Insurance businesses, in Canada, account for the second greatest volume of capital – after banking.

The range of services offered by insurance companies includeCтрахование жизни

  1. life insurance, health insurance, and disability insurance
  2. real estate and personal property insurance
  3. Bank loans
  4. pension plans
  5. and investment projects

This just about covers all aspects of what one should be covered by, in case of accidental injury, sudden illness or loss of property or personal effects. It is an essential part of the Canadian social service system that citizens and permanent residents have access to the highest levels of protection. It is believed that anyone living in this country should protect self, family and property in order to live a fulfilled life.

Life and health insurance policies are important and vitals elements in financial planning, for any family.  Everyone should be insured, to cover all situations that may appear unexpectedly. If a family is insured, and the family breadwinner should pass away, their known standard of living will not lower and all normal expenses can be paid (including mortgages and university/college tuition) withou interruption.

The following are laws that all Canadians must know, in regards to life insurance:

  1. A life insurance agreement is a unilateral contract. The insurance company assumes all responsibilities to pay your beneficiaries the sum insured. The company cannot terminate the contract unless it has expired or the user has stopped making payments.
  1. If you pass your medical tests and you have been assigned a standard rate or even rate discount, you cannot increase the level of insurance premiums, even if you became seriously ill. However, if you have a standard rate or you pay above the average, you can retake your medical tests every 6 months. If your results change, the insurance company is obligated to review your contributions and provide a discount where applicable.
  1. If you are insured as a smoker but quite for more than a year, you can submit a Declaration that will change your policy. If approved, you will be able to continue paying as a non-smoker.
  1. If you do not smoke at the conclusion of your insurance policy and begin smoking at a later date, the company is not allowed to set your payment level to that of a smoker.
  1. If you do not pay your monthly contribution to the insurance policy, your plan will only expire after a total of 30 days. During this time, you can contribute your missed payment to continue coverage.
  1. If you start a new job, you can have access to group insurance for the first 30 days of operation without taking the requisite medical tests. If you leave work, you have 30 more days with the group plan, as an individual, without having to take medical tests.
  1. If you should try to cheat your insurance company, they reserve the right to terminate the contract.
  1. A life insurance policy will not be activated if the user commits suicide within the first two years of the contract
  1. Pay close attention to the expiration date of the life insurance contract and be sure to know how to vary your insurance premiums over time.

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Keep in mind: life insurance plans are not only protection for your family’s income but also exist to protect inheritances and can lead to saving money, at the end of the day.health insurance broker

To protect one’s family from financial risk, in the event that the family breadwinner should die or lose their income a life insurance plan can make mortgage payments more affordable, make it easier for one to purchase a loan for a business and allows the policy users to transfer money to their heirs, without taxation.

It is important to know the various types of life and health insurance plans!

The first and simplest policy is called Term Life Insurance.

This is a non-refundable insurance payment made in the case of death, payable monthly. The size of the payments depends on the amount of insurance coverage and the age of the insured. Typically, this insurance plan is valid for a period of 10 years from the start of the insurance contract.

For the first ten years, the monthly payment remains the same and then with each passing decade the amount increases.  Should the monthly payments be terminated, this insurance plan automatically terminates. This is definitely the cheapest and simplest insurance plan available, making it accessible to a wide range of individuals and families.

It is important to know that the monthly payment amount also depends on the gender of the policy user. Men pay less than women. The state of one’s health (smoker, non-smoker), obviously affects the terms of the insurance plan but disease after the plan has started will have no affect on payment or conditions.

Should a policy user wish to get insurance for a newly discovered illness, the insurance company is most likely going to deny the application.

It is important to be upfront and honest about all illnesses and preexisting conditions because an insurance company can terminate a contract or change conditions if they discover this information after the fact.

This type of insurance plan is mainly used by individuals who wish to protect their family’s financial interests. In the case of a sudden death (and loss of primary income), a Term Life Insurance plan can help make mortgage or college/university payments more affordable.

WHOLE LIFE and UNIVERSAL life insurance plans are the alternative.

These types of insurance policies are permanent and cumulative.

Basically, these plans exist only if the policy user makes direct payments to the insurance policy. Over time, the amount is accumulated and at the time of the insured event – in most cases death – the users heirs receive the insured sum along with its appropriate interest.

What makes these policies so unique is that the monthly payment amount is determined once and cannot be changed.

In some cases, people use a combination of insurance plans – TERM and WHOLE – depending on the financial  capabilities and desires of the individual.

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Each insurance policy should provide coverage, in the case of suicide, but only if the event occurs 2 years (or more) after the start of the plan.

There are two main types of life insurance – permanent insurance and temporary life insurance.

Temporary life insurance is determined by specific period of time and  is very specific in terms of the amount of insurance guaranteed for that specific period of time.  When the contract expires, the insurance payments stop. The size of the monthly payments is dependent on the insurance coverage sum and the age of the customer.

Typically, this insurance is valid for 10 to 40 years. Much like WHOLE or UNIVERSAL life insurance plans, the start of a temporarily life insurance policy dictates a specific amount to be paid monthly – this will not change. It is not until the next period if time arrives, as laid out in the conditions of the plan, that the amount per month will increase. In the event that you do not pay your monthly payments, the insurance policy will be cancelled.

This is a very popular way to handle life insurance plans because it is simple and cost effective.

This type of insurance plan is commonly used by primary income earners who wish to protect their family’s financial interests. In the case of a sudden death (and/or loss of primary income), this plan will make mortgage or college/university payments more affordable.

It is a good idea to consider life insurance plans that cover any stay-at-home parent as well!

According to Statistics Canada there are 2.7 million one-child families and every 5th family has one stay-at-home parent. Of these families – 88% are mothers and 12% are fathers. It is a common misconception that if one does not work, one does not qualify for or even need life insurance. However, stay-at-home parents are integral parts of their own families, and society, so making sure they are properly insured will protect everyone’s interests!

By providing financial protection for your loved ones, you help with their wealth management and cover them for all aspects of life that may or may not be predictable.

Buying a permanent plan now, when you are young and healthy, will help pave the way to a more secure future! Your insurance policy should be considered a very important part of your financial planning, from an early stage but always remember that your type of insurance plan should match your exposure to risk! Consider what you do, when you do it and how you do it before buying a plan!