Insurance for critical illnesses and disabilities are two different insurance products. However, they both aim to provide financial assistance for employees suffering from medical issues. While they operate differently, both be a team to offer more excellent help to employees in times of need.
Disability insurance is a direct replacement for the employee’s earnings when they cannot work due to an illness or accident. Since it’s unable to cover the entire income, they may face financial gaps, particularly when the out-of-pocket expenses arising from their medical condition start to pile up.
It is why it can be a beneficial partner for disability insurance. It’s a way to provide additional funds that will cover a lot of expenses employees might have to pay when they are out of work due to a medical health condition.
Benefits of Combining Critical Illness and Disability Insurance
Working Together
Think about the most popular reason for disability short-term leaves: Pregnancy. The employee earns a part of her salary during her leave, typically for between six and eight weeks. Unfortunately, complications related to birth and pregnancy are typical and often accompanied by additional expenses not covered by the major medical plan. These issues typically occur when the employee is away on leave and is receiving less than her regular pay.
Critical health benefits can assist employees in paying for unexpected costs. The cost of payments may increase, and the employee might have to begin her disability leave earlier than anticipated.
With a critical illness policy, an employee can be eligible for a lump sum benefit following the diagnosis of preeclampsia. The approach also benefits those suffering from complications during and after childbirth.
Reducing the Impact
The birth of a child and pregnancy are just two conditions covered under critical illness insurance. When combined with short-term disability insurance, employees can recover from these situations. With a less financial burden and can focus on what is most important to them in terms of healing and continuing to move forward.
Critical illness insurance is a policy that can help ease financial strains by paying a tax-free lump sum. For more information, contact Ottawa Life Insurance at (613) 454-1424 or mail at info@ottawa-lifeinsurance.ca.
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