Life Insurance

The life insurance industry has many names for the financial products that people buy to protect their family members in the event of an untimely death. Term 10, Term 20, Mortgage Insurance, Whole Life, Universal Life, Funeral Plan, etc.

While there are many terms or product categories, they address two types of insurance needs:
a temporary need for life insurance (i.e. to eliminate debt use T10, T20); or,
a permanent need for life insurance (i.e. for estate planning use T100, WL).

For more information about your life insurance options or to obtain a quote to find out how much it will cost:

Please visit BestQuoteLifeInsurance.ca

Life Annuties

Basically, there are two ways that an insurance company can bet against you when it comes to your untimely death:

with a life insurance policy (they make more money the longer the policy holder lives); or

with a life annuity (they make more money the shorter the policy holder lives).

With life insurance, you pay a small (monthly or annual) payment, and if you die, your beneficiary receives a large lump sum payment.

With a life annuity, you pay a large lump sum payment, and receive a (monthly or annual) small payment for the rest of your life (guaranteed for a certain  number of years).

While you can buy a (non-registered) life annuity (estate planning may lead to this in combination with buying a permanent life insurance policy at the same time, known as a ‘back-to-back’), the most common use of life annuities is with your pension funds, or RSPs. When your pension plan tells you you have a few options to choose from (‘5 year single, 10 year single, 15 year joint last to die’, etc.), these are all life annuity options.

Note: When faced with choosing a pension option, you should always find out what the available options are from the life insurance industry itself and get a private quote.

Often, if you are allowed to depart from the pension plan, you will be able to receive a higher pension amount, or a longer guarantee period by transferring the funds to your own private life annuity contract. Additionally, the pension plan can’t ‘roll you back’ one day (reduce your pension amount in the future) if they no longer have enough funds.

For more information about your life annuity options or to obtain a quote to find out how much it will cost:

Please visit BestQuoteLifeInsurance.ca

Health Insurance and Critical Illness

Canada’s health care industry is changing. Not yet. We still have a ‘one-tier’ health care (provincial government health insurance plan (GHIP)) system. But there are signs that things are changing. First, employers are moving towards more contracted employees, or eliminating benefit plans for retirees. So private extended health care options are becoming more of an issue.

Secondly, there are various forms of insurance that are popping up privately to address risk mitigation:

Best Doctors insurance to access higher quality care.

Wait list insurance to ensure you won’t have to wait too long for routine corrective surgery (knees, hips, shoulders, etc.).

Lower cost ‘simplified’ critical illness insurance to cover the major illnesses.

Disability insurance for self employed business owners or employees that don’t have that coverage at work.

Full medical expatriate health care plans for people retiring overseas.

For more information about your various health insurance options or to obtain a quote to find out how much it will cost:

Please visit BestQuoteHealthInsurance.ca

Travel Insurance

Please visit BestQuoteTravelInsurance.ca