2 in 5 Canadians Will Develop Cancer

2 in 5 Canadians Will Develop Cancer

Did you know that about 2 in 5 Canadians will develop cancer in their lifetimes and 1 in 4 will die of the disease (Canadian Cancer Society, 2013)? That is a scary statistic. Prostate cancer is the most frequently diagnosed cancer for men in Ontario, and breast cancer is the most frequently diagnosed cancer for women in Ontario.  Lung cancer is the leading cause of cancer death for men and women in Ontario.

After a cancer diagnosis, 63% of Canadians will survive 5 years later. Many Canadians cope with extreme stress, both mental and financial after a cancer diagnosis. Financial protection is pivotal during this period to help you get better.

Cancer Guard Insurance can give you this financial protection – you can receive a lump-sum payment of up to $100,000 from the date of your cancer diagnosis. With enhanced protection, you can also get additional coverage for other critical illnesses including heart attack, stroke, coronary surgery, paralysis and coma. Furthermore, the allowance that will be paid will be tax-free, allowing you to focus on getting well without financial worries. 

Cancer Guard Insurance comes in three types of protection: a 10-year term protection (renewable until age 75), a 20-year term protection (renewable until age 75) or a level term protection to age 75.

For more information, contact us at (416) 909-0400. 

Job Search Tips for New Graduates

Fresh out of university and looking for your dream job? Finding a job you love can be tough in today's market. We at Inforce Life hire many graduates and thought we would give those applying to Inforce Life some tips!

1. Network. Networking is key to finding a job. When we look at prospective employees, we hire through traditional interviews and applications, but also through networks. It is important to meet different people and talk to them to see about job opportunities that are available.

2. Do you fit? When applying for a company, ask yourself, do you see yourself as a good fit? Can you imagine yourself working in the environment and doing the daily tasks? Do you share the same goals as the company and are you able to further them? Often times, young people apply for jobs they know are not a good fit for them - but we are often looking for candidates who can fit with our environment and work culture. Speak with professionals in the field so you get a better understanding of whether this job is right for you.

3. Show your passion. Your interviewer cannot know what you do not say. If there is something that was not covered in the interview, but may be useful for the interviewer to know, mention it to them. For instance, if you are attending a particular conference or training that is relevant to an insurance adviser, tell us during the interview!

4. Ask us about learning opportunities. We love to see individuals who are keen to learn and grow with us. We have lots of training to help ensure the success of our insurance advisers, ask us about these opportunities during the interview.

5. Do your homework. When you meet with us, we like to know that you know about us. Do some research about us before you come to the interview so that we know you’re serious and interested in a career with us. Find out what an insurance advisor does, and ask us any questions about the job.

To learn more about career opportunities with Inforcelife, check out our careers page: http://www.inforcelife.com/careers-page/

Credit Crunch

Many Canadians move to Canada in hopes of a better future for their family. While the cold is always a challenge to get use to for new Canadians, there are other challenges they must also face. New Canadians do not realize is how important a credit history is. A good credit history will allow you the option to borrow money in the event of an emergency. But for those without a credit history, what to do in an emergency? 

When people immigrate to Canada, they underestimate the amount of money they will spend in their first year - which may leave them cash strapped during emergency times. For newcomers, buying a term insurance and critical illness is important as their resources and access to resources may be more limited without borrowing options. In the event of an accident or critical illness, having accidental or critical illness insurance to help pay for costs is a need for new Canadians. Without a credit history, new immigrants will definitely face a credit crunch when trying to obtain a loan. Planning ahead is the key to success in a new land.

"Image courtesy of photostock / FreeDigitalPhotos.net"

Choosing Life Insurance

There was once a father, he loved his children dearly. He vowed that he would do anything for them, and protect them. As a father, he believed it was responsibility to make sure that he would provide everything they needed and would always make sure he gave them the world. And he did love them, care for them and protect them – up until his passing. He was always certain that he would be there to care for his children that he failed to plan for what would become of his children in the event of a tragedy. Death is something that happens to everyone – it is inevitable. Protecting our family is a responsibility we owe to our family. Dealing with the loss of a family member is difficult enough, if one had to also deal with the financial hardship, it can become difficult to cope.

One of the main reasons people cite as to why they do not choose a policy is because they believe choosing a policy can be overwhelming. Insurance really is not that tricky – choosing a life insurance plan may be easier than you think.

Generally speaking, there are 3 types of plans to choose from. All plans will be some form of these types:

Term: Think of this as your phone plan, it is a pay-as-you go plan. Your insurance term can be a 5, 10 or 20 year term and you pay monthly for it for the term. You are able to renew the plan upon the completion of a term (or up to age 65). The younger you are, the cheaper the premiums you can get – the older you are, the more expensive premiums are. If you choose to end the policy while you are still alive, this type of policy will not give you your money back.

Term to 100: A term to 100 is a similar to the term plan, but it covers you until age 100. As the term is longer, your premium will be less, and you will have coverage after 65 years. Again, there is no cash surrender value for this plan, so if you end the policy or past the policy coverage term, there is no money back guarantee.

Permanent: You may have heard of this as universal or whole life insurance. Your monthly payments depend on a variety of factors – age, job, health, wealth, etc, regardless, the premiums will much higher than term or term 100 policies. Your premiums will not change, and coverage is for your entire life regardless of age. With this policy, if you give up the liability for death benefit, you can cash the money that has built up in the plan (although it may take anywhere from at least 10 years to have a decent amount).

The coverage you need really depends on you – some financial planners say that anywhere from 5 to 7 times your current income is enough, while others suggest that the amount can be lower if you have mortgage insurance in place. Really look at the options available and choose a plan that suits you. An insurance agent will be happy to discuss options with you. Everyone has different needs and need to choose a plan that suits them. But remember – be honest with your insurance agents. Hiding an illness can be a cause for the term to be voided, so be honest and help choose a plan that will protect your loved ones. Insurance does not have to be that tricky, with the right tools and guidance, you can make sure your family will always be cared for. 

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.

Funding Children’s Education Resulting in Delayed Retirement

According to a recent CIBC Poll, conducted in June of this year, many Canadian parents are delaying retirement in order to be able to pay for their children’s education. Of all Canadians, Ontario parents are the ones most likely to put off retirement to fund their children’s post-secondary education, with 40% of parents with kids under 25 saying they have to put off retirement. 20% of those parents expect to delay retirement for at least another 5 years!  

In addition, many are also taking on loans and using up the retirement savings in order to help pay for tuition and other expenses. The conservative cost of raising a child is average at 5000 a year, when you factor in daycare, tuition, and other costs, this amount can be increased to 10,000 a year. When you have more than one child, this amount only increases.

This is why planning ahead, using a financial advisor, and setting up an RESP can help secure that enough funds will be ready when your child is ready to go to post-secondary. Delaying retirement may be a necessity for some families, but it does not have to be. Be smart, plan ahead and retire when you’re ready to.

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.