Extreme Sports and Vacations

It’s May already! Yes, that means that it’s time to plan for summer vacations. This month we’ll help you learn more about travel insurance. Vacations are a great time to try new things – you’re in a new place, with new people. Many people try extreme sports and high-risk activities during their summer vacations – think skydiving or para-sailing. However, it is important to note that many insurance policies do not cover injuries caused by extreme sports.

If you are planning on a high-risk holiday activity, you’re best bet is to check it out with your policy and see if you will be covered. You may have read about the Canadian who visited America and unfortunately met in a skydiving accident with her parachute collapsing, causing her to fall from the sky and suffering a collapsed lung, broken pelvis, eye socket and brain swelling. She ended up with a $500,00 medical bill  - which was uncovered.

We can help find a plan that will cover your high-risk activities if you need, call us at (416) 909-0400 and we’ll help plan for you!

Are you protecting your spouse?

Life insurance is a very touchy topic for couples; it can be confusing and also an emotional conversation. However, it is a much-needed discussion. Life insurance is really a way of taking care of your partner and children, and not leaving them with a huge bill to struggle to pay.

We can help de-mystify the types of life insurance and help find an insurance option that matches your needs.

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).

Everyone has different needs and are able to contribute differently. To learn more about the best options for you, speak with one of our insurance agents at (416) 909-0400.

Are you financially secure?

Financial security is dependent on a variety of things – debt, assets, savings,  cash flow, safety nets, employment and education. An important part of financial security is being able to have the means to pay for unexpected costs, and having planned for these unexpected costs.

Accident and critical illnesses usually come at unexpected times, and they cost much heartache, and take can also toll on finances – in fact, 40% of Canadians who suffer from a major health crisis also suffer financially. Being financially secure means also having a safety net when unexpected costs and tragedy strikes. When diagnosed with a major health crisis, having health insurance and critical illness insurance is this safety net that will help cover your costs while you focus on recovery.

While we can never know what will come our way, having an extended health insurance and critical illness insurance can go along way in maintaining financial security and helping protect ourselves during tough times. To learn more, speak with one of our insurance agents about insurance options for you, call us at (416) 909-0400.

“Canadians spending more out-of-pocket on health care”

CBC recently reported that Canadians are spending more out-of-pocket for health care including dental care and prescriptions. In many cases, Canadians have to spend additional on health care because they are not covered by insurance. Furthermore, the report found that low-income families are spending less than they should in instances, because they probably are choosing cheaper alternatives or forgoing treatment because of the cost.

In instances like this, it becomes pivotal to have dental and health insurance. You should never have to compromise your health and skimp on prescriptions because of a lack of money – and this is why having dental and health insurance helps, since insurance can cover these costs. You cannot always know when you will need dental and health services, however, you can always plan for the event of when you may.

Getting dental and health insurance to match your current health and needs is something we have helped many people with, and we are able to help find the best plan for your needs also. To speak with one of our insurance agents about insurance options for you, call us at (416) 909-0400.

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.

Seniors Reveal Their Deepest Financial Regrets

When you talk to seniors, you learn the most about life and how to live. They have seen it all, and they can offer the best advice on how to make your life better.

1) I should have saved for retirement earlier.  

 We can learn a lot from this. Retirement may seem like a long time away when your 30, but it slowly creeps up on you. Every year, you tell yourself I will start saving next year for retirement, but that next year never comes. They’re always other bills to pay that seem more imminent and important. However, it is important to make saving for retirement a priority and open up a RRSP and begin contributing. Besides, you’ll save a lot on taxes through your RRSP. We can help you figure how much you need to save up each month based on your financial goal of how much you want to have saved up when you retire.

2) I should have invested in my health care.

Health is wealth, and you don’t realize this until much later in life. Those with healthcare are much more inclined to get professional medical help when needed rather than putting it off. Having healthcare means you can take care of your body when it needs care always – not when your pocket lets you.

3) I should have spent money wisely. Take a look at your credit card bills and see where most of your money is going. Are you are spending on material items that won’t last in 5 years? If so, think about this way, you’re buying junk, and paying for it, and paying interest for it – with no return at all. What can you better spend that money on that will add value to your life in 5, 10, 20 years?

As they say, it’s never too late or too early to start making your life better. You can start now.

 

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.