Risk of illness and injury is something we all have. Both are unfortunate realities to many people. This insurance can provide money for treatment or time in a long term care facility. It can replace lost income or pay for travel to and from doctors.
Sometimes health insurance is referred to as “living benefits”; because, unlike life insurance, the insured person is alive and receiving the benefit.
There are 4 types, all with a common purpose – to make sure your finances don’t suffer when your health does.
Personal Health Insurance
This pays for medications, dental work and other health costs.
Similar to benefit plans at work.
Leaving a group plan?
If you are leaving a group benefit plan, Faiella Financial Group has products to replace many of the benefits you had at work.
Critical Illness Insurance
If you get sick with one of the illnesses covered by your policy, and survive the waiting period, this pays you a lump sum to cover your expenses.
- Travel for treatment.
- Make your mortgage payments
- Renovate your home.
- Replace your income so you and your spouse can take time off.
- It’s better than dipping into your savings.
Long-term Care Insurance
Pays for the costs of long term care in instalments.
Covers costs such as:
- nursing care,
- personal care and
- home-making services.
- If you get hurt, this replaces some of your income.
- It’s paid out in instalments until you are able to work again.