The longer we live, the more likely it is that, at some point, we'll face a health issue that threatens our ability to provide for ourselves and our loved ones. And while health insurance can't prevent a serious injury or illness from happening, it can help you maintain financial stability.

Safeguard your ability to earn an income.

If you're like most people, your lifestyle is maintained by employment income. Just a short period of time off work could very quickly exhaust your savings and jeopardize your assets—not to mention your future plans and goals. Even if you have employment benefits at work, it may not be enough to replace your income over the long term.

If you become disabled due to an injury or illness and are unable to return to work, disability income protection insurance can provide replacement income, allowing you to continue supporting yourself and your loved ones. Even more important, it can allow you to focus on recovery, knowing that some portion of your income is protected.

Get help coping with a critical illness.

When dealing with a critical illness, there is so much to consider: maintaining financial stability, finding excellent medical care and managing day-to-day needs, amongst other things.

Critical illness insurance can help you cope during a difficult period by providing a lump sum benefit that you can use any way you wish. For example, you can use this money to make alterations to your home, pay for everyday expenses or specialized medical treatment and more. Some insurance companies will even provide access to resources to help you deal with the emotional stress that a critical illness can cause.

Secure quality long-term care for yourself or loved ones.

Did you know that provincial health plans may not cover the entire cost of services associated with long-term care, even within subsidized facilities? In addition, there are often limits on the amount paid for care at home—and provincial plans vary widely from province to province and do not cover costs for private facility care.

To help ensure that you or your loved ones receive the services you may want to consider long-term care insurance. It provides a daily benefit to pay for long-term health care costs not covered by a provincial plan, either in a health care facility or at home.

Ready to learn more?

For more General Insurance Advice talk to your RBC^® Advisor and ask for a General Insurance Needs Assessment. Visit the Insurance Bureau of Canada to find a licensed insurance advisor near you.