Home services Faq's Useful Links Sitemap Contact Us
 
Mortgage Insurance
Final Expense Insurance
Guaranteed Issue
Disability Insurance
Critical Illness
Health Insurance
Visitors/Travel Insurance
Supervisa Insurance
Group Insurance
RESP
RRSP
 
 
Why should I buy life Insurance?                                                                            Click Here
Life Insurance can be an important tool in the following situations
Replace income for dependents
Pay final expenses
Create an inheritance for your heirs
Pay federal “death” taxes and state “death” taxes
Make significant charitable contributions
Create a source of savings
 
How much life Insurance should I buy?                                                                 Click Here
One rule of thumb is to buy an amount equal to five to seven times your annual gross income. But the real question is how much your family will need when you're gone. That depends a lot on the family and what stage of life you're at.
 
How do I qualify for life insurance?                                                                         Click Here
You must be a permanent resident of Canada, between the ages of 18 and 70 to qualify for life insurance.
 
What’s the difference between term and permanent life insurance?           Click Here
A main difference between term and permanent life insurance is that term life insurance has an end date, for example at age 80, whereas permanent life insurance provides coverage for life.
Term life insurance is generally the lower in cost when compared to permanent coverage. However, permanent life insurance can offer both protection and a cash value.
 
Who can you insure?                                                                                                   Click Here
There must be an insurable interest in order for one party (you) to take out life insurance on another party (your parents).
Do they support you, or do you live with them and rely on them for any financial support or living situation?
If so, you may be able to get a life policy on them.
Either way you won't know until you get some quotes and find the coverage right for you at the best price you can afford. You can compare quotes online.
To be certain, after you have your quotes, e-mail the insurance company you want to get coverage through and ask them to verify in writing (by e-mail) that you can take out a life insurance policy on your parents. Again, it usually comes down to a question of insurable interest.
 
How often should I review my policy?                                                                    Click Here
You should review all of your insurance needs at least once a year. If you have a major life change, you should contact your insurance agent or company representative. The change in your life may have a significant impact on your insurance needs. Life changes may include:
Marriage or divorce
A child or grandchild who is born or adopted
Significant changes in your health or that of your spouse/domestic partner
Taking on the financial responsibility of an aging parent
Purchasing a new home
A loved one who requires long-term care
Refinancing your home
Coming into an inheritance
 
Should I buy life insurance on my child’s life?                                                      Click Here
The main reason for buying life insurance on anyone’s life is to replace income “lost” or pay for expenses caused by the death of the insured person. If your child dies, there’s no lost income, but there will be funeral, burial and related expenses that could run to thousands of dollars, which might cause a financial hardship to the parents of the deceased child.

Another reason for buying life insurance on a child’s life is to guard against the possibility that, when the child is older, he or she might not be able to buy life insurance because of intervening illness or other circumstance.

Still another reason for buying life insurance on a child’s life is part of a program to teach the child financial responsibility. Typically the insurance is whole life insurance, ownership of which is transferred to the child when he or she turns 21.

Most insurance advisors recommend that families spend their insurance budget to buy life and disability income insurance on the parents first, before considering insurance on children’s lives. Death of a parent, particularly an income-earner, could have financial consequences that are devastating compared to the financial effects from a child’s death.
 
Is a parent the beneficiary of their child's life insurance?                                Click Here
The primary beneficiary is named within the policy document. The primary beneficiary may or may not be the father.
If the primary beneficiary is deceased, then check the policy for a named contingent beneficiary.
If there are no named beneficiaries living, then the policy proceeds become part of the policy holder's estate. Please consult with a qualified attorney, to determine guardianship of the child's estate.
 
How do you collect on a life insurance policy?                                                     Click Here
Normally, if the beneficiary has the policy, all they need to do is get a copy of the death certificate and turn it in to the life insurance company. The contact information for the company should be right on the policy, if there isn't an agent close enough to work with. Any decent company will honour the policy and make payment from within a few days to a few weeks
 
How long after filing a life insurance claim do you receive payment?           Click Here
You should expect to receive forms and information in 5 to 10 day. Once the Death Certificate and forms have been returned payment should be issued in the same time frame.
 
Will a claim for a smoker be denied if the policy is for a non-smoker?          Click Here
However, what typically happens is that if you have had a policy with the rate of a non-smoker for more than two years and need to file a claim, and the insurance company discovers that you are and have been a smoker, the company may take part of the death benefit to pay the difference in back premium between a smoker and non-smoker. So, in essence, the death benefit will be smaller to pay the back smoker premiums. The reason two years makes a difference is because the incontestability clause may play a part in how the death benefit is paid or not-paid. In this case, it may not play a role.
 
What happens if the beneficiary of a life insurance policy is deceased?       Clic Here
Generally, if the beneficiary is deceased, the proceeds go to the contingent beneficiary, or if none, to the estate of the insured. An attorney must be consulted to direct you on how to handle this in your state.
 
Want to ask a question : Click Here
 
 
 
Child Tax Benefit
Universal Child Care
Social Insurance
Government Grants
Child Care Expense
more...
 
 
Name :
Phone :
Email :
Questions :
 
 
 
ASSURIS :
Who Protects Canadian Policyholders in the event of Life Insurance Company failures