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Employee with Benefits from Critical Illness Insurance

Do Employees Benefit from Critical Illness Insurance?

When it comes to your insurance, it’s important to cover all your bases. You never know what might happen, so having the right policy in place is essential. However, some are often curious as to whether they need critical illness insurance in addition to their regular individual insurance policies, so Desjardin Financial Security Independent Network has collected some facts for you.

Here you’ll find everything you need to know about workplace healthcare, critical illness needs, and more!

Workplace Healthcare vs. Critical Illness Needs

There’s a common misconception that unless you’re a CEO or business owner/partner, critical illness insurance isn’t necessary. However, this isn’t true. Although there are certain advantages to having a critical illness policy specifically for business owners, everyone can benefit from such coverage.

Workplace healthcare, such as disability insurance, only goes so far. Often, it will fall short if you’re diagnosed with a serious illness or have a life-threatening emergency arise. Disability insurance will pay you a portion of your monthly salary. However, with critical illness insurance, you’ll receive a tax-free, lump-sum to help cover all your financial needs and obligations.

Reasons Why You Might Need Critical Illness Insurance

There are a host of reasons you might need critical illness insurance, ranging from being diagnosed with cancer to suffering from a debilitating disease that requires months, if not years of recovery time. The one-time sum you’ll receive from such insurance can help you pay for things like:

  • Medical Expenses: Things like copays and doctor visits can add up, especially if you have a critical illness. The money you receive can also help pay for private or in-home nursing costs, medical equipment, travel expenses to see specialists, and more.
  • Everyday Expenses: If you have a family, investing in critical illness insurance is one way to ensure they remain well-cared for should an unforeseen medical emergency arise. The tax-free sum you’ll be given can pay for groceries, childcare, healthcare for other family members, rent, mortgages, and other household debts.

What Does Critical Illness Insurance Cover?

Often, it’s recommended employees have both individual disability insurance, as well as critical illness insurance to bridge any healthcare gaps. Some of the illnesses covered by this type of insurance include:

  • Cancer
  • Parkinson’s
  • Alzheimer’s
  • Stroke
  • Heart Attack
  • MS
  • Severe Burns
  • Paralysis
  • & More

Let us help keep you covered in case of an emergency!

If you want to make certain that you and your family will be protected and able to meet all your financial obligations, contact Desjardins Financial Security Independent Network online today. We also specialize in business insurance and assistance for life events.  Call us at (416) 695-1433.