Financial Services _Çô Client Services RFC121 Lecture Notes - Critical Illness Insurance, Unemployment Benefits
5 Jun 2018
School
Department
Professor
Disability Insurance Trade-offs
▪ Waiting or Elimination Period
▪ the longer the waiting period the lower the premium
▪ Duration of Benefits
▪ Amount of Benefits
▪ Accident and Sickness Coverage
▪ Guaranteed Renewability
Sources of Disability Income
▪ Employer
▪ Private
▪ Public
▪ Employment Insurance
▪ Canada /Quebec Pension Plans
▪ Worker’s Compensation
▪ Short term or Long Term Welfare
Determining Your Needs
▪ Disability Income Requirements
▪ determine benefits from public/private sources
▪ determine short fall based on 70-80% of your after-tax income
▪ consider waiting period and benefit period
Critical Illness Insurance
▪ Provides money for care if you are diagnosed with a serious illness or
condition
▪ Cancer, heart disease, stroke, etc.
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Document Summary
Disability insurance trade-offs: waiting or elimination period, the longer the waiting period the lower the premium, duration of benefits, amount of benefits, accident and sickness coverage, guaranteed renewability. Sources of disability income: employer, private, public, employment insurance, canada /quebec pension plans, worker"s compensation, short term or long term welfare. Determining your needs: disability income requirements, determine benefits from public/private sources, determine short fall based on 70-80% of your after-tax income, consider waiting period and benefit period. Supplemental health insurance: after considering health and disability coverage available from government, employer or other policies you may decide to seek further coverage, dental expenses, reimbursement of dental services & supplies, encourages preventative dental care, vision care insurance. Supplemental health insurance: health services insurance, prescription drugs, semi-private / private hospital rooms, home care and nursing, and other services of health care professionals not covered by government plans. Travel insurance: hospital and medical expenses incurred outside of canada.
