Insurance Broker Canada | Disability & Income Protection Insurance For Labourers In Fort Mcmurray
Reasonably priced income protection method for labourers in Fort McMurray -- For
several workers in Fort McMurray, they do not have adequate income protection insurance to put back their earnings if they suffer from an injury or illness keeping them off the job site. Many jobs only have Workers Compensation insurance, which substitutes about 55% of your income ONLY if you get injured on the job.Income needs to be protected 24/7 from both injuries (on and off the job) and illnesses like cancer or heart disease that would prevent your income. Many workers in Fort McMurray and in the Canadian Oil Sands have very insufficient income protection benefits, and when they get injured or sick, their high paying labour jobs quit paying.
Because labour workers are engaged in a higher risk occupation, the cost for traditional disability insurance can be extremely expensive. This article will teach you a strategy to cover 90% of all your long-term income loss risk with a combination of non-traditional insurance products.
Injury Only Disability Insurance
Some different insurance companies offer injury only disability insurance. This type of income protection insurance is designed to pay a monthly income benefit if you have been injured on or off the job site. Some plans even offer coverage away from work, allowing mandatory Workers Compensation insurance to cover injuries on the job.
Injury only insurance is way cheaper than traditional disability insurance that always covers injuries and illnesses. Most of these plans are also made it easy for the labour industry, so there are no health questions to be eligible for coverage and there is only one premium for both smokers and non-smokers.
Blue collar and labour jobs, like working as a roughneck, welder, truck-driver, pipefitter, etc. are very well priced for these plans, especially by The EDGE Benefits, which has been particularly designed to offer injury only insurance to the blue collar industries in Canada. The prices will be less than half the standard cost for traditional disability insurance.
Critical Illness Insurance for Illness Protection
With the injury only disability insurance you will be protected from physical damage to your body keeping you off work, but how about getting sick? I know many young people think they are invincible and would never imagine themselves getting cancer or a heart attack, but these are the most common diseases in Canada today. Its happening to someone, so it can also happen to you.
Critical illness insurance will protect you from the major life altering illnesses like cancer, heart attack, stroke, bypass surgery, MS, Parkinsons, severe burns, spinal damage, etc. The approval for the insurance is more strict basically you have to be in good health today and never been in an insured conditions in the past.
If, once you acquire critical illness insurance, you are diagnosed with a disease that is covered, you will be paid out your benefit 30 days after diagnosis. This is called the survival period. The critical illness insurance benefit is paid out lump sum, tax free. A one-time injection of cash into your hands to help with your debts, income replacement and medical treatment.
You can design the critical illness insurance to be 2 times your gross annual income, for instance, which should give you coverage for almost 3 years of net, take home income.
I have found that by breaking up the injury only disability insurance and the critical illness insurance to cover serious diseases people in higher risk jobs can save money on their income protection insurance. Usually the savings are in the 30 40% range vs. buying traditional disability insurance covering both injury and illness in one policy.
There are some illnesses that would not be covered in this method. For example, a recurring case of pneumonia that keeps you off work for 6 months would not be considered a critical illness, and therefore no benefits will be paid. However, most of the serious, life altering illnesses that will keep you home sick for a long period of time are included in a critical illness policy, and therefore can substitute for about 80% of all long-term illness related disability insurance claims.
Life Guard Insurance can create non-traditional income protection insurance
If you need income protection insurance because you are self employed, and contract worker or your company only offers Workers Compensation coverage, we can give assistance. Contact us to speak with a qualified life insurance broker in Fort McMurray about obtaining the income protection insurance you need.
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