Operating CanadaWide (except Quebec)
ACCIDENT
&
SICKNESS
ACCIDENT & SICKNESS INSURANCE
Better coverage than any Employer Benefits!!
Accident and sickness insurance, also known as disability insurance, plays a crucial role in providing financial protection to individuals who are unable to work due to unexpected injuries or illnesses. As an insurance advisor, it's important to understand the intricacies of accident and sickness insurance to effectively guide clients in selecting the right coverage for their needs. This insurance type pays you while you are living, hence it is also called Living Benefits Insurance.
Understanding the Coverage: Accident and sickness insurance typically provides income replacement benefits to policyholders who are unable to work due to covered accidents or illnesses. The coverage may vary depending on the policy, but it generally includes temporary or permanent disabilities resulting from accidents, injuries, or illnesses.
Types of Coverage:
1. Accident Coverage: This part of the policy provides benefits if the insured suffers an injury due to an accident, such as a car crash, fall, or sports-related injury.
2. Sickness Coverage: This aspect of the policy offers benefits for illnesses that prevent the insured from working, such as cancer, heart disease, or mental health conditions.
3. Short-Term Disability: Provides income replacement for a short duration, typically ranging from a few weeks to a few months.
4. Long-Term Disability: Offers income replacement for an extended period, often until retirement age, if the insured is unable to return to work due to a disability.
Benefits of Accident and Sickness Insurance:
1. Income Replacement: It ensures that individuals continue to receive a portion of their income if they are unable to work due to disability.
2. Financial Security: Helps policyholders cover daily expenses, mortgage or rent payments, medical bills, and other financial obligations during periods of disability.
3. Peace of Mind: Knowing that they have financial protection in place can provide peace of mind to individuals and their families, especially in uncertain times.
Factors to Consider When Choosing a Policy:
1. Coverage Limits: Understand the maximum benefit amount the policy will pay out and whether it's sufficient to cover living expenses.
2. Waiting Period: Determine how long the insured must wait before benefits kick in after the onset of disability. Shorter waiting periods may result in higher premiums.
3. Definition of Disability: Pay attention to how disability is defined in the policy. Some policies may have stricter definitions that make it harder to qualify for benefits.
4. Premiums: Consider the affordability of premiums, but also weigh them against the level of coverage provided.
Customization Options: Depending on the insurance provider, clients may have the option to customize their accident and sickness insurance policy to suit their specific needs. This could include adding riders for additional coverage or adjusting benefit amounts and waiting periods.
Claims Process: As an advisor, it's crucial to educate clients about the claims process and help them understand what documentation and evidence they may need to provide to file a successful claim. Additionally, assist them in reviewing their policy regularly to ensure it still meets their needs as circumstances change.
Complementary Coverage: Accident and sickness insurance can complement other forms of insurance coverage, such as health insurance and life insurance. By having a comprehensive insurance portfolio, individuals can better protect themselves and their families against unforeseen financial hardships.
Education and Communication: Lastly, as an insurance advisor, it's essential to educate clients about the importance of accident and sickness insurance and communicate clearly about policy terms, coverage limitations, and potential exclusions. Empowering clients with knowledge enables them to make informed decisions about their insurance needs.
In conclusion, accident and sickness insurance is a vital component of financial planning, providing essential protection against the financial consequences of unexpected disabilities. As an insurance advisor, it's your responsibility to guide clients through the process of selecting the right coverage and ensuring they understand the benefits and limitations of their policy.
Accident and sickness insurance, also known as disability insurance, plays a crucial role in providing financial protection to individuals who are unable to work due to unexpected injuries or illnesses. As an insurance advisor, it's important to understand the intricacies of accident and sickness insurance to effectively guide clients in selecting the right coverage for their needs. This insurance type pays you while you are living, hence it is also called Living Benefits Insurance.
Understanding the Coverage: Accident and sickness insurance typically provides income replacement benefits to policyholders who are unable to work due to covered accidents or illnesses. The coverage may vary depending on the policy, but it generally includes temporary or permanent disabilities resulting from accidents, injuries, or illnesses.
Types of Coverage:
1. Accident Coverage: This part of the policy provides benefits if the insured suffers an injury due to an accident, such as a car crash, fall, or sports-related injury.
2. Sickness Coverage: This aspect of the policy offers benefits for illnesses that prevent the insured from working, such as cancer, heart disease, or mental health conditions.
3. Short-Term Disability: Provides income replacement for a short duration, typically ranging from a few weeks to a few months.
4. Long-Term Disability: Offers income replacement for an extended period, often until retirement age, if the insured is unable to return to work due to a disability.
Benefits of Accident and Sickness Insurance:
1. Income Replacement: It ensures that individuals continue to receive a portion of their income if they are unable to work due to disability.
2. Financial Security: Helps policyholders cover daily expenses, mortgage or rent payments, medical bills, and other financial obligations during periods of disability.
3. Peace of Mind: Knowing that they have financial protection in place can provide peace of mind to individuals and their families, especially in uncertain times.
Factors to Consider When Choosing a Policy:
1. Coverage Limits: Understand the maximum benefit amount the policy will pay out and whether it's sufficient to cover living expenses.
2. Waiting Period: Determine how long the insured must wait before benefits kick in after the onset of disability. Shorter waiting periods may result in higher premiums.
3. Definition of Disability: Pay attention to how disability is defined in the policy. Some policies may have stricter definitions that make it harder to qualify for benefits.
4. Premiums: Consider the affordability of premiums, but also weigh them against the level of coverage provided.
Customization Options: Depending on the insurance provider, clients may have the option to customize their accident and sickness insurance policy to suit their specific needs. This could include adding riders for additional coverage or adjusting benefit amounts and waiting periods.
Claims Process: As an advisor, it's crucial to educate clients about the claims process and help them understand what documentation and evidence they may need to provide to file a successful claim. Additionally, assist them in reviewing their policy regularly to ensure it still meets their needs as circumstances change.
Complementary Coverage: Accident and sickness insurance can complement other forms of insurance coverage, such as health insurance and life insurance. By having a comprehensive insurance portfolio, individuals can better protect themselves and their families against unforeseen financial hardships.
Education and Communication: Lastly, as an insurance advisor, it's essential to educate clients about the importance of accident and sickness insurance and communicate clearly about policy terms, coverage limitations, and potential exclusions. Empowering clients with knowledge enables them to make informed decisions about their insurance needs.
In conclusion, accident and sickness insurance is a vital component of financial planning, providing essential protection against the financial consequences of unexpected disabilities. As an insurance advisor, it's your responsibility to guide clients through the process of selecting the right coverage and ensuring they understand the benefits and limitations of their policy.
ACCIDENT & SICKNESS INSURANCE BENEFITS
Getting paid daily in the case of accident and sickness insurance typically involves a specific type of coverage known as daily or weekly indemnity benefits. Here's how it works:
Understanding Daily Indemnity Benefits: Some accident and sickness insurance policies offer daily or weekly indemnity benefits, which provide a fixed amount of money for each day or week that the insured is unable to work due to a covered accident or sickness. These benefits are designed to provide immediate financial support to help cover ongoing expenses during the period of disability.
Policy Coverage Details: To get paid daily under this type of insurance, the policyholder must first have a policy that includes daily indemnity benefits. The coverage details, including the daily benefit amount and maximum duration of benefits, will be outlined in the policy contract. It's important for individuals to review their policy carefully to understand the terms and conditions of their coverage.
Filing a Claim: If the insured suffers an injury or illness that prevents them from working, they must file a claim with their insurance provider to receive daily indemnity benefits. This typically involves submitting documentation, such as medical records or a doctor's statement, to verify the disability and its impact on the insured's ability to work.
Approval and Payment Process: Once the claim is filed, the insurance provider will review the documentation to determine eligibility for benefits. If the claim is approved, the insured will begin receiving daily or weekly indemnity payments according to the terms of their policy. Payments may be made through direct deposit or by check, depending on the insurer's policies.
Duration of Benefits: Daily indemnity benefits are typically payable for a limited duration, such as a certain number of days or weeks, as specified in the policy. The insured will continue to receive payments until they recover from their disability, reach the maximum benefit period, or until other policy limitations are met.
Coordination with Other Benefits: It's important to note that daily indemnity benefits may coordinate with other sources of income replacement, such as sick leave benefits from an employer or disability benefits from government programs like Social Security Disability Insurance (SSDI). The total amount of benefits received cannot exceed the insured's pre-disability income.
Policy Exclusions and Limitations: Like any insurance coverage, daily indemnity benefits may have exclusions and limitations that determine when benefits are payable. For example, benefits may not be provided for disabilities resulting from certain pre-existing conditions or injuries sustained under specific circumstances. It's essential for individuals to understand these exclusions and limitations when purchasing a policy.
Overall, getting paid daily in the case of accident and sickness insurance involves having a policy that includes daily indemnity benefits, filing a claim with the insurance provider, and meeting the eligibility criteria outlined in the policy contract. By understanding the coverage details and following the claims process, individuals can access the financial support they need during periods of disability.
Getting paid daily in the case of accident and sickness insurance typically involves a specific type of coverage known as daily or weekly indemnity benefits. Here's how it works:
Understanding Daily Indemnity Benefits: Some accident and sickness insurance policies offer daily or weekly indemnity benefits, which provide a fixed amount of money for each day or week that the insured is unable to work due to a covered accident or sickness. These benefits are designed to provide immediate financial support to help cover ongoing expenses during the period of disability.
Policy Coverage Details: To get paid daily under this type of insurance, the policyholder must first have a policy that includes daily indemnity benefits. The coverage details, including the daily benefit amount and maximum duration of benefits, will be outlined in the policy contract. It's important for individuals to review their policy carefully to understand the terms and conditions of their coverage.
Filing a Claim: If the insured suffers an injury or illness that prevents them from working, they must file a claim with their insurance provider to receive daily indemnity benefits. This typically involves submitting documentation, such as medical records or a doctor's statement, to verify the disability and its impact on the insured's ability to work.
Approval and Payment Process: Once the claim is filed, the insurance provider will review the documentation to determine eligibility for benefits. If the claim is approved, the insured will begin receiving daily or weekly indemnity payments according to the terms of their policy. Payments may be made through direct deposit or by check, depending on the insurer's policies.
Duration of Benefits: Daily indemnity benefits are typically payable for a limited duration, such as a certain number of days or weeks, as specified in the policy. The insured will continue to receive payments until they recover from their disability, reach the maximum benefit period, or until other policy limitations are met.
Coordination with Other Benefits: It's important to note that daily indemnity benefits may coordinate with other sources of income replacement, such as sick leave benefits from an employer or disability benefits from government programs like Social Security Disability Insurance (SSDI). The total amount of benefits received cannot exceed the insured's pre-disability income.
Policy Exclusions and Limitations: Like any insurance coverage, daily indemnity benefits may have exclusions and limitations that determine when benefits are payable. For example, benefits may not be provided for disabilities resulting from certain pre-existing conditions or injuries sustained under specific circumstances. It's essential for individuals to understand these exclusions and limitations when purchasing a policy.
Overall, getting paid daily in the case of accident and sickness insurance involves having a policy that includes daily indemnity benefits, filing a claim with the insurance provider, and meeting the eligibility criteria outlined in the policy contract. By understanding the coverage details and following the claims process, individuals can access the financial support they need during periods of disability.
DIFFERENT DAILY BENEFITS - ACCIDENT
$100
$200
$300
$400
$500
DIFFERENT DAILY BENEFITS - SICKNESS
$100
$200
$300
$400
$500
Living Benefits Insurance Pays on Top of
Life Insurance
Critical Illness
WSIB
EI
OHIP
Auto Insurance
Mortgage Insurance
Home Insurance
Group Benefits
Credit Card Ins
Liability Insurance
Business Insurance
Content Insurance
What all does Living Benefits Insurance Covers
Hospitalization
Travel
Parking
Prescriptions
Meals
ICU
Doctor Visits
Physio Visits
Nurse Visits
Baby Sitter
Home Care
Snow Removal
Land Scaping
Utilities
Rent
Natural Accidents
Auto Accidents
Common Carrier Accidents
Auto Accidents
Natural Accidents
Common Carrier Accidents
Mortgage Payments
Lost Paid Time of Work
Recovery Period post any Hospitalization
Recovery Benefit post any Outpatient Surgery
Guaranteed Renewals until age 85
Mortgage Payments
Lost Paid Time of Work
Recovery Benefit post any Outpatient Surgery
Recovery Period post any Hospitalization
Guaranteed Renewals
until age 85
PREMIUMS FOR
Single Person
Family
PREMIUMS FOR
Single
Starting from $0.5/day to $1.9/day
Starting from $1.2/day to $4.5/day
Family coverage covers parents & all children!
Premiums Starting from $0.5/day to $1.9/day
Family
Premiums Starting from $1.2/day to $4.5/day
Family coverage covers parents & all children!
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