzheimer’s will be become more prevalent over the next 30 years.
In fact the Alzheimer Society of Canada predicts that 1.2 million Canadians will suffer from dementia by 2038, which means that the need for long-term care services will increase. Currently, assisted living services can cost up to $50,000 a year.
In the next 20 to 30 years, it’s expected that the need and cost for these types of facilities will increase substantially.
But taking time now to plan ahead is key to ensuring that you and your loved-ones won’t become financially burdened if you lose your independence during retirement.
Still not sure that you’ll need Long-Term Care insurance? here are some Facts about Long Term Insurance.