What are living benefits?

Types of living benefits

While it’s common to hear about life insurance being used to protect your loved ones in the event you pass away, life insurance can also provide benefits while you’re still alive. These are called living benefits. 

This infographic gives you an overview of some types of living benefits.

1. Disability Insurance

  • Pays a tax-free monthly income if you are unable to work due to a serious injury or unexpected illness.
  • Generally, it provides payments to replace part of your income.

2. Critical Illness Insurance

  • Tax-free lump-sum payment upon diagnosis of a critical illness.
  • Commonly covered illnesses include stroke, heart attack and cancer. However, this is dependent on the chosen plan.

3. Health & Dental Coverage

  • Covers medical and dental expenses not covered by provincial or employer-based plans.
  • The benefit is paid when eligible costs are incurred.

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