Critical Illness and Disability Insurance Plans
Life is unpredictable. It is essential to prepare ourselves and our families for a life-altering change. Should you become ill, injured, or disabled, having insurance coverage will provide ongoing financial security for the future. Your financial advisor will discuss your needs and find the best insurance solution to fit your needs.
Critical Illness Insurance
Your life insurance policy should include critical illness coverage. While things might be okay now, protecting yourself and your family for the unforeseen future is essential. It is another layer of income protection that will give you peace of mind during a difficult time.
Critical illness insurance can provide a lump sum amount if you’ve suffered a covered condition like cancer, heart attack, or stroke. As the policyholder, you can receive the payment yourself, so you have total control over how it is spent. Critical illness coverage allows you to focus on treatment and getting better instead of worrying about loss of income and financial stress now and in the future.
If you’re fortunate to live a healthy life, free of illness, some policies have flexible options that allow for your premiums to be returned to you. You can use that money towards living expenses or your investment savings.
Learn more about the benefits of critical illness insurance.
Disability Insurance
Should an accident or illness lead to a temporary or permanent disability, disability insurance will provide income if you can no longer work. It is critical to your life security planning and ensures that you and your dependents are cared for. Disability insurance will replace a percentage of your income, depending on your policy and the coverage you pay for.
There are two types of disability insurance: short-term and long-term. Short-term disability insurance only provides coverage for a set period, usually about six months.
Long-term disability insurance is for the long term. It usually has a benefit period, which can be between 25 and 120 months and up to age 65, for example.
Does my employer’s benefit package cover critical illness and disability insurance?
Many people see critical illness or disability insurance on their work benefit package. Any amount of coverage is great, but you should check the details and ensure it will meet your needs. Will it be a sufficient safety net?
For example, group long-term disability insurance might not include coverage for your annual bonus or if you have a partial disability. In some cases, high-income earners can be underinsured because their group plan has a built-in maximum.
If you’re unsure, contact Fincor Financial Group. We can help you review our employer’s group benefits package and determine if the critical illness insurance and disability insurance included in your benefits package are suitable for your needs. If not, we can make suggestions and set you up with a policy to give you income protection and peace of mind.
Fincor provides our insurance products and solutions in conjunction with PPI Solutions. PPI is a national Managing General Agency focused on insurance solutions.
