Men: 3 Things to Do Before Saying “I Do”

“When you truly love someone, their happiness is more important than your own.” Men and women show love in different ways – men have a tendency to show their love by planning long-term for the future and making sure their wife is happy, not only for today, but 10, 20, 30 years down the road.  Men, before you say, “I do” to the women you love, show her your love by planning ahead. 

1. Get Life Insurance. It is probable your spouse will out live you, make sure she is protected. In Canada, women have a longer life expectancy than men. According to Statistics Canada (2009), the life expectancy in Canada for men is ~ 78 and is ~ 83 for women. Plus, when your young, your premiums are much lower than if you signed up for life insurance later in life.
2. Get an RRSP.  It is never too early to start planning for your future. You hear people say that they can’t wait to retire – planning for this early and working towards it as a couple will help ensure you retire comfortably.
3. Get Health Insurance. Did you know the biggest reason couples argue is because of money? Planning ahead and having insurance can help deal with unexpected expensive bills like dental treatment and critical illnesses. 

Topics of life insurance can be sensitive, because we never want to think of such a situation, but the reality is, it is always better to have that safety net in place – just in case. Marriage is big step in life. It takes a lot of love, communication, and hard work. To make a marriage work, there is no magic ingredient, but it is always important to care and protect one another at all times. To speak with one of our insurance agents about insurance options for you, call us at (416) 909-0400.

Celebrate Financial Literacy Month!

Did you know, in a recent poll, 50% of Canadians (Insurance Bureau of Canada) responded that they want to better understand insurance?

Why understand insurance? Through understanding how insurance works, and how insurance can benefit your family, you will be better able to plan for your families future. We often get caught up with balancing our pay with our bills, that we neglect one of our biggest responsibilities in financial planning – building our safety net. Insurance provides us with that pillow of comfort, which will allow us with breathing and resting room when we need it.

Can I afford insurance? Many people think that insurance is too expensive, and that they will not need it. But the truth is, you need insurance. Many Canadians are not prepared for a financial crisis. In fact, the average Canadian owes $27,131! Holding such heavy debt loads may make it much more difficult to obtain a loan or borrow money in the event of an emergency. How will you pay for an emergency if you do not have insurance and cannot get a loan?

What should I ask my insurance agent? – Speak to an insurance agent to help see what options are available to you. Some questions to ask: What will my policy cover? Should I get a family plan or individual plan? Who will be responsible for my finances in a crisis? How can I keep my premium down?

This month, make it your priority to educate yourself about ways to protect your family.

In Sickness and in Health: Are you prepared?

Dealing with a major health issue is difficult on many levels - emotionally, physically and financially. 40% of Canadians who suffer from a major health crisis also suffer financially. In Ontario, we are fortunate that OHIP covers many of our health expenses, including doctor visits, hospital visits, select exams, etc. However, OHIP has its limitations, and therefore cannot cover prescription drugs, medical supplies, disability insurance, etc. The costs associated with dealing with a health issue can be unaffordable to many. People are constantly having to rely on credit, savings, retirement funds and mortgages to pay for health care costs when hit with a major health issue if available. Others, have to rely on the goodwill of their family and friends for financial support.

There is never a 'good' time, and no one is ever fully prepared for dealing with a crisis, however, we should always be aware that this is a possibility. Recovering and recuperating should be the only thing one should deal with when suffering from a major health issue. This is where health insurance plans, and critical illness insurance plays a pivotal role. Having health insurance and critical illness insurance allows you in many times to have your financial costs associated with your illness covered. This will allow you to take the care your body needs, without adding other stressors to your life. A critical illness plan will help cover costs that can allow you to take time off work in the event of a critical illness. For many, this time is a much needed gift.

While we can never know what will come our way, for our sake, and our families sake, it is always good to insure that we have provisions in place in the event of a crisis. Having an extended health insurance and critical illness insurance can go along way in ensuring that we protect our loved ones and ourselves at all times. In times of sickness, will you be prepared?

Individual or Family Plan?

When starting an RESP, families have the choice of setting up an individual plan or a family plan. For most families, a family RESP plan may be your best bet.

A family RESP plan allows you to set up more than one child in an RESP. You still list the children, and decide on the monthly contribution the same way as an individual plan. The good thing with this is that if one child decides they are not interested in post-secondary education, the cash and grants are then allocated to the other child/children, and the money is not lost. Some children may decide to go into trades, and forgo post-secondary, and may not end up using their RESP or full RESP amount. With individual plans, if the child decides to take another route and does not want to enroll in post-secondary, that money is essentially lost. With family plans, you also end up have fewer administration fees than if you were to set-up multiple individual plans.

Grandparents can also set up family RESP plans. With a family plan, they can set this up for their grandchildren, and if one grandchild does not use it, the other ones can easily use the remaining money. You do however, need to decide on the beneficiaries and how much to allocate to each child.

When setting up the family plan, although you can contribute to each child equally, when you have children of different ages, it may be wise to contribute more towards the older children, so that when they are ready to go to university, they have a nice nest waiting (with the younger children, this can be built in time). With the money you put aside for them, and the 20% of your contribution the government matches, there will be financial assistance for your children available when they are ready to make the next journey in their lives.

It’s always wise to assess your family situation, and make a decision that suits the needs of your family situation.

How Health Insurance Works

When buying a health insurance plan, buy one that works for you. Often times though, insurance can be confusing. So we’ve decided to break it down for you.

In Canada, basic health care is covered by provincial plans, though provincial plans, like OHIP for instance. This covers your visits to the doctors, specialists, hospital acute care, diagnostic services (x-rays, blood tests), etc. Services you may need outside this core protection is paid out of pocket, or can be shared through having an extended health care pan. For some people, they are provided coverage for an extended health plan through work, for others who are not covered through work, when an expense does arise; they are responsible to pay out of pocket.

For those individuals, having an extended health plan can pay the following (coverage differs based on plan and price):

• Dental Care (cleanings, fillings, extractions, etc.)
• Hospital Accommodation (semi-private and private rooms)
• Medical Equipment (casts, crutches, wheelchairs, etc.)
• Prescription Drugs (medication prescribed by doctors)
• Private Duty Nursing (home care nurse, special nursing needs)
• Registered Therapists and Health Practitioners (physiotherapy, chiropractic services, orthotics etc.)
• Vision Care (eye exams, glasses, contacts)

When you purchase a plan, you are protected for these services (depending on your plan coverage). Looking at this list, it becomes clearer that extended health care really covers a lot of things that are needed to maintain a healthy lifestyle. When you purchase a plan, you pay a premium that offers you this protection in the event that it is required. Your medical providers will them submit those claims on your behalf, and will cover these expenses. It’s always good to choose a plan that offers you the greatest protection of services you may need. Speaking to an insurance agent will help you figure out which plan works for you, and make it work for you.

The Cost of Healthy Living

When we think of a health plan, we need to realize that the services included may apply to us more than we think. We all like to think of ourselves as being healthy, but our lifestyle has changed, and in order to stay healthy, we need to invest in our health. Health plans are more than about providing drug coverage, they can offer so much more to enhance our health and the way we enjoy life.

We’ve come very far in advancement of lifestyle, however, with this advancement, the costs of living a healthy lifestyle have also increased. While OHIP provides coverage for many basic expenses, the truth is, that with de-listing of services, and more lifestyle diseases, OHIP alone does not provide enough protection.

It’s our change in lifestyle and work that make it important to really think about getting an extended health insurance plan. (Well, that’s at least why I got one). For example, many of us may work in offices – this can take a toll on our health. The long hours sitting can cause back pain, repetitive strain injuries with the wrists, and even our vision can change with the constant computer usage. This can be treated with physiotherapy, chiropractic services and using orthotics for the feet. These are things we need now to help keep us healthy, but are not covered under OHIP. Physiotherapy, massage therapy, and chiropractic services can provide relief for our pain and help keep us healthy.

Even just having access to orthotics meant that I could buy custom made shoes that fit my feet – the long hours I spent in the office did not leave my feet aching as much because I was able to buy orthotic shoes through my extended health insurance. My hours spent in front of a computer also meant my vision changed a lot – and again, I was able to purchase new glasses as my prescription changed through my extended health plan.

The Choice of My Life!

I have a confession to make. I’m going to turn 40 in a few months. I felt like the last time I blinked I was 25. How 15 years just flew by, I have no idea. Life moves pretty fast. When I was single, I was care-free. With everything, but mostly about my health – I took it for granted. I figured I would always be healthy and that my body would always support me. But as I age, I can feel my body getting weaker, and I can see by my growing receipts that OHIP just doesn’t cut it for me anymore. 

When you get to my age, you realize that investing in your health is an important responsibility. Not because of me alone, but because I have a family now, I have a wife and children who rely on me – and I need to be well for them. Having my first child really put things into perspective, it made me realize that I have a responsibility to a beautiful child, and I owe it to her to be fit, healthy and strong. 

That’s why I got health insurance; I did not want to compromise my health. I wanted to be a father who was present and active in my child’s life. I wanted to be a father who was able to take care of myself. And that’s why I got health insurance. 

But honestly speaking, having the insurance has paid for itself.  I would have spent the same amount on prescriptions otherwise, but having the insurance provided me a sense of security and ease that my health was taken care of, and allowed me to focus on the more precious things in life, family. 

Smile with Confidence!

They say when you meet someone for the first time the first things you notice are their eyes and teeth. However, your teeth are a big source of bacteria (mostly harmless bacteria). With good oral hygiene, such as flossing and brushing, we can help keep these bacteria under control, however, when we slip up, we allow for the possibility for oral infections, tooth decay, cavities and gum disease. It can be very easy to forget to brush after a sugary snack or drinking pop, especially during festival times. Even kids, after Halloween, kids are prone to get cavities. That’s why it’s important to have Plan B. Dental Insurance.

Dental insurance helps provide protection when you need it, sometimes, you need a filling for a cavity, or need a root canal, or your children need braces, and it is not always affordable. Having a pre-paid dental plan when you are not covered through work plans help you be able to provide your family and yourself with the dental work they need. Having a toothache caused by a cavity can be very painful, and it is important that when this situation arises, we are able to afford to take care of our beautiful asset, our teeth. Furthermore, having a dentist or hygienist perform a cleaning twice a year helps prevent teeth related problems by removing hard to remove bacteria in its tracks. Having an insurance plan helps to motivate us to get our dental issues resolved quickly.

Your teeth are also one of the best indicators of good health overall, a window to your health really. For instance, oral bacteria and the inflammation associated with periodontists — a severe form of gum disease — might play a role in some diseases including diabetes.

A great smile is a mix of good oral hygiene and good dental work, so make sure you are covered so you can smile with confidence!

Health is Wealth: 4 Reasons to Consider Health Insurance

I have always been a healthy person. I don't get sick alot, and the times I do, I recover pretty fast. So whenever someone suggested that health insurance should be something I should look into, I never gave it much thought. Until of course, I ended up with diabetes. The medication I was required to take was too expensive for someone like me, who was on a fixed income. And, once I had diabetes, getting health insurance would now cost me more than had I invested in it previously. From my lesson, I learned a few important reasons as why I should get health insurance.

1. PROVIDES ADDITIONAL COVERAGE. It provides additional coverage. Many times, the government will not cover the cost of other health needs and the vital presciption drugs needed to combat certain ailments. Having a safety net through health insurance ensures that your greatest wealth, health, is always cared for.

2. ABLE TO BUY YOUR PRESCRIPTIONS. Protects you and your family against financial hardships. Regardless of your financial situation, you should never compromise your health - having insurance means you can pay for your prescription drugs even when you make be facing financial troubles.

3. RECOVER WORRY-FREE. Having Can help supplement lost income while you are recovering. Sometimes, your health takes a toll, and having an extended health insurance plan will allow you to take the time off you need to recover without worrying about paying the bills in critical cirsumstances.

4. EXPECT THE UNEXPECTED. Health problems are faced by everyone, from the young to the elderly. We cannot always plan for them, but having a health insurance provides protection against unexpected medical expenses.