Unlocking Hidden Gems: Maximizing Your Living Benefit Contracts

By Eryn Denroche CLU®, CFP®
Associate Estate and Insurance Planner 
Odlum Brown Financial Services Limited

Imagine you bought a $100,000 critical illness (CI) insurance policy and tucked the contract pages away with your other estate and health documents. Nine years later, life takes an unexpected turn as you are diagnosed with cancer. In the midst of processing this news, you reach out to your insurance advisor to submit a claim, seeking the lump-sum payment of $100,000 guaranteed by your policy. As you grapple with the reality of your diagnosis, the tax-free funds will undoubtedly provide financial relief, helping recover income losses from missing work, covering the cost of prescriptions and providing relief for some of your living costs, such as mortgage payments. But what else does this contract have to offer you?

 

Living benefit policies may offer a number of features and benefits beyond a simple monetary payout, depending on the carrier and product. Let’s take a look at some of these potential features:

Access to Virtual Care and Second Medical Opinions
Facing a medical condition can be overwhelming, especially when navigating through a sea of information. Virtual care platforms such as Teladoc Medical Experts provide you with access to board-certified doctors, dermatologists and mental health professionals. They offer a range of services aimed at providing you with confidence in your diagnosis, addressing your medical queries and concerns, assisting in finding a specialist or treatment facility (both in and outside Canada), and guiding you through the health care system with valuable resources.

These services are often available not just to you as the insured or policy owner, but also to your spouse, dependent children, parents and parents-in-law. Teladoc’s services include:

• Expert Medical Opinion: Access world-renowned specialists who can review your existing diagnosis or treatment plans and offer confirmation or recommend a modified path forward.
• Personal Health Navigator: Receive condition-specific information to help you better understand your health.
• Find a Doctor: Obtain a list of local specialists who meet your specific criteria.
• Care Finder: Get a list of specialists outside of Canada who meet your specific criteria.
• Ask the Expert: Receive personalized answers to questions about a medical condition, treatment options or symptoms.
• Mental Health Navigator: Receive guidance on a mental health condition that isn’t improving or if you are questioning a treatment plan.

Virtual care platforms are typically available 24/7, making it easy for you or your family to get the care you need, when you need it.

Health and Wellness Support
To help you and your family deal with the emotional impact of your condition, services like LifeWorks provide access to professional counselling, family support services, financial and legal consultation, registered dietitians, and resources for health and wellness. They offer a holistic approach to providing support, ensuring that individuals have the resources they need to cope with their illness. Additionally, they can help you maintain a sense of normalcy and routine during a challenging time, as they offer practical advice and resources for managing daily life. For one year after the diagnosis of a covered critical illness, you and your primary caregiver have access to these resources.

Remote Health Monitoring Services
Providers like Cloud DX offer remote patient monitoring services that become available to clients who have filed a critical illness claim. This innovative technology allows individuals to track their health metrics from the comfort of their own homes, providing real-time data to both the individual and their health care providers, by continuously monitoring vital signs such as blood pressure, heart rate and other key indicators. This service is not only convenient but also offers peace of mind to clients, knowing that their health is being monitored closely, especially during challenging times.

Having access to this type of program within your insurance contract as a benefit offers a multitude of advantages. First, it provides continuous monitoring and support for your health. You won’t have to take additional time off from work to go to doctor’s appointments to run these tests as they can be done in the comfort of your own home (or in your office). This proactive approach to health care allows you to monitor and address health concerns immediately and to prevent other potential health problems, ultimately leading to better health outcomes. Additionally, these services promote a sense of empowerment and control over one’s health, as individuals can actively engage in their health care journey by monitoring their progress and making informed decisions.

Access to Specialists with Medical Confidence^TM
Programs such as Medical Confidence™ provide you with the necessary information to understand your diagnosis and ensure access to proper care and treatment within a suitable timeframe. They include timely access to care and access to the right physician specialists, which can lead to more accurate diagnoses and shortened recovery times. This service provides one-on-one support from a registered nurse, plus:

• Identifies 2–3 specialists with the right skills and availability from a network of over 5,500 Canadian physicians in more than 800 areas of sub-specialization;
• Helps secure the first available appointment and provides guidance to prepare for it; and
• Co-ordinates with primary care practitioners.

Odlum Brown Financial Services Limited (OBFSL) is a wholly owned subsidiary of Odlum Brown Limited offering life insurance products, retirement, estate and financial planning exclusively to Odlum Brown clients. OBFSL offers a variety of coverage options from many of Canada’s top insurance companies tailored to suit clients’ individual needs. Our licensed professionals are here to help you assess your position and then implement customized recommendations to meet your individual circumstances and needs. For more information, please contact your Odlum Brown Investment Advisor or Portfolio Manager.