Why everyone needs personal insurance
Personal insurance provides peace of mind and an affordable safety net to prevent significant financial hardship from a sudden medical event. There are many types of personal insurance; health and dental benefits provide immediate reimbursement for out-of-pocket medical expenses not covered by government plans, while other types of coverage include income replacement due to a disability or protection against specific risks that are highest during your working years. Each type of coverage serves a specific role in a well-balanced financial plan.
Whether you are enrolled in a group benefits plan through work, or are one of the 33% of Canadians who are self-employed, having a personal benefit plan is vital to ensuring your finances are adequately protected. Employer-sponsored benefit plans vary greatly, often providing only a basic level of protection, and only cover you while you remain with that employer. Similarly, WSIB and WCB only protect against workplace accidents, yet statistics show that most accidents actually occur off-hours and illness and disease are six times more likely to be the cause of disability than accidents. Qualifying for workplace compensation can be difficult, and as much as 50% of claims are rejected by these plans.
Why Benefits, and Why Now?
Every working Canadian needs benefits to protect their earning power, lifestyle and loved ones. In your working years, you’re more likely to have dependents and financial obligations (like mortgages and car payments) that you wouldn’t be able to meet if unable to work. Everyone should consider protecting themselves against loss of income or medical emergencies, and premiums are often less when you’re young and healthy. Consider your stage of life as well as how living benefits are paid out to determine the best plan for your needs.
Manage Medical Expenses
Health & Dental Insurance
Reimburses a portion of out-of-pocket health care costs not covered by your provincial or group health insurance.Learn More
Protect Your Income
Provides a monthly benefit that replaces part of your lost income if you’re unable to work because of an injury or illness. EDGE offers two types of disability coverage: guaranteed acceptance injury coverage, or combined injury & illness protection.Learn More
Long-Term Disability Riders
In addition to monthly income replacement, receive a $300,000 tax-free lump-sum benefit with EDGE's affordable long-term disability and permanent total disability riders when disabled for an extended length of time.Learn More
Secure Your Business
Business Overhead Expense Insurance
Reimburses a business owner or their company for overhead expenses in the event of a disability that prevents them from working. EDGE offers two business overhead expense plans: guaranteed acceptance injury coverage, or combined injury & illness protection.Learn More
Reduce Unforeseen Expenses
Critical Illness Insurance
Pays a lump-sum amount upon diagnosis of a serious medical condition covered by your policy (e.g. cancer, heart attack, stroke).Learn More
Guaranteed Issue Life Insurance
Pays a lump-sum amount to you upon diagnosis of a terminal illness, or your named beneficiaries after your death, to use however seen fit.Learn More
Travel Emergency Medical Insurance
Reimburses unforeseen emergency medical expenses incurred while travelling outside of your province for non-medical reasons, and provides 24/7 international assistance no matter where you are.Learn More
Accidental Death & Dismemberment Insurance
Pays a lump-sum amount in the event of death or other serious bodily injury due to an accident.Learn More
Fracture Accident Benefits
Pays a lump-sum benefit in relation to the severity of the injury when a fracture is diagnosed.Learn More
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Who should purchase personal insurance?
All Canadians should have comprehensive protection in order to maintain financial stability through unforeseen medical events. Payouts from personal insurance plans can be used to supplement lost income, cover medical costs for treatment, pay for expenses not covered under provincial or group health care plans or provide for loved ones in the event of premature death.
You should buy an individual benefit plan if you are:
Contractor, truck driver, construction worker or freelancer, for example.
- The primary earner
Have a high net worth and/or have a family that depends on your income.
- Frequently travelling
Out-of-province or the country – provincial plans have limitations and exclusions for coverage options for accidents or illnesses that happen out of your home province.
- A small business owner
Protect yourself with income replacement benefits, and protect your business and your employees with EDGE small business insurance plans.
- Not satisfied with your employer-sponsored health insurance plan.
- Don’t currently have benefits to protect your financial stability or to offset medical treatment costs.
Personal insurance is just as important for people who are self-employed and provide professional services as it is for individuals who work in higher-risk occupations. Regardless of occupational risks or family medical history, all Canadians should protect their livelihood and personal finances by creating a safety net that will be there when emergency strikes.
How personal insurance works with The Edge Benefits
With over 35 years of experience protecting Canadians from all walks of life, EDGE has innovated and refined how people buy and benefit from personal insurance. Our plans are affordable and attainable through licensed insurance providers — minimal to no medical questions are asked to qualify and receive coverage. Our products are ideal for individuals who want to pick and choose the coverage they need, when they need it, to build a tailored plan that adapts with them as their needs change. Our unique a la carte model and guaranteed issue products also provide an affordable means of protection for those who can’t receive coverage elsewhere or would have to pay unreasonably high premiums.
While everyone of working age should consider purchasing personal insurance policies, important considerations when evaluating individual insurance coverage include your current age, workplace and recreational risks, standard of living, financial obligations and how many more years you plan to work before retirement.
How much does personal insurance cost?
We believe that everyone should be able to have protection and peace of mind that in the event they become disabled, unable to work or pass away, their family will receive financial support.
Getting specific insurance protection or a comprehensive benefit plan should be simple and affordable. That is why we offer guaranteed issue personal insurance options for individuals and families to choose from based on their needs. Most premium rates are age banded, so you are only paying for coverage that makes sense.