Family life & critical illness insurance in Abbotsford is an important consideration for families within the area. A properly structured insurance program will ensure your family’s protection in the event your ability to earn a wage is compromised. However, when it comes to buying life and critical illness insurance, there are a variety of options available which can make it difficult to choose what may be the best fit from a protection stand-point and budget.
Over-paying for insurance can deplete resources from retirement and education savings, while being under leaves you and your family at risk.
Here are some reasons why family life & critical illness insurance in Abbotsford are important considerations:
- To supplement and bridge your income in the event you cannot go to work, whether sickness is temporary or permanent.
- To cover medical expenses (not covered by MSP) if you suffer a serious illness.
- To cover final expenses and provide your family with income in the event you pass away.
Risk management is an essential part of your financial portfolio and often does not get the attention it deserves.
Here are a few types of life and health insurance products every family should consider:
Your standard policy pays a cash benefit to your beneficiary when you pass away. An un-expected loss of an income earner(s) can have a heavy financial impact on any family. Household expenses, a mortgage, day-care costs and child education funds can all be funded by the tax-free proceeds of a life insurance policy.
Long Term Disability Insurance
Simply stated, if you’re sick or injured and unable to work, this insurance will protect your ability to bring in a pay cheque. Even if you are single or have no children, your ability to earn money is your greatest asset and should be protected. There are a variety of ways to structure and design these policies to suit different needs and budgets.
Critical Illness Insurance
This type of insurance will pay a tax-free lump sum if you are diagnosed with a condition covered under your policy. Primarily this insurance is used to protect against heart disease, strokes and cancer. Long-term disability insurance can often take up to 90 days to begin paying a benefit, this insurance policy will provide you with a large cash infusion to take care of upfront medical expenses and lost income.
If you are interested in family life & critical illness insurance in Abbotsford or anywhere in the Fraser Valley, we encourage you to contact DENT Benefits and speak to one of our representatives today!
The information in this material is derived from various sources. Material is provided for general information and is subject to change without notice. Every effort has been made to compile this material from reliable sources; however, no warranty can be made as to its accuracy or completeness. Before acting on any of the above, please contact us for benefit, pension and insurance advice based on your corporate or personal circumstances.