Experiencing a change in employment status is difficult, but it's also something most will experience at some point in their lifetime.

If your employment situation changes suddenly, there are some important insurance implications that can help keep you and your family protected. Here’s how to make sure your coverage still has you covered.

Know Your Benefits

It’s always a good idea to know the details of your benefits plan, and it’s certainly something worth reviewing if you’ve lost your job. Group benefits provide certain types of coverage, such as health and dental and short-term disability, but every plan is different.

Depending on how your employment status has changed (e.g. if you’ve been placed on leave or packaged out), you may or may not retain some of your benefits. It’s crucial to understand what coverage you may lose, so that you can make efforts to close gaps that could leave your family vulnerable.

If You’ve Already Lost Your Job

Government programs can help you make up for lost income, but they won’t provide the same insurance coverage you’re used to.

Find out more about employment insurance and government programs.

Getting Covered

Once you have a sense of how your income and insurance coverage will be changing, an RBC Insurance Advisor can help you find solutions to keep your family protected. You can start by booking a check-in.

A change in employment status or the loss of a job is always difficult. With that said, it doesn’t have to leave you or your family vulnerable, as long as you take steps to understand your level of insurance protection.

Book a check-in to speak with an advisor today and we can help you get the coverage you need.

Every group benefits plan is different, but most cover a few main areas. The four listed here are the most common, and you should familiarize yourself with how your plan manages them.

  • Health And Dental
  • Disability Coverage
  • Life Insurance & Critical Illness
  • Wellness Coverage

Remember, every group benefits plan is different. When in doubt, speak to your organization’s HR department for details related to your specific plan.

Understanding your insurance coverage is the best way to make sure that a change in employment doesn’t leave your family unprotected.

An RBC Insurance advisor can help you understand the big picture of your coverage. Book a check-in today, and we’ll help you get it.

 

This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.