Episode 35: Insurance needs for self-employed workers in Ontario
- The needs of self-employed individuals
- The importance of living benefits
- The need for healthcare coverage
Go Fund Yourself Podcast is a Canadian-based financial education podcast that aims to explain complex financial concepts to the public in a simple and fun way. The podcast’s host, Orlando Ali, is a Life and Health Insurance advisor who provides tips on financial protection. In this episode, Orlando Ali discusses the financial protection needs of self-employed individuals, freelancers, and independent professionals in Ontario, Canada.
The needs of self-employed individuals
Self-employed individuals, freelancers, and independent professionals have unique needs when it comes to financial protection because they do not belong to an employer’s group plan. As such, they are responsible for meeting their insurance needs. Orlando Ali suggests that self-employed individuals in Ontario should consider purchasing life, disability, and critical illness insurance. Life insurance is essential in Ontario to provide income protection for a self-employed person’s family in case of their untimely demise. Disability and critical illness insurance are necessary to protect the self-employed person’s income if they are unable to work due to a disability or a critical illness while residing in Canada.
The importance of living benefits
Orlando Ali emphasizes that living benefits, such as disability and critical illness insurance, are crucial for self-employed individuals in Ontario. He stresses that as a self-employed individual, one’s ability to work is one of the most significant assets, and if one is unable to work, their income will stop. Living benefits in Ontario provide income protection in case of a disability or a critical illness that renders one unable to work. Orlando Ali explains that having disability and critical illness insurance in Ontario is essential for self-employed persons to protect their family’s income while residing in Ontario. He also suggests that self-employed individuals should pay attention to the need for healthcare coverage.
The need for healthcare coverage
Orlando Ali emphasizes that healthcare coverage in Ontario is necessary for unexpected expenses such as accidents, illnesses, and prescription medications. He advises self-employed individuals to budget for healthcare expenses when purchasing disability and critical illness insurance plans. Healthcare coverage in Ontario can help self-employed individuals pay for unexpected expenses that are not covered by disability and critical illness insurance plans. Orlando Ali suggests that self-employed individuals in Ontario should purchase healthcare coverage to avoid financial strain due to unexpected healthcare expenses.
In conclusion, the GO Fund Yourself Podcast aims to provide financial education to the public in a fun and easy-to-understand way. The podcast host, Orlando Ali, gives listeners tips on financial protection, taking action, and avoiding common traps and misconceptions. Self-employed individuals, freelancers, and independent professionals have unique needs when it comes to financial protection. Orlando Ali emphasizes the importance of life, disability, and critical illness insurance for self-employed individuals. He also stresses the need for living benefits and healthcare coverage to protect one’s income and avoid unexpected expenses. By following these tips, self-employed individuals can protect their family’s finances and ensure financial security in Ontario.
(1 Desjardins Insurance refers to Desjardins Financial Security Life Assurance Company, a provider of life and health insurance and retirement savings products.)
