Life Insurance

Life Insurance is an essential part of financial planning.  Although there are many reasons why you would own life insurance, one of the main reasons is to replace an income that would be lost with the death of a wage earner thereby insuring the financial independents of your family. 

The proceeds from life insurance can also be used to pay significant debt such as a mortgage insuring your dependents are not burdened with significant debt when you die.  An important feature of life insurance is that it's tax free to the beneficiaries.

There are a number of important factors to consider when determining how much protection you should have.  These include:

  • any immediate needs at the time of death, such as final medical expenses, burial costs and estate taxes.

  • funds to pay debt, such as mortgage, credit cards, car loans or any income tax that might be owed.

  • ongoing financial needs, such as monthly bills and expenses, day care costs, university tuition or retirement

One rule of thumb is to buy an amount of life insurance equal to 10 times your total family income.  There are 3 main types of life insurance:  Term Life , whole life and universal life.  Each has its own strengths and special uses.

 

 

Long Term Disability

A long term disability is an income replacement plan.  If you are unable to perfom your normal duties due to an accident or sickness, you are eligible to claim under your disability policy.  Disability insurance provides a non-taxable monthly benefits to replace your income if you become disable.

Total Disability

You are considered totally disabled if, as a result of an injury or sickness:

  • you are unable to perform the important duties of your occupation

  • you are not working in any gainful occupation; and

  • you are under appropriate physician's care.

While you are totally disabled you receive a monthly benefit for the duration of the benefit period of your policy.  The monthly benefit is payable after you have satisfied the elimination period.

 

 

Critical Illness

In many instances today, good news can also be bad news.  Surviving a catastrophic illness is the good news.  But survival can also result in potentially sudden, severe and in some cases, long term financial difficulties due to the unexpected expenses relating to your recovery and lifestyle changes.

A Critical illness recovery plan is a way of helping you maintain your independence and assisting you on your road to recovery after a sudden and catastrophic illness.  It's there for you, providing a lump sum, tax-free benefit in the event of a critical illness.

Critical Illness provides a benefit if you are diagnosed with one of the covered conditions and satisfy the required waiting period, usually 30 days.  The coverage then terminates.

  • Cancer
  • Heart Attack
  • Coronary Artery Bypass Surgery
  • Alzheimer's Disease
  • Benign Brain Tumour
  • Blindness
  • Coma
  • Deafness
  • Heart  Valve Replacement
  • Kidney Failure
  • Loss of Limbs
  • Loss of Speech
  • Major Organ Transplant
  • Major Organ Failure (on waiting list)
  • Motor Neuron Disease
  • Multiple Sclerosis
  • Occupational HIV Infection
  • Paralysis
  • Parkinson's Disease
  • Severe Burns

 

 

Living Care Benefit

Life is unpredictable.  Some of your plans may have to change if you become unable to look after yourself.  Long Term Care Benefit can help you prepare for the unexpected.  This benefit provides a monthly care benefit functionally dependent, which means you require substantial assistance with two or more of the Activities of Daily Living listed in the contract, or substantial supervision is required because of a cognitive impairment , and you satisfy the waiting period.  With this benefit, you functional dependence does not have to be permanent for you to make a claim, and you can submit multiple LivingCare claims over the life of the Lifecheque coverage.

Long Term Care Insurance provides a way to maintain your lifestyle and protect your financial security if one day medical problems prevent you from performing certain activities of daily living.  Long Term Care Insurance will allow you the resources you need to remain independent should you require he services of a long term care facility or professional services at home.

  

Facility Care This coverage provides the Insured with the resources to afford the cost of a long term care facility.  The daily benefit is payable when health or personal care services are required in a long term care facility at the order of a physician and the elimination period has been satisfied.  The daily benefit is paid directly to the Insured and in addition to any government benefits that the Insured may be receiving.

 

 

Individual Health & Dental

The high cost of expenses not covered by OHIP can be financially overwhelming.  For this reason, individual health plans are becoming necessary for individuals and families that don't have coverage under a group benefits plan.

Individual Health Plans Can Cover:

  • Prescription Drugs

  • Dental

  • Vision Care

  • Semi-Private Hospital Room

  • Specialists

  • Accidental Death and Dismemberment

Individual health plans can cover single individuals or families.  Health plans can also be tailored to suit you specific needs.

Get an Online Quote

Chris Brown
Chris Brown

Vice President-Life & Group Division