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Back to Protect Your Family with Insurance

Maintain your family's quality of life.

 

Suggested Checklist:

  • Talk to a licensed insurance advisor if you don't have coverage, especially if you have a mortgage, car loan or significant debt
  • Review your employer's disability coverage to decide if it's adequate
  • Make a valid Will
  • Include instructions on health care decisions in your Will (a Living Will)
 

As a parent, you probably need most of your income—and/or your spouse's income—to cover the cost of running your household and meeting short- and long-term financial goals.

A disability or critical illness could put unmanageable pressure on your ability to provide for your children.

Here are two types of health insurance that can help you maintain the same quality of life for yourself and your family:

  • Disability income protection insurance protects one of your most valuable assets—your ability to earn an income. It provides replacement income to support your day-to-day living expenses and other financial obligations if you can't work as a result of a serious disability or injury.
    Many people have some form of disability insurance through an employer, but don't realize that coverage may provide less than pre-disability income—often as low as 50-70%, and that coverage ends when the employment ends.
  • Critical illness insurance gives you additional resources to help you focus on your recovery—without putting a financial strain on your family.
    It pays a lump sum benefit if you are diagnosed with, and survive, a covered illness such as cancer, heart attack or stroke. You and your spouse can use the benefit any way you wish—to pay for living expenses, keep children in daycare, continue to save for your children's education or cover the costs of special medical needs.

Find more tips, advice and answers:

For even more tips and advice on health insurance, click here. Or, visit our Health Insurance site for additional details on your coverage options and to explore the benefits of choosing RBC Insurance®.