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What is health and disability insurance?
Health and disability insurance products protect you in case of illness or accident. The purpose of this insurance is to cover loss of income and additional expenses incurred due to an illness or accident (extended care, prosthesis, medications, etc.). Based on the coverage chosen, you could receive a lump sum, monthly payments or reimbursement of certain expenses.
At iA Financial Group, we offer three categories of health and disability insurance:
- Disability and income insurance
- Critical illness insurance
- Accident insurance
The importance of having health and disability insurance
The unexpected can happen at any time. Whether you suffer an accident, an illness or any other reason for disability, the consequences can be difficult emotionally as well as financially.
If something were to happen, knowing that you’re covered by health and disability insurance can help you focus on your recovery, without worrying about your financial situation. You’ll have the peace of mind you need to recover!
3 types of insurance designed for your needs
Disability and income insurance
This insurance provides monthly benefit payments in case of disability. Some products provide income replacement, while others cover your loan repayments.
The ideal solution if:
- You don’t have disability insurance through your employer and you want to protect your income in case of disability
- You want insurance that would help you cover your monthly loan payments or rent
Critical illness insurance
If you were to be diagnosed with a critical illness that’s covered by your policy, this insurance provides tax-free financial assistance that can be used as you see fit. It means you can maintain your standard of living and focus on the most important thing: your recovery.
The ideal solution if:
- You want to protect your family’s financial health and be able to focus on your recovery.
Accident insurance
This insurance can provide a lump-sum payment or cover certain accident-related expenses. Some options may also provide a monthly payment to cover your financial commitments.
The ideal solution if:
- You aren’t able to work due to an accident and need some help to cover unexpected expenses during your recovery.
Compare our critical illness insurance products
| Disability and income insurance | Critical illness insurance | Accident insurance | |
|---|---|---|---|
| Method of payment | Monthly | Lump sum | Lump sum or monthly (based on coverage selected) |
| Non-taxable benefits | |||
| Type of coverage | Accidental injury or illness | Illness | Accidental injury |
| Ideal for replacing your income | |||
| Ideal for covering medical expenses (rehabilitation, medications, etc.) |