Insurance premium return is when you obtain an insurance policy that contains a provision that states, after a specified period of time, you can receive your insurance premiums back.
Term insurance products offer low premiums, therefore they often don’t provide the ability for you to be eligible to receive your insurance premiums back, even in the event that you don’t make an insurance claim.
Insurance premium return policies are available on critical illness and disability insurance policies. They offer up to 100% of your premiums back after a certain amount of years if you don’t make a claim.
Outside of the very obvious benefits presented with insurance premium return policies, these insurances provide crucial benefits to protect your income and your livelihood in the event you suffer a critical illness or disability. They also ensure that your family is cared for in the event of death.
Did you know that in 2001 there were over two million Canadians of working age who were disabled where physical injury wasn’t the only cause? Amongst office workers, absences due to nervous disorders, including stress triggered conditions, have become the leading cause of disability in Canada today.
At any time something could happen that could disable your ability to work. Many policies offered by employers are just not enough. Over time they may reduce the percentage of your income that they will pay to you while disabled and may even require that you are assessed by their doctor, in an effort to get you back to work.
If you are in a job that is high stress, it is important to remember that many critical illnesses, such as heart attacks, can be brought on by stress and can often occur in seemingly healthy individuals when they have a high stress occupation. The scary thing about critical illness is that a critical illness is called “critical” because if it occurs it will, in many cases, render the individual incapacitated for an extended period of time. Some examples of critical illness in addition to heart attacks include cancer, stroke, kidney failure and more. Other critical illnesses such as Alzheimer’s disease cause a slow deterioration to the individual over long periods of time, at which point care is expensive.
The primary reason you should consider insurance is to protect your income, livelihood and family. Many folks make the mistake of calling an insurance company directly and consequently purchasing the most affordable product available, when often there are other products that carry perks such as insurance premium return.
The best thing to do is consult a good Life Insurance Broker, one who deals with all of the top rated insurers (not just one), finding you a policy that provides the maximum benefits at the lowest available premium. For more information about insurance premium return insurance in Ontario please visitwww.wecoveryou.ca or call 416-849-1653.
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