There are 2 common forms of insurance that offer living benefits, allowing you to have access to money while you are alive to help replace income or to focus on taking care of yourself when you are ill.
Critical illness insurance pays you a benefit if you unfortunately acquire one of the illnesses covered in your policy. The big 3 are heart attack, cancer or a stroke. Depending upon the insurance carrier, there may be more illnesses covered. Coverage may also include some incremental programs, such as best doctors. Critical illness offers a one time payout. Why would this be useful? If you need to take extended time off work, it can serve to buffer your income. If you would like to invest in an experimental treatment in another country, this could help with those costs.
Disability insurance, on the other hand, is income replacement. If you are unable to work for an extended period, Disability will continue to pay you for an extended period. Most corporate benefits plans include a DI component, for at least a limited time (usually 2 years). If you are self employed and/or a professional, disability insurance will be crucial to your plan to ensure you can carry on living your life if the unfortunate were to happen from illness or accident.
My role is to help you choose how best to allocate your resources to provide the best coverage to meet you and your family’s need. Through our discussions, I can help you to understand your priorities and provide you with the best options to help protect you in case of illness or disability.