If your priority is to secure your ability to provide for your family’s daily needs in the future, OneCare Living Expense Cover can help you attain this goal. It is a kind of insurance protection that is most applicable to retirees, home makers and part-time employees. You can avail of many benefits from the OneCare Living Expense Cover without having to worry in maintaining your ability to sustain family daily expenses even when you are not able to work or only capable of working on a part-time basis.

Advantage of Getting OneCare Living Expense Cover

There are many reasons why choosing OneCare Living Expense Cover is a wise option. It is an alternative form of insurance when you do not qualify for income protection. It provides a guaranteed monthly benefit to help support your daily expenses in case you become disabled. OneCare Living Expense Cover is most suited to those without regular employment like home-makers, retirees, part-time employees and those people working under high risk occupations that make them ineligible for income protection insurance. It also provides the highest entry age for insurance until the age of 75.

You need to plan for the future and consider the welfare of your family in case anything happens to you. In the event that you become terminally ill or sustain an injury that renders you incapable of working, your insurance benefit will serve as your source of financial support in providing for your family’s daily expenses. In case of accidents that may result in a your disability you will have the peace of mind that your OneCare Living Expense Cover will take care of the basic and household needs of your family on top of your medical expenses. The insurance benefit that you can avail can be used for paying your regular utility bills for electricity, water and communication needs. It can also pay for buying foods and groceries and other basic necessities for your family. You can even use your monthly benefit in paying for your house rent or mortgage and paying off debts.

Applicants for the OneCare Living Expense Cover plan are not required to meet a minimum income level. There is no required minimum working hours for an applicant to be eligible unlike other income protection products. There are many benefits that come with the insurance that can ensure you can stay on top of your bills and living expenses even with your disability. You can avail for a maximum monthly benefit as much as $5,000 and a minimum benefit of $1,250 every month from your life insurance plan.

Key Features of OneCare Living Expense Cover

OneCare Living Expense Cover works as income protection insurance that can help you maintain your family’s lifestyle. It gives you the ability to provide for them even you are not physically fit to work to earn a regular income. You are guaranteed to receive a monthly benefit that serves as a financial subsidy in paying for your household expenses. If you are a house-maker, a retiree or just a part-time employee, your OneCare Living Expense Cover benefit can be used as an additional financial source to sustain the family living costs.

Other key features of your OneCare Living Expense Cover plan are the flexible options where you can take advantage of added insurance coverage packages at a premium discount. Your insurance policy entitles you to apply for additional coverage for accident death, extended needle stick and terminal illness benefits. Your additional death benefit coverage gives your dependent added claim value in case you die or become terminally ill. The covered amount is three times more than the original amount benefit you are initially entitled for. Your dependents can use the claim benefit for funeral costs or paying for your medical expenses. OneCare Living Expense Cover policy holders also enjoy an increase in the amount of their insurance coverage every year in accordance to the Consumer Price Index to upkeep with the changes in the level of cost of daily living.

Considerations of OneCare Living Expense Cover

Your existing OneCare Living Expense Cover plan offers you the option to get additional benefit from three more insurance covers: terminal illness benefit, extended needle stick benefit and the accident death benefit. Understanding the features of each will help you determine whether it suits your needs:

• The terminal illness benefit is most useful when you are diagnosed with terminal illness. If you find yourself vulnerable to health risks then this additional cover will benefit you and your dependents.
• If you are employed in a risky occupation that potentially increases your vulnerability of contracting HIV or Hepatitis B or C, the extended needle stick benefit gives you additional financial protection.
• The accident death benefit will give additional financial support to your dependents to cover for the funeral costs and paying off mortgages and debts when you die due to accidents.

Because adding these additional insurance covers are optional, it is best to consider your option wisely by making an assessment of your lifestyle and family daily expenses needs.

OneCare Living Expense Cover plan involves a waiting and benefit period. Policy holders are allowed to make changes on both periods any time but you will be required to submit medical documents. The waiting period is the time when you can start receiving your benefits from the day a physician confirms your disability. This may 30 to 90 days or 1 to 2 years of waiting period. The benefit period is the length of time you enjoy receiving your monthly benefit. You may opt for 2 years or until you reach the age of 65 or 80. The premium rate of your OneCare Living Expense Cover is dependent upon the waiting and benefit period you choose. The longer the waiting period, the lower the cost of the premium you will pay while the longer benefit period, the higher the cost of the premium of your OneCare Living Expense Cover.

A financial adviser can always help you in understanding the options available for you. It is necessary to evaluate the lifestyle of your family and the cost of your family living expenses. At the end of the day, your decision will always depend upon how you value the financial security of your family and OneCare Living Expense Cover gives you the insurance solution that will give you the ability to provide for them despite your disability and unexpected demise.