About

Disability Insurance

Dissability Insurance (sometimes called DI) is an insurance policy that pays out a stream of monthly income in case you get disabled and cannot work. The injury or disability does not have to have happened at work but it must severe enough to prevent you from working and earning an income. Many people have both short term disability and long term disability coverage through work but you can buy personal disability policies if there is not coverage like in the case of some self-employed individuals.

Health and Dental Coverage

Like disability insurance, health and dental plans are often covered through workplace benefits. These plans are designed to help with the unexpected cost of healthcare needs when you need it. There is a growing concern that governments will have significant cut backs in the health care industry and as a result, the financial burden of prescription drugs, visits to the dentist, eye exams, and paramedical services may increase in the future. Individual Health and Dental insurance policies can be purchased with the help of FInAid Consulting.

Travel Insurance

Travel insurance is something you can buy when you travel outside of Canada in case you get sick or have an accident while you are away. Travel insurance can cover the cost of your medical emergencies. Travel insurance may or may not include trip cancellation coverage. Most travel agencies will offer travel insurance coverage. However, you can also choose to purchase from a third party. If you’re planning your trip online or on your own, you’ll have to research which insurance companies are best for your needs.

Critical Illness Insurance

Critical Illness insurance is a type of insurance that helps you if you become critically ill. There are many different conditions that might be covered under a critical illness policy but the most common are heart attacks, strokes, and cancer.

Typically, critical illness insurance provides a lump sum payment when a specific condition is diagnosed. The money can then be used for any purpose. Some examples include finding alternative medical treatments anywhere in the world, hiring a caregiver, paying debts, covering expenses that are not covered under government health care, paying for private nursing homes, or providing income support.

Long-Term Care Insurance

Long-term care insurance is becoming more popular due to the increasing costs of medical and custodial care. It provides a daily or monthly benefit for those unable to perform certain activities of daily living, such as bathing, dressing, and eating. It also covers care received at home, in a hospital, or in a nursing facility. Examples of ADLs include transferring from bed to chair, controlling urinary and fecal discharge, using the toilet, and walking.