Top 3 insurance plans for a single self-employed

Here are top 3 insurance plans for a single self-employed which every freelancer, gig worker or contractor has to consider buying:

#1

Health and dental insurance

Healthcare costs that aren’t covered by insurance, and that you pay for with your own money are called “out-of-pocket” expenses. With health and dental insurance, you pay a monthly premium which covers (either entirely or to a certain percentage) eligible costs that you would have otherwise paid out-of-pocket. You can tailor your coverage to include a range of healthcare needs, such as:

• Routine dental services
• Eye exams, glasses, contact lenses and laser surgery
• Prescriptions drugs
• Physiotherapy, chiropractor visits and massage therapy
• Social workers and psychologists
• Naturopaths, dieticians, acupuncturists, no referral needed like all our paramedical services

Health insurance vs. out-of-pocket payments

Here are just some examples on how costs could compare if you’re paying for some common things without insurance vs. how much you would pay if you were covered by the simplest health insurance plan:

• An average routine dental price is $117 without insurance and $23 with insurance
• Major dental (i.e. crowns, dentures, bridges, etc.) – $642 without insurance and $321 with insurance Chiropractor visit – $60 without insurance and $20 with insurance
• Massage – $80 without insurance and $40 with insurance
• Eye exam – $190 without insurance and $115 with insurance (using $75 credit every two years)

How much does health insurance cost?

In Canada, the average monthly costs from different private health insurance providers are: for an individual male – $47, for an individual female – $80

#2

Accident disability insurance

Specially designed for self-employed people or people working on commissions, accident disability insurance is a straightforward, affordable and easy to purchase plan that can help protect your income if you become injured in an accident. It’s a must-have insurance policy for those who are truck drivers, contractors, farmers, fishermen and many others higher-risk occupations and professions. It’s pretty clear that the probability of getting injured in a traffic accident is higher for truck drivers than for accountants.

Accident Disability Insurance can help protect you from an unexpected injury that leaves you unable to work and earn an income. Generally, disability insurance replaces between 60% and 85% of your regular income for a specified period of time. It provides you with monthly payments to help cover expenses, replace your income if you become disabled.

What does accident disability insurance cover?

There are many insurance companies offer accident disability insurance with a great variety in coverage. You can choose coverage that protects you 24 hours a day, both on and off the job. Generally, an accident disability plan covers the following:

• Accidental death and dismemberment
• Permanent and total disability
• Accidental fracture
• Extended medical care further to an accident
• Home alteration and vehicle modification
• Workplace modification and accommodation
• Day care
• Repatriation
• Rehabilitation
• Spouse & dependent child educational benefit
• Common disaster

There is some exclusion though. You will not get monthly benefits for any period of disability that results, directly or indirectly, from, for instance, impaired driving or use of any drugs except as prescribed or directed by your physician.

The accident disability insurance benefits

• No medical examination at the time of purchase. Answer just a few basic questions to apply. You can receive injury-only coverage if you do not qualify for sickness coverage.
• 24/7 Protection.

• Affordable: Premiums start as low as $12 per month for injury-only coverage.
• Tax-free monthly benefit: Choose $500, $1,000 or $1,500 (75% of your gross monthly income is the maximum).
• Easy to apply
• Total disability benefits: Receive a monthly benefit for up to 2 years if a covered illness or injury completely prevents you from working.
• No premium payments during disability: Your premiums will be waived if you are disabled and being paid monthly benefits.
• Portable: You can keep your policy if you change jobs.
• Policy cannot be cancelled as long as you pay your premiums
• 30-Day review period: If you change your mind during this time, you will get a full refund and your policy will be cancelled.

#3

Cancer insurance with $15 minimum monthly premium

Do you know that 2 in 5 Canadians will develop cancer in their lifetime?

If you are diagnosed with cancer, the last thing you want to think about is your finances. Simplified issue cancer insurance helps ease the financial burden. It is affordable critical illness insurance that is quick and easy to obtain. It helps you focus on your recovery and meet your financial obligations in the event of a cancer diagnosis, the most common critical illness in Canada.

Cancer insurance benefits

The main benefits are:

• No medical exams, no blood tests and no lengthy questionnaire
• Benefit payable upon cancer diagnosis
• Payment to be used any way you prefer
• Guaranteed renewable contract up to age 75
• Eligibility from birth to age 65

How much does it cost?

• The coverage is from $10,000 to $50,000
• Minimum annual premium: $150.00
• Minimum monthly premium: $15.00

This insurance plan provides a lump sum benefit up to $50,000 upon diagnosis of a life-threatening cancer, aplastic anemia, and benign brain tumour. The plan may be available to clients who are diabetic, or who have had high blood pressure, stroke, TIA or heart attack.