The Importance of Critical Illness Insurance Increases as Survival Rates Continue to Go Up – Are You Protected?

In the past few decades the survival rates of critical illnesses have substantially increased, meaning that more and more people who suffer from a critical illness will eventually recover. However, this also means that a substantial portion of those survivors are left dealing with recovery. Because of this recovery, many survivors feel a significant amount of financial strain, often as a result of extended periods off work or even the inability to earn an income. 

Let’s take heart attack as an example. There are over 16,000 deaths each year in Canada from heart attacks. However, there are an estimated 70,000 heart attacks in the same time period. That means that a major number of those heart attack victims survive and recover. But how does that heart attack impact the victim?  Most require a hospital stay, often a substantial period, and more require a lengthy period of time off work. Many need weekly medical assistance in home. These costs all add up even in Canada when you would think that all health care expenses would be covered by the government.

This is where critical illness insurance comes into play. If you have critical illness insurance, you are financially covered. If you suffer a critical illness and you have critical illness insurance (and upon satisfying the terms of your policy) you will be entitled to receive a lump-sum payment. The lump-sum payment is yours to spend however you need it, without having to submit receipts or seek approval. This financial coverage can be used for any number of things, including mortgage payments or medical treatment not covered by governmental health care.

What if your illness or injury leaves you physically disabled? Since the loss of a limb is covered by critical illness insurance, some of the anxiety that accompanies such an injury is lifted. This coverage can be used to cover the costs of having someone in on a regular basis to manage household tasks such as cooking or cleaning. It can also be used to make adjustments to your home or personal vehicle to make them wheelchair accessible.

What kinds of illnesses does critical illness insurance cover? Things like heart attack, stroke or cancer are the leading illnesses covered by critical illness insurance each year, but there are several others that this protection encompasses as well. Things like cancer, multiple sclerosis, Parkinson's disease, and Alzheimer's disease are all covered. Kidney failure, heart bypass surgery, blindness, deafness, severe burns or stoke are also covered. Many of these illnesses can have long-term impacts that affect your financial future, so protecting yourself in case they occur is essential.

Just because you have life insurance, doesn’t mean that you are fully covered. If you suffer from a critical illness such as those listed above, your chances of survival are high but your life insurance is not going to cover those expenses that come with it. Critical illness insurance ensures that you are protected when you are still living.

For more information about critical illness insurance and how it can protect you and your loved ones, please contact Independent Financial Concepts Group by calling 416-849-1653 or visit www.wecoveryou.ca.

Working with a Managing General Agency Lets You Make the Client the Top Priority – Not the Insurance Company!

When you work as an insurance agent for an insurance company, you know that your hands are often tied as far as being able to offer the best services at the best rates. Getting the best deals offered by other insurance companies is obviously not in your best interest. However, this can often negatively affect the relationship you have with your client. Keeping the customer happy needs to be the top priority for an insurance agent.

If you feel like this is the position which you are currently in but have no choice as far as bettering the situation – switching to a Managing General Agency is a perfect solution to help you get the most from your career and keep your customers happy. Remaining independent while still working within an encouraging and motivating atmosphere, while still having access to the support and assistance you require to be the most effective as an advisor, is not possible while working for an insurance company – but is easily achievable if you are working with a Managing General Agency.

20 years ago, most clients would have been completely reliant on the word of an insurance company with regard to prices and services available. Unless they knew someone in the insurance industry, they would have had very little recourse for alternative sources of information. However, with the internet, the wealth of information available to all has seriously impacted the ability of insurance companies to claim that they are offering the best deals if there are others out there. Now it is necessary to cater to their needs in order to attract and retain your customers – which is ultimately your end goal! This needs to be kept in mind when considering how you can attract and maintain a strong client base.

When a customer comes to you as an agent for an insurance company, you can’t offer any of those deals they know are out there – and they may choose to take their business elsewhere. If you are working with a Managing General Agency, there is far less risk that you will lose that client, as you now have the ability to search for the best deal at the best rates from a much larger portfolio. Working with many different insurance companies takes the power from them and puts it in your hands – where it should be in order to allow you to make the customer the top priority!

When you ask yourself who is more important – the client or the insurance company – the answer should always be the client. In order to get the most out of your career as an insurance agent and reap the most rewards, letting an insurance company dictate the direction your career will take is unwise. Working with a Managing General Agency allows you to remain independent while still working with multiple insurance companies and allowing you to keep the customer at number one.

If you want more information about working with a Managing General Agency and how it benefits your career to switch, please contact Gary Mandel at Independent Financial Concepts Group by calling 416-849-1653 or visit www.joinifcg.com

Working with a Managing General Agency - How to Retain Control of your Clients and Work in their Best Interests

If you are an insurance agent who works for an insurance company, you may often feel as though you are restrained in your ability to get the most from your relationship with your clients and to provide them with the best service possible. Being tied to one company often means that you are forced to give up your independence as far as your ability to do your best for your clients. If you are thinking about trying to end this often one-sided relationship, it may be time to start thinking about working with a Managing General Agency.

There are many benefits to working with a Managing General Agency. One of the most important is being able to be an independent broker while still reaping all of the benefits of working with a company that offers the support that helps you provide the best service to your clients. By joining a Managing General Agency, you get this!

Customer service is key. In order to be able to provide the best service to your clients, you should not be shackled to one insurance company. Relying on being able to only provide their services greatly limits your ability to present the best deal and keep your customers happy. By tapping into the available services of a Managing General Agency, you have the power to offer a greater number of services to your clients and at the best rate.

Being told versus being in the know. What kinds of learning opportunities are provided by an insurance company? Are they ones that teach the best customer service techniques in the industry, or are they ones that cater to the needs of that insurance company alone? Most likely the later! Working with a Managing General Agency allows you to get the latest knowledge in the industry, thus increasing your ability to provide the most effective customer service to your clients.

Who owns the client – you or the insurance company? One of the most notable downsides to working for an insurance company is the control that is lost by the agent with regard to their clients. If you are an independent advisor working with a Managing General Agency, you are the one with the power. By working with different insurance companies, you take the power from their hands and keep it within your own. Don’t let the insurance company run the show.

Another important consideration – how long does it take to have your clients vested to you? With big insurance companies, you may have to wait years to have your clients vested to you. However, if you find the right Managing General Agency, your clients are vested to you immediately, helping you maintain your independent status and giving you control of your career.

Nervous that venturing out on your own will decrease your ability to bring in the sales that you were garnering while working for an insurance company? Don’t be. By working with a Managing General Agency you still get all of the perks of working within an office atmosphere, the support of colleagues, training to help you continually improve, and incentive programs to help keep you motivated.

If you want more information about working with a Managing General Agency and how it benefits your career to switch, please contact Gary Mandel at Independent Financial Concepts Group by calling 416-849-1653 or visit www.joinifcg.com

Income For Life – What is Guaranteed Income on Retirement?

Are you looking forward to retiring and finally putting all of those exciting retirement plans into action, but are concerned about your ability to maintain your lifestyle without using up all of your savings?  Afraid that all of that money you have saved up will not last? Guaranteed income on retirement will relieve these concerns – but what is it and how can you get it?

What is it? Essentially it is income for life. Guaranteed income on retirement is a regular income payout you start to receive after you retire. This allows you to meet your financial needs after retirement, without worrying about where your monthly income will be coming from.

How can you get it? An annuity is often the most efficient option when looking at setting yourself up with a guaranteed income on requirement. An annuity gives you a guaranteed income for a pre-set period of time or for life. In exchange for a single lump sum investment, you make regular income payments that contain both interest and a return of principal.

There are several different types of annuities to choose from in order to set yourself up for guaranteed income on retirement. Term annuities can provide you with guaranteed, regular income for a pre-set period of time. Once the time period is over, the payments stop.

Prescribed annuities are another option for guaranteed income on retirement. These offer privileged tax treatment if you are investing using non-registered funds. Each payment you make includes the same amount of interest and capital, thus evening out the amount that is subject to tax, and providing you with some tax deferral.

A third option for guaranteed income on retirement is a life annuity. A life annuity pays a regular, guaranteed amount of money of a monthly basis, for the rest of your life. They can be purchased as a single life, based on a single person, or as a joint and survivor.

A life annuity is often the best option for guaranteed income on retirement, or income for life. This is because it deals with 2 major retirement risks: the chance that the stock market may crash before you are set to retire, and that your savings will run out.  Statistics Canada has reported that the average man who has reached age 65 could expect to live an additional 18.1 years and a 65-year-old woman could expect to live an additional 21.3 years. These are significant periods of time, but because your income is set, you can always count on the monthly income that comes for the rest of your life.

Guaranteed income on retirement gives you the peace of mind to enjoy retirement without the financial stress that can accompany it. As with any retirement planning, it is better to start early. Instead of waiting until you are getting ready to retire, take the time now to look into your options, specifically those that will provide you with an income for life.

To discuss your options and find out what best meets your needs for retirement and how to ensure that you have income for life, please contact Gary Mandel at Independent Financial Concepts Group by calling 416-849-1653 or visit www.wecoveryou.ca

Critical Illness Insurance - Is it worth it?

In recent years, medical advances have led to increased life expectancy and the ability to recover from various illnesses, but they have not led to the disappearance of critical illnesses such as heart attack or cancer. 

Critical illness insurance – is it worth it? The chance of getting diagnosed with cancer or having a heart attack is heightened for people over the age of 40. Medical insurance helps reduce costs, but most health insurance plans don’t cover all of the expenses related to treatment. To help deal with this, critical illness insurance provides the funds necessary to pay for whatever you need.

A critical illness can happen to anyone: there are an estimated 70,000 heart attacks in Canada each year, between 40,000 and 50,000 strokes in Canada annually, and an estimated 3,075 Canadians are diagnosed with cancer every week. Despite these staggering numbers, there are options. Critical illness insurance – is it worth it? Yes, because it gives you the peace of mind that can be found when you know that you and your family are protected in the case of a critical illness.

Critical illness insurance – is it worth it? First of all, what is critical illness insurance? Critical illness insurance offers you the financial help you need to pay the costs associated with a life-altering illness, such as a heart attack, a stroke, or cancer. If you become sick with an illness covered by your policy and survive the waiting period, you receive a lump sum cash payment – and you decide how to spend the money. Rather than monthly payments, the lump sum payments allow you to make crucial decisions that help with your financial future. 

Critical illness insurance can be incredibly flexible, as there are no constraints set on how you spend the money, which is typically given after only 30 days. You are not required to submit receipts, or even spend the money on medical expenses. It is completely up to you. You can use the lump sum to pay for alternative treatments, specialist visits, or in-home medical care. The ability to choose how to spend the money also makes it incredibly important in the event that your illness prevents you from earning your regular income.

In the case of your death while the policy is in force, a refund of 100% of the premiums that you paid into your critical illness insurance policy is given to your beneficiary.

Critical illness insurance – is it worth it? Well, what is covered? Your critical illness insurance policy can be customized, but the typical illnesses covered by most policies may include: heart attack, loss of limbs, major organ transplants, severe burns, stroke, multiple sclerosis, coma, Parkinson’s disease, cancer, deafness, blindness, loss of speech, kidney failure, heart bypass surgery, or Alzheimer’s disease.

So, critical illness insurance – is it worth it? If you find yourself diagnosed with any of these illnesses, critical illness insurance gives you the ability to focus on your recovery by eliminating the financial stress that often accompanies many of these illnesses. Your critical illness insurance also allows you to pay for those medical costs incurred that may not be covered by the government or by your employment health benefits. Yes, it is definitely worth it!

For more information on how critical illness insurance can benefit you in the future, please contact Gary Mandel at Independent Financial Concepts Group by calling 416-849-1653 or visit www.wecoveryou.ca

Long Term Disability Insurance – Is My Employer’s Coverage Enough?

Most people are aware of the importance of obtaining life insurance to provide for loved ones in the event of a death, but what happens if you become disabled or suffer from an unexpected illness that prevents you from earning an income?  

Long-term disability insurance is an important provision you need to make for your future. It replaces a portion of your income if you become unable to work for a prolonged period of time due to an illness or injury. It is important to consider that long term disability insurance is going to have the greatest impact on your financial situation. If you are off work for 30 or 60 days, chances are you will be able to cope financially. However, if you are unable to work for a longer period of time, the financial impact can be devastating.                      

There are two basic definitions of disability in long term disability insurance contracts: ‘own/regular occupation’ and ‘any occupation.’ The own occupation definition refers to your ability to perform those duties essential to your own/regular occupation.

Under the any occupation definition of disability, you are considered disabled if you are considered medically unable to perform the essential duties of any occupation for which you are reasonably qualified by training, education or experience. Often the ‘own/regular’ contract will cover a term of two to five years, and will convert to an ‘any occupation’ if you are determined to be disabled at the end of this period. It is important to discuss your options with your insurance broker to decide which long term disability insurance plan you feel best suits your needs.

Some employee benefit packages do contain coverage for disability, although this is often not long term disability insurance. These are typically set at a rate that provides a percentage of salary, for example 50% of your base salary until the employee turns 65. But is this enough? It may not be…

There are several benefits to obtaining additional or supplemental long-term disability insurance coverage. Depending on the policy provided by your employer, you may be covered until retirement or until you recover from your disability. However, this coverage usually does not begin from the time you are off – usually it does not start until short term disability payments, such as sick leave, stop. This means that if additional costs are incurred during this period, you are on the hook. Instead, long term disability insurance provides you with the necessary coverage to bridge the gap between the onset of your illness or disability and the beginning of your employer provided disability insurance coverage.

What if you are injured at home, or in a non-work related incident?  Worker's Compensation only covers work related accidents and unemployment insurance only covers 15 weeks. This can be detrimental if your illness or disability lasts longer than the allotted time or occurs off the job. Personal long term disability insurance takes care of these issues and provides coverage regardless of where the disability occurred, and for a much longer period of time.

With long term disability insurance, the monthly income replacement can often be the difference between being able to support and provide for those that matter to you, and not being able to. Don’t just protect your life, make sure you protect your income.

For more information on how to obtain long term disability insurance, please contact Gary Mandel at Independent Financial Concepts Group by calling 416-849-1653 or visit www.wecoveryou.ca.

Life Insurance - Do Young People Really Need It?

When you’re young, often the last thing on your mind is life insurance. Life insurance protects your loved ones when you are gone, and when you’re in your twenties and thirties that can be hard to imagine. So why do young Canadians need life insurance? There are many reasons why it makes good sense for a young Canadian to obtain life insurance.

One of the primary reasons that it is a good idea to seek life insurance when you are young and in good health is that this is when life insurance is the most affordable. The younger and healthier you are, the cheaper your life insurance will be.

Life insurance can be negotiated on a term, hence the term “term life insurance,” for ten or twenty years. This means that during your life insurance term your premium and coverage is guaranteed. Life insurance can also be negotiated for the duration of your life. These policies are called “whole life insurance policies,” which means that your premium and coverage is guaranteed for life. Whole life insurance policies can also be used as an investment and savings vehicle.

It is important when arranging a life insurance policy that you work with a life insurance broker who underwrites the policy at the time you obtain it. This will ensure that the life insurance company has validated the state of your health and that they won’t have any reason not to pay out the benefit to your loved ones should something happen to you.

Life insurance arranged through a life insurance broker will result in a contract for life insurance being provided to you once the insurance policy is bound. This means that your premiums and coverage are locked in. Sometimes things in life change and you may want to reduce, increase or cancel insurance coverage. While you can adjust your contract for insurance, your Life insurance provider cannot. As long as you pay your premiums, your insurance is guaranteed no matter how your health or lifestyle changes.

Even if you are in your twenties you are likely able to anticipate if your future includes children and a family, and once this occurs the financial security of your family will become an important concern. As we age, our health changes. Age alone causes life insurance premiums to increase. Changes to health and lifestyle can also cause life insurance premiums to increase, so it is your best bet to get your life insurance provider to commit to a long term life insurance contract with you when it is most affordable.

When you are young, the type of life insurance coverage that you choose will depend on your future financial goals. Do you plan to have a family? Do you plan to amass investments? Is there anyone who may rely on you financially (parents, siblings, etc…)? If you are unsure where your future will lead, term life insurance products tend to be the most basic and least expensive and would be the minimum insurance that you should look at in the absence of a long term vision for the future.

For more information about life insurance while young please contact Gary Mandel at Independent Financial Concepts Group by calling 416-849-1653 or visit www.wecoveryou.ca.

TFSA Canada - Power up Your Tax Free Savings Account

A November 2010 survey by BMO Financial Group showed that while more than a third of Canadians have opened a Tax-Free Savings Account (TFSA Canada), they know little about the wide range of investments that they can hold within those plans. As a result, investors may not be taking full advantage of the tax benefits and investment return potential of TFSAs. 

The survey showed that 37% had no idea what investment opportunities are eligible for their TFSA Canada. Only 20% knew that segregated funds were eligible and 26% knew that Guaranteed Investment Certificates (GICs) could be included in their plans. The reality is that a TFSA Canada can hold many types of good investments strategies. Here’s a look: 

A TFSA is not a simple ‘account. The range of eligible investment opportunities in Ontario is similar to what qualifies for inclusion in a Registered Retirement Savings Plan (RRSP) or Registered Retirement Income Fund (RRIF). That means a wide selection of individual securities, such as eligible stocks and bonds, segregated funds, real estate investment trusts (REITs), annuity contracts, foreign currency, and more. 

Diversifying beyond cash or savings-type investments in your TFSA Canada can improve long-term growth potential and returns. Because your investment return is completely tax-sheltered in the TFSA Canada and tax-free upon withdrawal, the more you earn in your Tax Free Saving Accounts, the more you benefit from the tax advantages. Compounding of tax sheltered returns can greatly increase your investment income and leave you with a much larger pool of wealth than you would have if you invest in a taxable account. 

Good investment strategies are key. The investments you hold in your TFSA Canada will depend on your financial goals, your risk tolerance, and other factors. We need to consider your Tax Free Saving Accounts as part of your overall good investment strategies, carefully balancing what you hold in your TFSA, RRSP, and non-registered investments. We also need to ensure that your good investment strategies aren’t driven solely by tax considerations, but that taxes are just one part of deciding how and when to invest. 

Financial security is like your health, getting the best professional and personalized advice is extremely important. There`s no better time than now to get together so we can give you the tips and tactics that will help you get ahead and to make the most of your Tax Free Savings Account  by exploring its full investment and tax-saving potential within your overall investment strategies.  For more information contact Gary Mandel by calling (416) 849-1653 or by visiting www.wecoveryou.ca  

Family Health Insurance – How to Manage the Stress of an Emergency

As the Canadian population ages, more of us in our 40s, 50s and beyond are supporting or helping with our senior parent’s health care. We want to make sure that they have spoken to a health insurance company and already have family health insurance in place.  There’s a good chance that at some point we’ll be called upon to deal with emergencies involving our aging relatives. Sometimes those emergencies require us to supply information needed for our parent’s health, care or well-being. 

When that time comes, you’ll want to access that information as quickly as possible. You or your loved ones don’t want to be scrambling to figure out necessary details when time is critical and stress is high. Your parent’s health depends on it.  

The best way to make sure you can act quickly and confidently is to prepare in advance. Speak with your parents about their information, their family health insurance, the health insurance company, the name of their Life Insurance Agent.  Compile all their info and any documents you might need, and make sure they’re easily accessible. The more knowledgeable you are, the better you’ll be able to look after not just your parent’s health, but yourself as well. 

Medical information and the exchange of family health insurance information is very important. If a parent is in sudden need of medical care, supplying the right information in a hurry can be a lifesaver. Keep a list of your parents’ blood types, medications, details of allergies, a history of past illnesses and surgeries, and contact information for doctors and other caregivers. You’ll also want to have the details of any family health insurance plans, as well as supplemental coverage such as critical illness insurance or long-term care insurance. Speak to the Life Insurance Agent from the health insurance company and they will be able to supply you with all the necessary details needed in regards to their family health insurance coverage. 

Obtaining your parents financial information is also very important. You may be called on to manage or help manage your parents’ finances in an emergency. This will require access to bank account information, credit card information, details of loans and loan payments, investment information, and any other pertinent financial details and documents. 

Having all legal documents as it relates to your parents estate is vital. Quick access to important legal documents is essential for medical and financial matters. If you or another family member has power of attorney to manage your parents’ healthcare or finances, copies and originals must be easily accessible. Other information you may need in an emergency includes your parents’ wills, their written instructions about the level of medical treatment they want if they can’t express their wishes (sometimes known as a “living will”), and family health insurance policies. Other estate planning information should also be readily available. The documents and information you need will depend on your parents’ situation. Your parents Life Insurance Agent from the health insurance company will be able to help you plan a strategy for gathering the necessary documentation, speaking with your parents, and deciding where their information should be kept for immediate access.  It’s also wise to annually contact their Life Insurance Agent on an annual basis to ensure that their family health insurance plans are consistent with their life changing needs. 

For more information please contact Gary Mandel by calling (416) 849-1653 or by visiting www.wecoveryou.ca

Tax Free Savings Accounts and RRSP Investing are Two Ways to Save on Income Taxes in Ontario

Ontario is one of the most heavily taxed provinces in Canada and Ontarians are always looking for ways to save money and income taxes.

Some are steering away from the stock market and other higher risk investments, largely due to the turbulence in the economy over the past few years. Nowadays, people are turning towards safer investment products.

When you think about investing, the first place you may think to turn to is your bank. You may also consider consulting an Investment Advisor. The issue is that a bank can only expose you to their products and an Investment Advisor may recommend a product that is higher risk than you have an appetite for.

Believe it or not, Life Insurance Agents do not just arrange life insurance. Some insurance brokerages offer financial products. Outside of the available insurance products that carry financial incentives, many insurance companies offer RRSPs and tax free savings accounts.

An RRSP can be arranged as low, medium and high risk. A low risk RRSP will offer a good return with the lowest risk. Those who have a low appetite for risk are suitable for a low risk RRSP. If you already have RRSPs but prefer the features & benefits of an insurance company RRSP such as maturity and death benefit guarantees of up to 100%, creditor protection and bypassing probate, you can transfer it (if you don’t owe a loan against it), without paying a penalty.

When you purchase RRSPs, you can deduct your RRSP contributions from your income at the end of each year, thus reducing the income taxes you will have to pay. Even a $5,000 annual RRSP contribution can make a major difference when tax time comes.

Tax free savings accounts in Ontario are also offered by Ontario insurance companies and can be arranged through an Ontario Life Insurance Agent. A tax free savings account enables you to save up to $5,000 each year, tax free! Families use the tax free savings account to plan and save for expenses such as their children’s education, a down payment on a house and more.

There are different types of Life Insurance Agents in Ontario. Some work for a single insurance company and others work with all insurance companies. If you want to learn about how you can obtain financial investment products through an Ontario Insurance Agent, you will get the most benefit from dealing with an Ontario Life Insurance Agent who deals with all of the major insurance companies. That way you can find out about all that is available to you without having to call a litany of insurance companies yourself. To find out more about tax free savings accounts and RRSP investing with Ontario insurance companies to save on income taxes in Ontario please visit www.wecoveryou.ca or call 416-849-1653.

Insurance Premium Return is Available for Ontario Life Insurance products

Insurance premium return is when you obtain an insurance policy that contains a provision that states, after a specified period of time, you can receive your insurance premiums back.

Term insurance products offer low premiums, therefore they often don’t provide the ability for you to be eligible to receive your insurance premiums back, even in the event that you don’t make an insurance claim.

Insurance premium return policies are available on critical illness and disability insurance policies. They offer up to 100% of your premiums back after a certain amount of years if you don’t make a claim.

Outside of the very obvious benefits presented with insurance premium return policies, these insurances provide crucial benefits to protect your income and your livelihood in the event you suffer a critical illness or disability. They also ensure that your family is cared for in the event of death.

Did you know that in 2001 there were over two million Canadians of working age who were disabled where physical injury wasn’t the only cause? Amongst office workers, absences due to nervous disorders, including stress triggered conditions, have become the leading cause of disability in Canada today.

At any time something could happen that could disable your ability to work. Many policies offered by employers are just not enough. Over time they may reduce the percentage of your income that they will pay to you while disabled and may even require that you are assessed by their doctor, in an effort to get you back to work.

If you are in a job that is high stress, it is important to remember that many critical illnesses, such as heart attacks, can be brought on by stress and can often occur in seemingly healthy individuals when they have a high stress occupation. The scary thing about critical illness is that a critical illness is called “critical” because if it occurs it will, in many cases, render the individual incapacitated for an extended period of time. Some examples of critical illness in addition to heart attacks include cancer, stroke, kidney failure and more. Other critical illnesses such as Alzheimer’s disease cause a slow deterioration to the individual over long periods of time, at which point care is expensive.

The primary reason you should consider insurance is to protect your income, livelihood and family. Many folks make the mistake of calling an insurance company directly and consequently purchasing the most affordable product available, when often there are other products that carry perks such as insurance premium return.

The best thing to do is consult a good Life Insurance Broker, one who deals with all of the top rated insurers (not just one), finding you a policy that provides the maximum benefits at the lowest available premium. For more information about insurance premium return insurance in Ontario please visitwww.wecoveryou.ca or call 416-849-1653.

Life Insurance “Premiums That Do Not Increase” are Available for Other Ontario Insurance Products Too

Insurance companies determine the cost of your premiums based on the risk that you represent to them.

That’s why, generally, life insurance, disability insurance, critical illness insurance and most other personal insurance products will increase the premium they offer you depending on:

- Your age
- Health
- Habits (Smoking etc.)
- Medical History
- Family History, etc.

Another measure that will factor into how your insurance premium is calculated is the term. With life insurance, disability insurance and critical illness in Ontario you can purchase a 10 year term policy, 20 year term policy or a policy that lasts for life. This is referred to as your insurance policy term.

During your insurance policy term, your insurance company cannot revoke your insurance or increase your insurance premium. Even in the event that you have a health problem, move to another country, change income sources, start a bad habit – as long as you make your insurance payments, your insurance company must honour your insurance policy terms throughout the insurance term.

Anytime you are looking at any insurance product whether it is a 10 year term insurance policy, 20 year term insurance policy or a policy that lasts for life, the shortest term policy is almost always the cheapest insurance option. For example, if you were looking for a term life insurance policy, a 10 year term life insurance policy would be the cheapest option.

As mentioned you can obtain life insurance, disability insurance and critical illness insurance that guarantees the insurance premium will never increase for the life of the contract. These policies are often more expensive than the term insurance option but can carry perks that make the additional cost worthwhile.

Critical illness insurance is a great example of an insurance product where you can get an insurance premium that will be guaranteed for life, and carries an extra bonus. After 15 years, if you don’t make an insurance claim you can receive 100% of your insurance premiums paid back to you. At that time, if you don’t want to cash out, you can continue making your monthly payments at your guaranteed premium and rate of payment. As you get older and become at higher risk of having a critical illness, you will enjoy a low critical illness insurance payment and will have excellent critical illness protection. You can choose to cash out all your premiums at any time after 15 years.

Whole life insurance also guarantees your insurance premiums for life and carries major income tax incentives.

A qualified Life Insurance Agent will be able to assess your personal circumstances and recommend the right product for you, ensuring the lowest rates. For more information about insurance “premiums that do not increase” and for all Ontario insurance products please visit www.wecoveryou.ca or call 416-849-1653.

Disability Insurance in Ontario is Not Available to Individuals Once They Have Become Unemployed

Disability Insurance in Ontario provides you with income if you suffer a disability that hinders your ability to work. If you suffered a disability and couldn’t work, the disability payment you would receive (no matter who the insurance provider is) is based on a percentage of your income.

Most people feel secure when they obtain a job that offers disability insurance as part of their benefits package. The problem is that only relying on your employer’s disability insurance provides short term gain (low disability insurance premiums, deducted at the source) with long term consequences.

If you become unemployed you will no longer be insured. Here are the two main reasons why Disability Insurance in Ontario is something that the primary income earner in any household should have:

Once you do not have an income, you will not qualify for Disability Insurance in Ontario.
The cost of disability insurance premiums in Ontario increase as you age. Additionally, if you become unemployed, obtain new employment and then realize that you need additional disability insurance, your premiums will be much higher than they would have been if you had started contributing to a disability policy at a younger age.

Most insurance providers offer a number of different disability insurance products that provide different benefits. There is term disability insurance that offers the lowest disability insurance premiums.

There are other disability insurance policies that return part of your premiums if you don’t make a claim, and policies that will guarantee your premium for the life of your contract. A good Life Insurance Broker will be able to compare the different disability insurance products and provide you with information about the costs and benefits.

One you have selected a disability insurance product that suits your needs, the insurance company will present you with an insurance policy. Your disability insurance policy is a contract. Once the insurance company signs off on your disability insurance contract, it is binding for the insurance company. They can’t make any changes to your contract, but you have the right to.

If you were to suddenly find yourself unemployed and while unemployed suffered a disability, your disability insurance policy would provide you the amount of coverage and income agreed upon at the time you signed the contract.

Also, if you obtain a disability insurance policy that guarantees your premiums for the life of your contract, when you are older, you will enjoy very low insurance premiums and maximum income protection. For more information about disability insurance in Ontario please visit http://www.wecoveryou.ca/ or call 416-849-1653.