Living Benefits Insurance in Ontario: Protect Your Health and Your Income
Secure Your Future Today with Dave Financial Services Inc.
Are you prepared for the unexpected? In Ontario Canada, the rising costs of healthcare and loss of income due to illness or injury can seriously impact your finances. Living Benefits Insurance offers financial protection when you need it most. Whether you’re self-employed, a professional, or a family provider, it’s essential to protect your health and your income with the right coverage.
What Are Living Benefits?
Living Benefits are insurance plans that pay out while you’re alive—providing financial support during illness, injury, or recovery. Unlike life insurance, which pays out after death, living benefits ensure you have funds when a health emergency strikes.
Most Popular Living Benefits:
1. Critical Illness Insurance Ontario:
- Receive a lump-sum payout upon diagnosis of a covered condition (e.g., cancer, heart attack, stroke).
- Use the money however you choose—treatment, recovery, or family support.
- Coverage for 24+ serious illnesses.
2. Disability Insurance in Ontario
- Get monthly income replacement if you’re unable to work due to injury or illness.
- Ideal for self-employed, gig workers, and professionals.
- Customize your benefit period and waiting time.
3. Health & Dental Insurance in Ontario
- Covers routine health costs: prescriptions, dental, vision, and extended health care.
- Perfect for those without workplace benefits or retirees.
- Plans available for individuals, couples, and families.
Life Insurance vs. Living Insurance: A Side-by-Side Comparison
| Feature | Life Insurance | Living Insurance (CI, DI, Health & Dental) |
|---|---|---|
| Purpose | Provides a lump-sum payout after death | Provides financial support while you're alive |
| Payout Timing | After death | Upon illness, injury, or health expense |
| Who It Benefits | Your beneficiaries (family/loved ones) | You, during recovery or disability |
| Main Types |
- Term Life Insurance - Whole Life Insurance - Universal Life Insurance |
- Critical Illness Insurance (CI) - Disability Insurance (DI) - Health & Dental Insurance |
| Covers |
- Final expenses - Income replacement for dependents - Debt payments (mortgage, loans) |
- Serious illness (e.g., cancer, heart attack) - Loss of income due to disability - Ongoing medical, dental, and prescription costs |
| Best For |
- Family protection - Estate planning - Long-term financial security |
- Self-employed or professionals - Families without group health plans - Anyone wanting health/income protection |
Why You Need Both
- Life Insurance protects your family's future.
- Living Insurance protects your present well-being.
Together, they provide complete financial protection—no matter what life throws your way.
Need Help Choosing?
At Dave Financial Services Inc., we’ll help you build a custom plan with the right balance of life insurance and living benefits.