In the present turbulent times when the entire world is grappling with the challenge of COVID-19 pandemic, there is a high degree of uncertainty about one’s physical well being. The risks associated with the disease are high and may lead to serious consequences such as death, serious illness, or prolonged disability. To save ourselves/ our family from the disastrous consequences associated with these perils, it is vital that we ensure our family’s financial protection.

To help people effectively overcome the financial crisis due to the major risk factors, a prominent insurance company offers a comprehensive insurance coverage plan that provides you wholesome protection against the risk of death, disability and critical illness. Let us see how this coverage works for your practical needs.

Life Insurance

Though we do hope and pray that everyone may remain safe, if unfortunately, somebody passes away due to an unexpected illness/injury, life insurance will prove an immensely beneficial tool that offers you financial protection as it lessens the sudden financial burden of the family members who can use the claim benefit to pay the funeral expenses, outstanding debts and mortgages, planned educational expenses (college education of the child) and lost income. As per your needs and financial capability, you can choose any plan out of different available options such as Term Life for 10, 20, 30, 40 years, or till age of 85 or, you can pick your term as per your mortgage or other temporary needs. The beneficiary has the liberty to use the financial assistance for any purpose as per his needs.

Critical Illness Insurance

For a certain proportion of population with compromised immune system, the disease may lead to serious health complications by exposing the individual to life-threatening illnesses. Here, critical illness insurance can prove a saviour. It is insurance protection that guarantees you payment of a tax-free lump sum benefit (full insured amount) in case you suffer from one of the 25 different types of critical illnesses (eg. heart attack, cancer, stroke, bypass surgery etc.). This benefit may be used to pay for the treatment, regular bills and, help your loved ones who may have to take time off their work to look after your physical well being. You can insure yourself for the benefit amount as per your needs/ priority/circumstance and are not bound to spend the benefit amount entirely on your medical treatment. Moreover, you can add features, as a Rider to policy, like ‘Return of premium on Death’, ‘Return of Premium on Expiry of Policy’ etc.

Disability Insurance

Due to the high risk factors associated with COVID-19, if you become disabled due to the deadly disease or due to an accidental injury, you may have to stay away from work for a prolonged period of time. To compensate for your lost income and pay for the necessary monthly expenses including your mortgage payment, educational expenses of children and living expenses, disability insurance will prove COMPREHENSIVE INSURANCE COVERAGE IN UNCERTAIN TIMES a valuable financial resource. The great news is that by paying a single premium, you get the 3-in-1 comprehensive coverage plan that acts as your protective shield against all the three risks viz. unexpected death, critical illness and sudden disability. This removes your financial worries and help you overcome the unprecedented times with minimum stress.

As an independent insurance advisor working through Punjab Insurance Agency, I deal with different insurance companies offering plans for different types of insurance. I can explain to you in detail, the insurance plan options and coverage that are suitable for your needs and resources. Besides, I can also help you to purchase mortgage insurance, super visa insurance, disability insurance, critical illness insurance, extended medical plans, group medical plans, RESP, RRSP, travel insurance, TFSA accounts, health and dental plans along with estate planning suitable for your needs and resources.

This article is © Copyrighted 2019-09- 25 and can be reproduced only with prior permission.

Sandeep Ahuja
604-996-6862 sandeepahuja@punjabinsurance.ca