George Tey, MBA, CFP
CERTIFIED FINANCIAL PLANNER® Professional
CERTIFIED FINANCIAL PLANNER® Professional
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Compliant content provided by Adviceon® Media for educational purposes only.
The majority of the population of North America is approximately 50 years or older. This demographic truth increases the need for two specialized types of insurance: Critical Illness and Long Term Care.
Critical Illness Insurance Critical Illness Insurance protects your dependent(s) in the event that you suffer a disability due to a major illness such as heart attack, coronary bypass surgery, stroke,terminal cancer, blindness, paralysis, or kidney failure. It pays out a tax-free lump-sum benefit. You could clear outstanding debts such as the mortgage, finance home renovations to meet changed living access needs, or pay for specialized medical treatments not covered under your health insurance such as certain chiropractor or masseur fees. There are no restrictions on how you use the lump sum benefit. It is not based on your ability to work, even if you fully recover. Collecting the benefit will require a doctor’s statement regarding your health, and confirming that you have survived the critical illness, generally for at least 30 days.
Long Term Care Insurance Long Term Care Insurance will pay for the cost of long-term care associated with a disability or chronic illness. It covers relocation to a long-term care facility or in-home caregiver assistance. Usually, the available benefit consists of a fixed tax-free amount up to several hundred dollars per day to pay for long-term or other healthcare. As the policy’s issue age for this coverage increases, the premiums for this insurance also increase. Look for policies renewable for life that will include coverage for skilled care, intermediate care, rehabilitation centres and nursing homes. Ask if conditions such as Alzheimer’s are covered and if extended care at home is an option.
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Life Insurance policies vary according to contract terms. Please read any Life Insurance policy contract provided, or the segregated fund summary information folder prospectus before the time of purchase. Full details of coverage, including limitations and exclusions that apply, are set out in the policy of insurance. Commissions, trailing commissions, management fees and expenses may be associated with segregated fund investments which may not be guaranteed and their market value changes daily and past performance is not indicative of future results. A description of the key features of a life insurance policy, a segregated fund; and any applicable individual variable annuity contract is contained in information provided by the company from which it is purchased. Talk to your advisor before making any financial decision. For specific situations, advice should be obtained from the appropriate legal, accounting, tax or other professional advisors. The information provided is accurate to the best of our knowledge as of the date of publication and is general in nature, intended for educational purposes only, and should not be relied upon as a substitute for advice in any specific situation. For specific situations, advice should be obtained from the appropriate legal, accounting, tax or other professional advisors. Rules and their interpretation may change, affecting the accuracy of the information.