Financial Planners Creating Your Financial Independence
Protect the Most Important Asset
Stay financially protected in case of any unforeseen accidents or illnesses
There are many different types of insurance policies designed to protect one of your most valuable assets: yourself. From life insurance to disability and critical illness insurance, there is the right policy for everyone. Truth be told, some celebrities even choose to protect specific parts of their bodies against injury! Did you know that David Beckham’s legs are insured for $70 million?
At Walton Financial Group Inc., we are dedicated to helping you understand what different insurance types and policies entail, so that you can find the ideal option for you and your family. With personalized advice and objective recommendations, we will help you get peace of mind knowing that you and your family are financially protected in case of an unfortunate event.
All You Need to Know
Disability insurance takes the form of regular monthly payments aimed to replace some of your income in case you are unable to work due to an illness or injury. Disability insurance typically covers 60% to 70% of your income, so that you can maintain a standard of living similar to what you are used to.
Know the Difference
The Right Time
If you are afraid of losing your income due to illness or disability, disability insurance is the right choice for you. Ask yourself whether your family would be able to afford housing, food, and other necessities if you lose your salary. If you are the main provider for your loved ones, we always recommend getting the insurance.
Overview
Critical illness insurance offers a single lump-sum cash payment that you can use as you see fit in case you suffer from one of the serious health conditions outlined by your policy. These critical illnesses can include stroke, heart attack, or cancer.
Critical illness insurance is intended to help offset some of the recovery costs, including medical bills, expensive assistive devices, and even travel expenses.
If you are concerned about the financial impact that a certain health condition might have on you and your family, you might want to purchase critical illness insurance. However, make sure to review your existing health coverage benefits first. You might already have certain medical costs partially covered, - but critical illness insurance will often offer a much more comprehensive coverage.
Summary
Both Critical Illness and Disability can be owned and paid for corporately, or personally. Disability insurance is also known as “income replacement insurance,” and it does just that: replaces a portion of your monthly income if you are not able to work due to an illness or injury. Critical illness insurance, on the other hand, provides a lump sum payment if you develop one of the covered health conditions.
While the two types of health insurance have some overlap, they cannot be used as an alternative to another. If you want to have the most comprehensive coverage possible, you would need to get both disability insurance and critical illness insurance. Luckily, our insurance professionals from Walton Financial can help you cover all bases and learn about the return of premium options. This means that some carriers will pay a portion of your premiums back, or all of your premiums back if you do not have a claim.
EXPLORE YOUR OPTIONS ⟶Have Questions?
Digital Marketing & Website Design Toronto by ZoneCloud.net Corp.© 2023 Walton Financial Group Inc.
Stay Connected
We're here to answer any of your financial questions. Use the form or any of the contact methods to start the conversation.
Toll Free: 1.877.733.5207
Office: 705.733.5200
126 Wellington Street West #202 Barrie, ON L4N 1K9
