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An illness or injury can affect more than your health. It can interrupt your income, place pressure on your savings and change what is financially possible for your family.
Matthew Lawrence, QAFP®, Financial Advisor, helps you consider coverage designed to protect your income and provide financial flexibility when your health changes.
DISABILITY AND CRITICAL ILLNESS INSURANCE IN NIAGARA. PROUDLY CANADIAN.
DISABILITY AND CRITICAL ILLNESS INSURANCE IN NIAGARA. PROUDLY CANADIAN.
Your bills do not pause when your health changes.
Your bills do not pause when your health changes.
Mortgage payments, groceries, childcare and other commitments continue - even when your ability to work does not.
Workplace benefits and emergency savings may help, but they can have limits. Without understanding what is already available and where gaps remain, it is difficult to know how long your finances could support an interruption.
Protect the paycheque. Preserve your choices.
Protect the paycheque. Preserve your choices.
Disability insurance and critical illness insurance address different financial risks.
Disability insurance is designed to replace a portion of your income when an illness or injury prevents you from working, subject to the policy’s definition of disability and other terms.
Critical illness insurance can provide a lump-sum benefit following the diagnosis of a covered condition and satisfaction of the policy requirements.
One helps support ongoing income. The other can create immediate financial flexibility. Depending on your circumstances, either or both may have a role.
Understand the policy before you need it.
Understand the policy before you need it.
You work directly with Matthew to understand what a policy covers, when benefits may begin and how long they may continue.
Waiting periods, benefit periods, occupational definitions, exclusions and renewal provisions are explained in plain language. His QAFP® background also helps place the coverage within the broader context of your household finances, savings and existing benefits.
What should this protection consider?
What should this protection consider?
Income and Essential Commitments
Income and Essential Commitments
How much of your income supports your household and ongoing obligations.
Existing Workplace Benefits
Existing Workplace Benefits
What coverage you already have and what may change if you leave your employer.
Occupation and Responsibilities
Occupation and Responsibilities
How your particular work and duties affect the definition and amount of coverage required.
Waiting and Benefit Periods
Waiting and Benefit Periods
How long you could manage before benefits begin and how long protection may be needed.
Critical Illness Needs
Critical Illness Needs
What additional expenses, time away from work or changes at home could follow a serious diagnosis.
Policy Terms and Options
Policy Terms and Options
How definitions, exclusions, renewability and available features affect the protection provided.
The objective is not to insure every possible risk. It is to identify the financial consequences that would be hardest to absorb and consider an appropriate way to address them.
Frequently Asked Questions
Frequently Asked Questions
Do disability and critical illness insurance provide the same protection?
Do disability and critical illness insurance provide the same protection?
No. Disability insurance is generally designed to provide recurring income benefits when you cannot work. Critical illness insurance generally provides a lump-sum benefit after a covered diagnosis, subject to the policy terms.
Do I need both types of coverage?
Do I need both types of coverage?
Not necessarily. The answer depends on your income, savings, workplace benefits, family responsibilities and the financial risks you are most concerned about.
Can self-employed people obtain disability insurance?
Can self-employed people obtain disability insurance?
Yes, subject to financial and medical underwriting. Individual coverage can be especially important when there is no employer-sponsored disability plan.
Does disability insurance only cover accidents?
Does disability insurance only cover accidents?
No. Depending on the policy, disability insurance may cover qualifying disabilities caused by illness as well as injury. The applicable definitions and exclusions should be reviewed carefully.
Start with the income your life is built around.
Start with the income your life is built around.
You do not need to understand every policy feature before beginning.
Complete the short form and tell Matthew what concerns you about an illness or interruption in your ability to work. He will follow up personally to discuss your existing protection, possible gaps and the next step.
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