Insurance businesses, in Canada, account for the second-greatest volume of capital – after banking. The range of services offered by insurance companies includes life insurance, health insurance, and disability insurance real estate and personal property insurance bank loans pension plans 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 vital 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) without interruption.
The following are laws that all Canadians must know, in regards to life insurance: 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. 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. If you are insured as a smoker but quit 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.
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. 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. 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. If you should try to cheat your insurance company, they reserve the right to terminate the contract. A life insurance policy will not be activated if the user commits suicide within the first two years of the contract 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. 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 effect 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 sudden death (and loss of primary income), a term life insurance plan can help make a 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 user’s 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.
www.Mileni-Insure.ca | 2013
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