Life insurance policies offer financial protection to your loved ones when you pass away. But what happens if you become disabled in an accident or are diagnosed with a critical illness?
Living benefit plans are solution-focused insurance policies that offer financial benefits while you’re still living. A living benefit plan will cover unforeseen expenses and everyday bills if something happens to you.
At Concierge Wealth Management, we help clients understand how critical illness insurance, disability insurance, and long-term care planning can work together as part of a comprehensive financial plan.
Did you know…
In Canada, there are 29 long-term care beds per 1000 population aged 65 and older, this varies across provinces and territories. LEARN MORE
In 2021, it was estimated that 118,200 Canadian men and 110,900 Canadian women would be diagnosed with cancer. LEARN MORE
According to the 2017 Canadian Survey of Disability, more than 6 million Canadians aged 15 and over, identify as having a disability. LEARN MORE
A serious illness can have a significant impact on your finances, even if you have medical coverage through a group benefits plan. Critical illness insurance provides a tax-free lump-sum benefit if you are diagnosed with a covered condition and satisfy the policy requirements.
Coverage may include conditions such as:
The benefit can be used however you choose, including:
For business owners, critical illness insurance can also play an important role in protecting business operations and managing overhead expenses during periods of illness.
Your ability to earn an income is often your most valuable financial asset. A disability resulting from an illness or injury can significantly impact your ability to support yourself and your family.
Disability insurance helps replace a portion of your income if you become unable to work due to a qualifying disability.
Many individuals rely solely on employer-sponsored disability coverage. However, group plans often have limitations, including maximum monthly benefits that may leave higher-income earners underinsured.
Our disability insurance review process helps determine:
Protecting your income is an essential component of long-term financial security.
As life expectancy increases, many Canadians are considering how they would manage the financial and personal costs associated with extended care needs later in life.
Long-term care insurance can help provide financial support if you require assistance with daily living activities due to aging, illness, or cognitive impairment.
Potential benefits may help cover:
Having a plan in place can help preserve your assets, reduce financial strain on family members, and provide greater flexibility when choosing care options.
Living benefits insurance is most effective when integrated into a broader financial strategy. We evaluate your existing coverage, financial obligations, income needs, retirement goals, and family circumstances to determine whether additional protection may be appropriate.
Our review may consider:
Financial planning is about more than protecting against death—it is also about protecting your lifestyle, income, independence, and financial wellbeing during your lifetime.
At Concierge Wealth Management, we help clients develop personalized protection strategies designed to support their families and financial goals through every stage of life.
