Insurance Basics

Peace of mind for you and your family

Term life insurance provides coverage if you die within a specific period of time unless you do not pay your premium. Term life insurance premiums are generally less expensive than permanent life insurance premiums.

Permanent life insurance provides coverage throughout your life unless you fail to pay your premiums. At first, premiums are usually higher than for term life insurance policies, but will then be lower than term premiums in later years.

Health Insurance: There is a variety of health insurance products available that could help you to pay for services that your regular health care plan does not cover, supplement your income if you suffer a major illness or severe injury, or pay for your medical expenses if you become ill while on vacation.

Critical illness or trauma insurance: pays a one-time lump-sum payment if you are diagnosed with a critical illness that is specified in your policy, such as cancer or Alzheimer’s disease. There are often exclusions, so read the policy carefully. Be sure you know what is and is not covered.

Disability insurance: provides coverage if you cannot work temporarily or permanently due to an injury or illness, such as loss of a limb, a heart attack, or an operation.

Long-term care insurance: provides coverage if you enter a long-term care facility such as a nursing home.

Supplementary health insurance: pays for health services, such as prescription drug and dental services, not generally covered by provincial and territorial government health plans. Before buying supplementary health insurance, check your employer’s benefits plan to make sure that you do not buy coverage you already have. For example, you may already have dental coverage through your employer’s plan.

Travel medical insurance: pays for medical treatment while you travel outside of Canada. The policy will likely not provide coverage for medical conditions you had before applying for coverage. When it comes to life insurance, what you don’t know can not only hurt you but your family's financial well-being also.

Your individual needs must be considered and prioritized before making any decisions. I can help! Contact me today to help you determine your needs and decide which product is best for you.