A couple of comments: “Not all conditions are covered by critical illness provision” LMAO – at max it covers 25 plus no one has enough CI to cover a long term disability. CI is not intended to do that job. Its objective is to cover the additional expenses associated with surviving a major illness. “There is often a waiting period for coverage” – if that refers to the 30 Day (usually) survival period for benefits to be payable, again this is the basic concept of CI – Life Insurance pays iif you do not survive.

Does the client have a group benefits policy that provides STD/LTD benefits? She attacks(?) the one real benefit of group plans. They CAN offer coverage to pre-wexisting conditions after a stability period, whereas individual policies will almost certainly permanently exclude them.

However, she leaves out the largest single weakness to counting on group LTD/STD policies. We can only count on them for as long as we can count on our job. THAT is no longer a certainty. Stats Can says we have 3 careers and 8 jobs over a working lifetime. I wish I could attach my brother’s story as a way to drive home the weakness of counting on our group plans. He was in charge of Canadian operations for a significant American firm and back then I could not sell him individual DI in that situation. Thank God now I can – although it is too late for Chris. The owner of the firm sold it and the new owner naturally wanted his own guy to run Canada – so Chris got the golden handshake. He was setting himself up in his own consulting business with no established income yet – so no DI. He had to take his chances. He lost. Buy the book "Along Comes God" and read "His wonderful face". That is my brother.  

I just ran some numbers. A male age 49 (the oldest you can take FULL advantage of this) can provide himself flexibility to cover this situation for about $60/mth – and I used a “middle of the road” occupational class – someone who is a foreman – or does not work in an office. If you look at a 35 year old executive, you would be looking at $19/mth.

Do you honestly think that we should not at least offer this? Imagine being offered this job:

• Pays 25% more than you have ever earned – guaranteed for life
• Close to your home – so no long commute
• Working with a group of people you know, respect and like
• Doing EXACTLY what you most love to do

Oh yeah – no employee benefits!

MIGHT you still take it?

What if you were an insulin-dependent diabetic or had other health issues? If you had paid that $19 or $60 – or some other affordable price? MIGHT that make you more flexible?

Tim Landry,   B.A; B. Ed. 
Conseiller en Sécurité Financière,  Financial Security Advisor 

(514) 624-1555 x228  (514) 708-1797
72 Westminster Ave. N., Montreal-Ouest, QC, H4X 1Z2

For more information or ideas – go to my blogs:

Long Term Care Insurance

Disability Insurance

Critical Illness Insurance