I got set-up a year ago. I live in Ontario so of course OHIP (or whatever they call it these days) will cover a certain amount like Doctor visits, emergency room at the hospital, etc. But there is a lot it doesn't cover.
My financial advisor is also an insurance broker so she custom tailored various benefits for me. I pay for my own:
- Term 100 Life Insurance policy for both my wife and I. Good until I'm 100 years old or dead; whichever comes first! Also got life insurance policies on the kids which they can continue after they hit 25 years old if they like.
- Critical Illness insurance for me. If I get a critical illness such as cancer I will be paid a lump sum to use however I feel fit.
- Long term disability insurance for me. I'm in and out of factories every day and if I happen to get in an accident I want to make sure I still have income. This will pay me a monthly wage for life if I can't perform the duties of my job.
- Hospital and Drug benefits. This covers 80% of prescription costs, a certain amount of glasses and eye exams, chiropractor, semi-private hospital room, anesthesia, and a slew of other things for the whole family.
- Out of Province Travel insurance. This covers my entire family when I'm out of the province whether for business or pleasure. Hospital stays, medical transportation home, etc.
I also have Worker's Compensation Optional Insurance through the WSIB to cover up to a maximum of about $70,000 per year if I'm involved in a work-related accident.
I wanted to make sure I had decent coverage because although my job isn't excessively dangerous I am around dangerous equipment a lot. Primarily I work with lower voltages, 600Volts and less but it can still do a lot of damage (death). I work around moving equipment but I am quite strict when it comes to applying safety rules such as proper guarding, equipment, lockout, etc. Believe it or not but my biggest concern is always being run over by a fork lift truck. Those guys drive like maniacs!
All told my benefits cost about $4500 per year and the Worker's Comp is an additional few hundred dollars. Don't even ask about the CGL and Errors & Ommissions insurance I pay to protect myself from lawsuits!
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