Protecting your family

It’s easy to feel invincible when you’re healthy – and let’s hope you stay healthy for a long, long time. But what if the unthinkable happens and you become disabled or critically ill? Who would continue to provide the income that supports your family’s lifestyle and provide vital essentials like food and shelter?

The right living benefits insurance that fits your needs will provide financial security for the tough times and peace of mind for the good times.

Disability Insurance can provide a source of income should you become unable to earn a living because of an injury or accident. Using savings, drawing from your investments held in your RRSP, or going into debt to finance your loss of income can significantly impact your current lifestyle as well as your plans for the future. For business owners, disability insurance is essential to avoid the personal financial losses that can be fatal to your business. The benefits from a personal owned disability plan will be tax-free and will continue during the benefit period while disabled.

Critical Illness Insurance complements the benefits available from a disability plan by paying out a lump-sum of money if you contract a specific life threatening illness, such as cancer, stroke, or heart attack. You can use the funds to pay for treatment, subsidize your income or even to pay off your mortgage, personal or business loans.

Many Canadians assume our healthcare system will pay all their expenses if they become critically ill but some medications aren’t covered, nor are additional expenses like travel, daycare and homecare.

Long Term Care Insurance pays out benefits for those requiring homecare including medical care, nursing care in the home, homemaker services, respite care for caregivers, and any other costs that may arise during the period of impairment.

It is widely assumed that all long term care services are paid for by the provincial health care systems – but this is not the case. The reality is that many necessary services are often in excess of government aid and can add up to $4,000 in monthly long term care costs.

There’s no doubt that living benefits insurance coverage can help you control your future and protect your family’s financial health. However, the available type of benefits and options can vary – that’s why you should discuss your needs with your professional advisor who can help you get the coverage that’s best for you.


This column, written and published by Investors Group Financial Services Inc. (in Quebec – a Financial Services Firm), presents general information only and is not a solicitation to buy or sell any investments.  Contact your own advisor for specific advice about your circumstances. For more information on this topic please contact your Investors Group Consultant.  Insurance products and services are distributed by I.G. Insurance Services Inc. (in Quebec – a Financial Services Firm). Insurance licence sponsored by The Great-West Life Assurance Company outside of Quebec.

More Financial Planning Made Easy articles

About the Author

As a Regional Director at Investors Group it is my mission to grow the Okanagan Region of Investors Group. I help recruit, train and develop Consultants at Investors Group. I am always looking for professionals that would like to be their own boss and enjoy the training, support, rewards and compensation for being a successful Consultant. Also ensuring that we continue to be involved in the community in which we live.

As a Financial Consultant it is my passion to serve clients by giving them full financial planning advice. This includes investments, insurance, retirement & estate planning and tax reduction strategies.

Connect with me on LinkedIn: http://www.linkedin.com/pub/karen-erickson/15/391/1b6

Click here to visit my website.

Contact Karen by email at:  [email protected]


The views expressed are strictly those of the author and not necessarily those of Castanet. Castanet does not warrant the contents.

Previous Stories