Confused about your group benefits and what they really cover? This insightful video sheds light on common misconceptions surrounding group benefits, especially in the areas of life insurance, critical illness, and disability insurance. We reveal how group life insurance might not be sufficient, the often overlooked aspects of critical illness coverage in group plans, and the nuances of disability insurance. If you're unsure about your coverage, especially with the changing landscape of Canadian mortgages and healthcare, this video is a must-watch.

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TIMESTAMPS

0:00 - Introduction
0:06 - Life insurance
0:18 - Critical illness insurance
0:38 - Disability insurance
0:54 - Speak with an advisor

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TRANSCRIPT

"When people say they have group benefits, they often aren't fully aware what's covered and that can leave you exposed. First off, life insurance will typically only cover 1 to 2 times of your salary. If you've seen the mortgage rates here in Canada, you're probably not fully covered with that amount. You should probably look at an individual life insurance policy. The second part is critical illness. Critical illness is one of the most omitted benefits in a group benefits plan. In most cases, if they do have it, you're being covered for up to $25,000. And if you're lucky, being covered for four of the major critical illnesses, which in comparison to most policies is not a lot of covered illnesses. Finally, there's disability insurance. Most people will look at their policy and see that they are covered for disability, but they don't confirm if it's short-term or long-term disability. The other thing that can change on you is the definition of disability, whether that's your own occupation or any occupation. If you're not sure about what you're actually being covered for with your work benefits plan, you should book a call with one of our advisors. They'll be able to walk you through what you're covered for, how long your coverage lasts, and where you may be susceptible to some additional risk, and where potentially an additional independent policy like the ones that we offer here at PolicyMe would benefit you."

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