Living Benefits… like Life Insurance, but you don’t have to die to get them.

Living Benefits are also known as Critical Illness Insurance or Disability Benefits.

Why would you consider one of these benefits?
Think about this… if you became critically ill and needed months or years to recover from a surgery or ailment, would you have an income? Would you have to drain your savings? Take out a line of credit or a 2nd mortgage? Scary questions.

Some companies offer a disability payment, which might be half of what your regular income is. Could you live on half an income with the additional expenses your injury or illness cost you?

With a Critical Illness Insurance policy, you get paid out a large lump sum of money thirty days after your diagnosis of the following:
heart attack, stroke, cancer coronary artery bypass surgery, multiple sclerosis, kidney failure, paralysis, blindness, deafness, rheumatoid arthritis, benign brain tumour, loss of limbs, major organ transplant (or on waiting list), Alzheimer’s disease, Parkinson’s disease, motor neuron disease (a.k.a. ALS or Lou Gehrig’s disease), coma, loss of speech, severe burns, occupational HIV infection, late onset insulin dependent diabetes, aortic surgery, heart valve replacement, loss of independence
***this is in ADDITION to your disability payments!***

The reality is that most people do not just suddenly die. There is a diagnosis and they must live with health limitations for years before they pass away. Critical Illness Insurance is there to help pay for the things needed during this time of life.

Why shouldn’t you just invest the amount of money you would pay for a Critical Illness Premium?
Good question! You CAN get policies that pay out should you not need to use them, so your money is not going out the window. The amount your policy will pay out if you actually need it will likely be much higher than what you could possibly get even from well performing investments.

Remember, having money is equivalent to having more choices. Choices such as taking time off work if needed and spending it on yourself or with family so that you can get better and recover. Serious illness can last for months or years and financial backing is critical to protect yourself, your family, and your money.

Come talk with your Moola Financial Advisor to figure out if a Critical Illness Policy makes sense for you.

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