Blog Layout
3 products to help ease the financial impact of illness
November is Prostate Cancer awareness month in Canada. Did you know that 2 in 5 Canadians will develop cancer? More than 51% of new cancer cases will be lung, breast, colorectal, or prostate cancer. (Canadian Cancer Society’s Advisory Committee on Cancer Statistics. Canadian Cancer Statistics
2015. Toronto, ON: Canadian Cancer Society; 2015.) Despite these sobering statistics, there is hope. Regular fundraisers like Prostate Cancer awareness month, and the infamous Movember
campaign, have helped to raise money that is funneled into research and treatment options. Every year, more patients are surviving and thriving.
Surviving cancer is an incredible feat that is often overshadowed by the financial impact of the disease. There are three insurance products that can help to protect people’s financial health while they are in the fight of their life. Critical illness insurance, Short term disability, and Long term disability
are all affordable insurance products that provide income when you are unable to work.
Critical illness insurance
Critical illness insurance
is a living benefit, which means you receive the funds after being diagnosed with any critical illness that is outlined in your policy. Upon confirmation of your medical condition, the insurance company issues a lump sum cash payment. You are free to use this one-time payment in any way you choose. Many people use it to cover things like additional medical expenses, income replacement, or assistive devices to help with their activities of daily living.
Short term disability
Short term disability benefits
provide income replacement
at the beginning of a period of medically confirmed disability. Benefits are individually calculated based on a percentage of your regular weekly earnings. You can purchase coverage in varying amounts. Short term disability plans typically provide benefits for up to 26 weeks.
Long term disability
Long term disability benefits
provide income replacement
for a medically confirmed disability that lasts longer than 26 weeks. Like the name suggests, this benefit is designed to be in place for an extended period of time. Benefits are individually calculated based on a percentage of your regular monthly earnings.
Many people mistakenly assume these insurance products are costly and only benefit extremely high income earners. Nothing could be further from the truth. These living benefits
are affordable and worth their weight in gold if you ever need to access them. Income insurance benefits can alleviate some of the stress and uncertainty that comes with a serious medical condition. With your financial matters under control, you can focus on what is most important: your health.
At CG Hylton Inc., we are pretty passionate about two things: affordable insurance solutions that work and charities! One of our favorite charity initiatives is the Movember Canada
initiative for men’s health. During the month of Movember, men across Canada donate their faces to grow their best moustache and do fundraising to raise money and awareness for men’s health issues, including prostate and testicular cancer. Follow us on Facebook
to see our moustaches and fundraising efforts!
The combination of pandemic-related layoffs, early retirement, the switch to entrepreneurship, and increased demand for goods and services has created a perfect storm that employers need to weather.
Get tips to help your organization have a successful benefits plan renewal.
Employers cannot ignore the rising cost of mental health. Failure to provide meaningful support will be costly in terms of talent, workplace culture, and the bottom line. There are three things that employers can do to support employees and create a workplace where everyone has the opportunity to be successful!
Just because we make travel plans, it doesn’t mean that things will go smoothly. Travel insurance is an affordable product that can be customized to your needs with innovative and practical add-ons.
The current and projected state of the Canadian economy is a hot topic this summer. People are worried about inflation and recession. For your employees, these concerns are compounded with additional fears about job security. We can’t predict the future, but we can help you understand how the current economy is affecting your workplace and the steps you can take to minimize its negative impact.
When people feel safe at work, they consistently perform better, show up more, stay with the company longer, and are less likely to have a mental health related disability claim.
Inadequate handling of an investigation can cause the situation to escalate, affect workplace morale, and disrupt workplace relationships. A lack of effective intervention can even lead to legal action.
Long Covid is real and its impact is significant for the people who have it. Employers should be aware of long Covid so they can be prepared to support employees who are affected. Employers can lessen the impact and provide meaningful assistance to employees through empathy, proactive policies, and ongoing support.
Don't overlook these tools and strategies for helping to support employee mental health.
Learn more about critical illness insurance and its benefits.