Adult Financial Literacy Guide | Page 14

Insurance Other Types of Insurance Health and Dental. Private health and dental insurance provides coverage for services that are not normally paid through the Medical Services Plan (MSP), such as eyeglasses, prescriptions, dental visits etc. Disability insurance. Disability insurance is designed to protect your income during your working years or until age 65. It replaces a portion of your regular income for a specified time if you cannot work temporarily or are permanently disabled due to an injury or illness. Take Note! Each insurance company has different definitions of what permanent disability means and the criteria that must be met before you can file a claim. Permanent disability insurance does not mean that you will receive benefits for the rest of your life. Life Insurance. Life insurance is designed to pay out a sum of money upon your death. Critical Illness Insurance. Critical illness insurance can help you pay your medical costs by giving you a cash benefit if you’re diagnosed with one of the conditions defined in your contract (for example, heart attack, stroke & cancer). Photo Credit: FreeImages.com-Felix Atsoram 14