Provides a non-taxable monthly benefit if you become disabled and are unable to work (the benefit starts after a pre-determined waiting period, which is typically 90 or 120 days). Group disability insurance coverage through your employer and government benefits such as WorkSafeBC, EI and CPP offer limited benefits, can be difficult to claim and some of these benefits are also taxable when you make a claim. That’s why it is advisable to have a professional insurance advisor review your current coverage and determine if a personal disability insurance policy is needed.
Critical Illness Insurance
Provides a tax-free lump sum payment if you or other insureds on your policy (i.e., spouse, child) are diagnosed with a life-threatening illness. This benefit can be used at your discretion and provides financial relief so you can focus on recovery rather than worry about returning to work to pay the bills. We recommend that you have enough coverage for each family member to provide six to 12 months of income replacement based on the highest income earner in your household.