Long-Term disability

Sickness and injury can lay you low despite your best efforts to look after your health and safety. If it happens to you, there are some government plans that provide coverage. But for the most part, you are on your own. Buying insurance is a good way to prevent a financial catastrophe — the price you pay is small compared to the potential financial loss to you and your family.

As with any product ─ and that’s all insurance is ─ you want to avoid paying too much or getting poor service when you need it most. That’s where we can help. A Vancity Life Insurance Specialist can give you a clear, impartial assessment of your insurance needs.

Here are some of the disability insurance options available to you.

Canada Pension Plan coverage

This coverage is free and you may already be eligible for disability benefits. To qualify, you must have contributed to the Canadian Pension Plan (CPP) and have worked for at least four of the last six years. You also must be under age 65 and be considered disabled and unable to work under CPP legislation.

If you've been severely injured or become too sick to continue working, contact Human Resources Development Canada to find out if you're entitled to a disability pension.

Health insurance

Additional health insurance can be vital if you are your household's main provider. More importantly, you must have it in place before you get sick or injured. Waiting until disaster strikes will make insurance costly or may disqualify you from getting insurance at all.

Long-term disability insurance

If you’re working, you should seriously consider long-term disability insurance. It provides a monthly payment to replace your income if you become disabled. Premiums and the benefit amount depend on your age, income, the type of work you do, the definitions of disability, and how long you want the benefits to last after you become disabled.

Government legislation allows for benefits from a disability policy to be taxable or non taxable, depending on the details of the plan or the premium payment option you choose. For instance, if the premiums are fully paid by your employer, proceeds from the disability policy are considered to be a taxable benefit. If you are self-employed, you can opt for a disability policy with non-taxable benefits.

Long-term care insurance

Long-term care insurance helps you pay the costs of long-term health care, within certain limits, if you become unable to take care of yourself. Policies are available to cover an extended stay in a health care facility and even the cost of having a licensed nurse or health care worker treat you in your home.

Critical care insurance

Critical care insurance pays you a non-taxable, cash lump sum if you are diagnosed with certain life-threatening illnesses. The funds are intended to help you pay for the treatments, equipment and other expenses associated with your particular illness. You are free to use the money any way you want.

One of the best things you can do to protect yourself is to stay healthy and to live a healthy lifestyle. It’s also cheaper than buying insurance. But insurance is still a good idea. We can explain your options and make recommendations. What we won't do is try to sell you something you don't need.

For more information on insurance products or an in depth analysis of your needs, contact Vancity Life Insurance.