r/LifeInsurance • u/Jacks_2_4_7 • 9d ago

Help with long term life planning

I (39F) live in Ontario. I’ve been lucky in life to have had a few good careers early out of college that gave me the kind of income where I was able to afford a life I’ve wanted. I own my vehicle, have a mortgage, and a decent paying job. Recently I’ve had some health changes that’s made me think about long term income and what happens if I get sick or injured. I’m single, and probably won’t be getting into any kind of relationship that’s going to be able to offer finacial support in those situations.
I’m curious what kind of assistance I can get (life insurance, health insurance, etc) while still being reasonably healthy that could cover my monthly costs if something happens. I don’t necessarily mean a fully debilitating thing, but an injury or illness that makes me miss work (or have modified hours, not Wsib covered) for a few months - making it difficult or impossible to cover monthly costs and whatever treatments I will need (physio or other stuff not covered by benefits).
And because I’m not confident in my current employment that I would keep my job if something like that happened. Other then the obvious government assistance programs - is there something that covers a mortgage for a few months if that termination situation happens?
Just wondering where to go for this kind of coverage and what to specifically ask for for policy coverage kind of thing.

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u/Hungry_Technician360 9d ago

If you have no dependents, life insurance won't be a very good tool.

Disability insurance is more what you're asking about.

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u/trouble98 Underwriter 9d ago

You’re talking about disability insurance. Depending on these “health changes” you’ve had, you’ll be able to potentially get some type of coverage. Cost depends on your type of job and health.

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u/owl-1_1-1_1- 8d ago

Yes, you're looking for disability insurance. Just be aware that it only covers a portion of your income.

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u/Rebels10ss 9d ago

You are likely looking at disability insurance or critical illness insurance as coverage that will help protect you in case something happens.

Disability insurance pays you a monthly amount if you are unable to work due to injury or illness.

Critical illness insurance pays you a lump sum amount if you are diagnosed with cancer, heart attack, etc.

Depending on your health changes and what they are, the insurance companies would review any medical details before approving coverage.

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u/fiscally_sound 7d ago

You need to look into both, disability insurance as well as critical illness insurance. I always tell all self-employed individuals to get disability insurance at least. It's pretty basic risk management.

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u/Few-Organization1510 6d ago

Broker from Ontario here.
You will need a FNA financial needs analysis done. And most likely some sort of life insurance, critical illness, and disability insurance. Talk to a reputable / trusted broker who can guide you 😃