20 Dec

Who Would Pay Your Expenses if You Were Unwell?

In the future if you find that you are unwell and can’t work, how will you make sure you and your family are protected? Below we’re going to answer this question by looking at personal insurance in Alberta.

Many people, probably in the thousands, don’t consider personal insurance in Alberta as something of value.  They think that a health scare ever happen to them, they’ll never be diagnosed with a critical illness, or get hurt. They’ll never be disabled. They’re healthy now and that’s how they’ll stay. They’re careful, so they’ll never get injured.

Some even believe that if they were injured, they wouldn’t stay down – they’d have to work. So somehow, they’d still make their full income despite being unwell. They think that others with disabilities enjoy not working, as if they’re lazy to some degree and enjoy living off personal insurance disability monies.

The problem with this mindset is it’s not true. A lethal illness or paralysis can stop one from working; particularly in the initial stages. This is what is important about personal insurance in Alberta. Even if it’s for one month, it can make a world of difference, especially for Albertans who live paycheque to paycheque.

So what can you do if it does happen to you? You can consider researching personal insurance in Alberta coverage options to protect your income so you can pay for vital expenses and food for your family.

To begin let’s look at the types of personal insurance coverage in Alberta that offer protection for sicknesses, including serious illnesses.

Personal Insurance in Alberta for Serious Illness Protection: Prescriptions

What happens if you’re unwell and diagnosed with an illness that requires medication you can’t afford?

Did you know that Canada has the second highest (nationalpost.com/news/canada/this-is-why-canada-has-the-second-highest-medication-costs-in-the-world) medication costs in the world? An article in the National Post said, “Many Canadians stop taking the drugs they need because they can’t afford them.”

A health care insurance policy with prescription coverage can dramatically lower the cost. There are policies which cover 100 per cent of prescriptions, some with 80 per cent coverage and others where only a dispense fee is payable.

Personal Insurance in Alberta – Critical Illness

The Institute of Actuaries and insurer LV’s statistics say that a 30-year old man who doesn’t smoke is almost twice as likely to be diagnosed with a serious illness before they’re 70, than they are to die. However, a large percentage of the population don’t have financial protection if this were to happen.

It’s also interesting to note that financial experts predict that because of our increased life expectancy, society has to consider that the retirement age will continue to rise.  Critical illness is a personal insurance in Alberta which pays a tax-free sum upon diagnosis of any serious illness detailed in the policy. With working longer, it’s important to be adequately covered for the length of the illness.

The lump sum benefit with this personal insurance in Alberta product can be used any reason. Examples include to cover expenses during recovery, funeral expenses, or to complete a bucket list trip.

Now, let’s look at the types of personal insurance coverage in Alberta that offer protection for injuries.

Personal Insurance in Alberta: Long-Term and Short-Term

What is Disability Insurance? It’s a product that works when you cannot due to injury, mental health issues, or chronic pain – disabilities come in various shapes.

How Does Short-Term Disability Work? It pays a temporary monthly income based on a percentage of your salary after a waiting period of usually up to 14 days. The duration of benefits for short-term is 9 to 52 weeks.

How Does Long-Term Disability Insurance Work? This disability benefit pays a portion of your income and is more permanent because it lasts longer. If you have a short-term policy, your long-term waiting period is the maximum length of time your short-term lasts (usually 26 weeks). Thus your long-term should start immediately after your short-term ends. Be sure to claim both your short and long term benefits at the same time, to ensure you “back end” the policies so they can work together like this.

It’s important to note that even with disability insurance through work, it might not be enough. Personal insurance provides you with more flexibility, and control

The lesson to be learned is to make sure you’re protected before you get sick or injured.

For more information about personal insurance in Alberta, or for advice unique to your family, please  speak with an insurance broker.  The consultation is free and can help you discover what products best suit your family.

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