Life insurance provides well-known protection and is something your parents and grandparents understood. Protection that is less understood but is just as important is living benefits. Life insurance protects your family if something happens to you, and you pass away. But what if something happens to you, and you are still living? What protection do you have then? This is where living benefits play a role.

The two main types are:

CI – Critical Illness Insurance

Critical illness insurance pays a tax-free lump sum benefit if you are diagnosed with a defined illness specified in the contract during the policy term. Example: heart attack, stroke, cancer and 20+ covered conditions such as MS, Parkinson’s, Paralysis, Deafness, and Blindness, etc. This is an option to consider if due to income, you are unable to get disability insurance (DI)

DI – Disability Insurance

Disability insurance replaces your earned/employment income, up to the age of 65 if you are unable to work or are permanently disabled due to an injury or illness.


Replace your most valuable asset – your ability to earn an income

Provides you protection while living

Able to maintain your lifestyle if you cannot work due to illness

Ensures you have the proper time to recover without financial worry

Allows you to seek and receive the optimal medical treatment

When you may need this:

You have no spouse and/or one or more dependants

Your savings would not cover your monthly expenses (for more than 1 or 2 months)

A history of critical illness (ex: parent had cancer, heart condition)

You are the primary income generator and/or have a business that is dependant on you i.e., business owner, doctor, dentist

Provides additional protection to your life insurance

If you would like to learn more or have any questions, feel free to email or call me anytime or book a meeting by using the following link.

Click Here to book your meeting with Michael Bonomo.