With the ongoing impact of the COVID-19 pandemic, the importance of having a safety net in the form of Life, Long-term Disability (LTD) and Accidental Death, Disease and Dismemberment (ADD&D) insurance has become increasingly clear. However, the number of Canadians with access to these types of insurance products through workplace benefits is on the decline, leaving them more at risk and vulnerable to financial hardship if they become unable to work due to illness or injury.
According to the Canadian Life and Health Insurance Association, 1 in 3 people, on average, will be disabled for 90 days or more at least once before they reach age 65. A disability can last for months, or in some cases, years, so the importance of LTD insurance especially cannot be understated. When an individual is disabled due to an illness or injury, their income stops, but their bills don’t.
Part-time employees are just as vulnerable to accidents and illnesses as full-time staff, but they often lack the resources and benefits that help them cope with the financial and emotional impact of a long-term disability. By offering access to long-term disability insurance, employers can help ease the financial burden on part-time employees during a difficult time and ensure they can focus on their health and recovery without worrying about their finances. Disability benefits typically replace up to 60 to 85 percent of an individual’s regular income. Some plans pay tax-free benefits, while others are taxable.
Many part time employees may not have received LTD insurance as part of their compensation package. However, there are several affordable options available on the market. With Health Care Providers Group Insurance Plan (HCP), eligible permanent part-time and casual hospital employees have access to the Signature Package, an option that can make a significant difference.
In addition to Life Insurance ($10,000), Signature Package enrollees will receive LTD coverage ($1000 per month) and Employee Accidental Death, Disease & Dismemberment Insurance ($25,000).
Access to Life, LTD and ADD&D coverage can have a widespread, positive effect. And although employees should take a high degree of responsibility for their own health and wellness, planning for the unexpected is never a bad investment.
As we look towards the future, it’s clear that the unexpected can happen at any time. Offering these kinds of valuable insurance benefits to part-time employees is an investment in the future and well-being of your staff and your hospital. By providing access to this essential coverage, you demonstrate your commitment to supporting your employees and their families in the event of a serious illness or injury.
For more information, get in touch with Health Care Provides Group Insurance Plan at: info@healthcareproviders.ca or call 1-866-768-1477.
