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Critical Illness vs Disability Insurance: A Guide for Manitobans

Akari Digital — Tue, 17 Oct 2023 01:34:25 +0000

Life & Health

Critical Illness vs Disability Insurance: A Guide for Manitobans

October 16, 2023

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Most life insurance plans rely on death benefits: sums of money that get paid out when the plan holder passes away. These benefits matter, but because they’re only accessible following a death, they leave a gap in coverage. What happens financially if you or a loved one gets seriously sick or injured without passing away?

Critical illness and disability insurance are living benefits, and they exist to fill that coverage gap. But aside from that, they don’t have much in common. So it’s not simply a matter of picking one or the other.

Do you need both critical illness and disability insurance? And if not, which one is right for you? These are the questions we’ll help you answer today.

Prefer to skip the reading and talk to a human being?

Reach out and contact us. Our Insurance Consultants are standing by and ready to help you make sense of all this.

Jump To The Answer You Need

What Is Critical Illness Insurance?
- What Conditions Are Covered By Critical Illness Insurance?
- Is Critical Illness Insurance Worth It?
What Is Disability Insurance?
- What Conditions Are Covered By Disability Insurance?
- How Much Disability Insurance Do I Need?
What’s The Difference Between Disability & Critical Illness Insurance In Canada?
Coverage Scenarios: When Disability & Critical Illness Insurance Get Paid Out
Critical Illness vs. Disability Insurance: Which One Should You Get?

What Is Critical Illness Insurance?

Critical Illness Insurance is a living benefit that pays you a lump sum of tax-free money if you’re diagnosed with a covered life-threatening or highly serious medical condition. It was invented to allow those diagnosed with a life-threatening illness to recover without stressing about their family’s finances during an already very tough time.

What Conditions Are Covered By Critical Illness Insurance?

Heart attack, stroke, and life-threatening cancer account for about 85% of all claims, but a critical illness policy may cover you if you’re diagnosed with any of the following conditions (note each insurance company offers slightly different Critical Illness coverage options, so best to contact us to find out which policy is best for you!):

Acquired brain injury
Aortic surgery
Aplastic anemia
Bacterial meningitis
Benign brain tumour
Blindness
Coma
Coronary artery bypass surgery
Deafness
Dementia, including
Alzheimer’s disease
Heart attack
Heart valve replacement or repair
Kidney failure
Life-threatening cancer
Loss of limbs
Loss of speech
Major organ failure
Major organ transplant
Motor neuron disease
Multiple sclerosis
Occupational HIV infection
Paralysis
Parkinson’s disease
Severe burns
Stroke

Critical illness coverage is available from birth to age 100, and eligibility depends on factors such as your health, family history, and age.

Is Critical Illness Insurance Worth It?

Critical Illness Insurance is absolutely worth it for two reasons:

It allows you to use your lump sum payment however you want to.
Many plans include an option to pay back all the premiums you’ve paid if you don’t end up claiming on your insurance.

Many people use their benefits to cover costs like additional medical expenses, treatments, and medications (in Canada or abroad) or to cover living expenses. Things like paying off financial obligations, taking a leave from work or a family vacation, and simply maintaining your lifestyle are all okay. You truly can use this money however you need to!

Critical Illness Insurance can also be purchased either on its own or as an add-on to your existing life insurance policy.

Sold on critical illness insurance?

Want more detailed information? Read our Guide to Critical Illness Insurance for Manitobans.

What Is Disability Insurance?

Disability insurance protects your monthly income by allowing you to continue bringing in money while a serious illness or injury leaves you with either a short-term, long-term, or permanent disability. It provides monthly payments until A) you get better or B) your coverage period ends—whichever comes first.

Payments typically aren’t enough to replace all of your lost wages, but they do provide the peace of mind of knowing that at least some money is coming in each month!

What Conditions Are Covered By Disability Insurance?

Disability Insurance covers any condition that prevents someone from working, from physical disabilities to chronic illnesses and even mental health issues. However, the eligibility of each claim depends on both the policy and the insurance company providing it.

How Much Disability Insurance Do I Need?

Any employed or self-employed person between the ages of 18 and 65 can apply for coverage. The amount of disability insurance you need (and can get), will come down to how you truthfully answer questions like the ones below.

(These are the same types of questions your insurance company will use to determine how much insurance you’re eligible for and how much you’ll pay each month.)

How old are you? (Generally, individuals between 18-65 years old are eligible.)
What is the nature of your job? (If your job is high-risk, you may want more insurance, but chances are you’re also less eligible and may pay more.)
What is your health and medical history like? (Any pre-existing conditions may be excluded from your policy or raise your premiums.)
What is your annual income? (You’ll want a large enough coverage amount to replace at least a large portion of your income.)
How risky are your lifestyle and hobbies? (Things like smoking and drug use can impact your eligibility and your premiums.)
Do you have existing coverage? Insurers want to avoid over-insuring you, so if you already have a plan, you might not be as eligible.

If you’re older, your job or lifestyle is riskier, or you have pre-existing conditions, high income, or existing coverage, you’ll be less eligible for insurance. And, you can expect to pay higher rates for the coverage you are able to secure.

But, if you’re younger, relatively healthy, your job and lifestyle are low-risk, and you don’t have any other coverage, you’ll have an easier time getting the coverage you want at a lower rate.

Wondering what you’d qualify for?

What’s The Difference Between Disability And Critical Illness Insurance In Canada?

Disability Insurance is similar to Critical Illness Insurance in that both pay out living benefits that you can use however you see fit—but the payments you’ll receive are quite different. While Critical Illness Insurance gives you one large lump sum, Disability Insurance gives you steady monthly payments.

Coverage terms are eligibility vary, too. While Critical Illness Insurance is generally available for anyone between the ages of 0 and 100, Disability Insurance is only available for employed people between the ages of 18 and 65.

And, while Critical Illness benefits are paid out following a life-changing diagnosis—regardless of how your diagnosis affects your ability to work—disability benefits are only paid out if you receive a diagnosis or get injured and can no longer work.

Critical Illness vs. Disability Insurance

If you were eligible for both full critical illness and disability insurance, your coverage would be as follows:

	Critical Illness Insurance*	Disability Insurance*
Who It Covers	Anyone	Workers
Length of Coverage	Lifetime (Birth-100 Years)	Working years (18-65)
What It Covers	25 covered, life-changing illnesses	Any eligible injury or illness that impedes your ability to work
Payment Type	One large lump sum	Smaller monthly payments
Heart Attack	Yes	Yes IF it impacts your ability to work
Stroke	Yes	Yes IF it impacts your ability to work
Life-Threatening Cancer	Yes	Yes IF it impacts your ability to work
Meningitis	Yes	Yes IF it impacts your ability to work
Blindness	Yes	Yes IF it impacts your ability to work
Coma	Yes	Yes IF it impacts your ability to work
Loss of Limbs	Yes	Yes IF it impacts your ability to work
Loss of Speech	Yes	Yes IF it impacts your ability to work
Brain Injury	Yes	Yes IF it impacts your ability to work
Organ Failure	Yes	Yes IF it impacts your ability to work
MS	Yes	Yes IF it impacts your ability to work
Paralysis	Yes	Yes IF it impacts your ability to work
Parkinson’s Disease	Yes	Yes IF it impacts your ability to work
Severe Burns	Yes	Yes IF it impacts your ability to work
Chronic Illness	? Maybe Depending upon an impact to your activities of daily living	Yes IF it impacts your ability to work
Chronic Mental Health Issue	✘ No	Yes IF it impacts your ability to work
Surgery	Yes IF related to a covered condition	Yes IF it impacts your ability to work
Dementia	Yes	Yes IF it impacts your ability to work

*These are subject to change depending upon the insurance company policy you purchase, as not all insurance companies offer the same coverage options.

Coverage Scenarios: When Disability & Critical Illness Insurance Get Paid Out

Both disability and critical illness insurance provide financial protection and peace of mind. But, apart from that, they are quite different in how they work and what they cover. It can get a little confusing to decide whether you need both or just one. We hope these example scenarios will help make it all a little clearer!

Critical Illness Insurance Scenario

If you suffered a heart attack that required you to take 2 months off to recover, but allowed you to go back to your low-stress desk job shortly after, your critical illness insurance lump sum would cover you. The large, one-time amount would be enough for you and your spouse to take 2 full months off work without stress—and even sneak in that long overdue vacation before heading back to work.

Disability Insurance Scenario

If you broke your hand playing hockey and that left you unable to return to your job as a massage therapist for 6 months, your monthly disability insurance payments would cover you. You’d get a check deposited into your account each month, and while it might not leave you feeling flush with cash, it would get you through this difficult time without going into debt or emptying your savings account.

Disability and Critical Illness Insurance Scenario

If you were diagnosed with life-changing cancer that left you unable to work for 3 years, both benefits could cover you. You would receive both a large, tax-free sum of money (critical insurance) and a monthly check (disability insurance) until the end of your coverage period. This would allow you to pay for the big stuff: taking time off for your treatments, travelling to the US for additional care, and taking your family to Disney World while you recover—all while money continues to be deposited into your bank account each month.

Non-Covered Scenario

The reality is that you could also become sick with an illness that’s life-changing and leaves you unable to work…but that’s not covered by either Critical Illness or Disability insurance. And, in this case, you wouldn’t receive any benefit at all. (There were certainly people in this boat in 2020.)

We know this type of scenario is what makes buying insurance seem risky! But remember that, at least for Critical Illness Insurance, many policies have a great ‘Return of Premium’ option. This means that, for an additional premium, if you don’t end up using your insurance, at the end of the contract term, you’ll get back all of the premiums you paid. So, even if you never use it, you’re no worse off having it! Think of it as a forced savings plan!

Critical Illness vs. Disability Insurance: Which One Should You Get?

Critical illness and disability insurance are both incredibly valuable, but they’re not created equal. Even though they’re both living benefits, the way they’re paid out and the circumstances they cover don’t overlap that much. So it’s not a matter of just picking one of the other.

The best thing to do is to understand the types of insurance that best suit your life, and then curate a policy that covers as many of your bases as possible. If that feels overwhelming, get in touch. We’d love to walk you through it!

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Insurance As A Married Couple in Manitoba: What You Need To Know

Akari Digital — Thu, 11 May 2023 16:00:00 +0000

Life & Health

Insurance As A Married Couple in Manitoba: What You Need To Know

May 11, 2023

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If you’ve recently got married or are weeks away from tying the knot, you may be wondering, how does insurance change as a married couple?

Even though the marriage itself doesn’t change your insurance requirements and needs, having another person in your life that you care deeply for, and are financially tied to, does.

Marriage, as with other significant life events, is a great time to take stock of your current insurance policies. Now is a good time to ensure that you not only have the right coverage, such as life, disability, or critical illness insurance– but that you have enough of it.

In this blog, we break down what insurance we recommend having as you enter this new chapter of your life and some things to consider as you work on getting and/or updating the coverage you have.

Have specific questions you’d rather speak directly to an insurance advisor about? Contact us today!

Jump to The Section You Want Most!

How Is Insurance Different Once You’re Married?
Life Insurance For Married Couples
- The Best Life Insurance For Young Married Couples
- Average Cost Of Life Insurance For A Married Couple
Auto Insurance For Married Couples
- Does Your Auto Insurance Policy Change Once You’re Married?
Other Insurance To Get Once You’re Married
Have Questions? We Can Help!

How Is Insurance Different Once You’re Married?

Getting married doesn’t significantly change how you obtain or apply for insurance. However, it is a great time to take stock of your priorities and ensure the things you care about are protected.
It’s also a great time to ask yourself:

Do I have the right amount of coverage? If you purchased insurance when you were young and single, your needs might have changed now that you’re married. For example, someone may become dependent upon your income and would feel financial hardship should you become sick, injured, or pass away.

Do I have the right coverage? If you already have a life insurance policy (good for you!), you may want to look at your policy type and think if it’s right for your family long-term. And if not, now is a great time to take out a life insurance policy. Plus, if you don’t have a living benefits policy (such as critical illness), now is the perfect time to get one! Keep reading, or jump ahead to learn more about what these policies can offer!

Do I need to change my beneficiary? If you already have a life insurance policy in place prior to getting married, once you seal the deal, you may want to ensure that your spouse is the beneficiary of your policy.

How Marriage Affects Health Insurance

Marriage doesn’t really impact your health insurance policy. However, if you are married or even common law, you’ll want to look at any health benefits you– and your partner– have in place with your employers. Once you’re married, you can usually opt in (or out) of your spouse’s health and dental plan. Meaning more coverage for things like physiotherapy, massage, chiropractic, vision, etc.

Life Insurance For Married Couples

As a single person, life insurance is a good idea and something we still recommend. But as a married person, being protected with life insurance is even more critical.

Think about it, all the financial decisions you and your partner make are based on both of your salaries. What would happen if one of those salaries were one day gone, and now you, or your partner, are stuck paying the debts and bills you both accumulated – on one salary?

That’s something no one should have to deal with.

And in the unfortunate circumstance where you or your partner were to pass, we want to help you do everything you can to avoid financial hardship. That’s where life insurance comes in.

Life insurance provides guaranteed financial protection– for the beneficiary– in case something horrible were to happen to the insured.

Plus, if you’re young and healthy, now is the time to get insured; while you can lock in those low premium rates! And if you’re a young adult wondering what other types of insurance plans you should consider now while you’re healthy– check out our young adult resource page for everything young adults need to know about insurance.

The Best Life Insurance For Young Married Couples

So, now that you know you need– or are strongly recommended to get– a life insurance policy, the question becomes, what type of life insurance policy should you get?

Each person (and couple) is unique, so their life policy should be too! Although there isn’t one best policy, there are a few policy options that all offer different advantages. So depending on your needs, you can pick the one that works best for you. The best part, if your needs change, your policy can too!

Term Life Insurance Policy:

Term life insurance is a temporary life insurance policy. You can purchase different term options for a fixed period of time. If you were to pass while your policy term was active, the plan would help cover your debts and care for our family and their financial loss.

Term life insurance provides an affordable and customizable option for people who want protection but don’t have a large budget.

Whole Life Insurance Policy:

Whole life insurance is a permanent life insurance plan offering guaranteed lifelong coverage. It is there to ensure there is always money for final expenses or to leave a legacy for your family.

Unlike term policies, where your premiums will most likely change once your chosen term is up, a whole life insurance policy provides the benefit of having your monthly life premiums locked in from the age you put your policy in place.

Couples Life Insurance Policy

When taking out a policy as a couple, each person can take out their own individual life insurance policy – or you can purchase a joint policy with both spouses named. Typically the options with a joint life insurance policy include joint first-to-die and joint last-to-die, indicating at which period the life insurance would pay out the benefit.

The decision is up to you – we recommend chatting with an insurance advisor to ensure you make the best decision. To compare life insurance policy options, you can also check out our blog post, Should You Buy Term Or Whole Life Insurance In Manitoba?

Average Cost Of Life Insurance For A Married Couple

The price of a life insurance policy is contingent on lots of factors, including (but not limited to):

Age
Gender
Smoking status
Health status
The type of policy being applied for.

As so much goes into determining a life insurance policy, we can’t say how much it will cost you. The best way to determine your premium is to speak with an insurance advisor.

Auto Insurance For Married Couples

Getting married doesn’t automatically mean everything has to change. Some things, like your auto insurance policy, aren’t impacted by this new stage of life. However, that doesn’t mean there aren’t changes you can make to help save money.

Does Your Auto Insurance Policy Change Once You're Married?

Even though your auto insurance doesn’t change once you are married, your lifestyle may. A lifestyle change could impact the policy that best suits you.

Do you and your spouse commute together? If you and your partner each have a vehicle but primarily use only one, you may be able to adjust one of your policies to reflect the reduction in the vehicle’s use. This could help your auto insurance premium go down.

Did you and your partner move recently? Don’t forget that if you move, you need to ensure your insurance provider knows. And if you moved from downtown to a quieter neighbourhood, you may even see a reduction in your policy’s premiums.

Other Insurance To Get Once You’re Married

Getting married is a pivotal trigger event for many couples. It can be a great time to start looking at your coverage options and ensure you have enough (and the right kind of) protection as you start planning for your future as a newly formed family.

On top of life insurance– which we already discussed– we recommend considering the following policies: disability insurance, critical illness insurance, and property insurance.

Disability Insurance

Disability insurance– or commonly referred to as accident and sickness insurance– protects your most valuable asset: your ability to earn an income. It is a living benefit that would offer you financial protection if you were to become sick or injured and could not work for some time.

If you rely on your income to survive and would be at a loss if you could work for a few weeks (or months!), you need an individual policy.

Critical Illness Insurance

Critical Illness (CI) insurance offers financial protection that you and your family can use if you– the insured– were ever diagnosed with a covered, life-threatening or life-altering condition.

This is a living benefit, meaning it would pay you a lump sum of tax-free money if approved – while you are still living and recovering. The money received could help cover your expenses so you can focus on getting better instead of worrying about your finances.

Property Insurance

For some, marriage means buying a house together. If that’s you, you’ll want to ensure you get a home insurance policy to protect your home and your stuff.

And even if you’re not buying a new home but are moving into your spouse’s home, you’ll want to revisit your property insurance policy together. The existing policy may have enough coverage to cover your partner’s items in case of a fire or theft but may not have enough to cover yours.

That’s why it’s always good to revisit your policy every couple of years, or after big life events, like getting married!

Other Considerations

While not an insurance product, considering getting a Last Will and Testament is something we strongly recommend.

This can always be done before you’re married, but once you’ve tied the knot, you’ll definitely want to think about having a will in place.

Similarly, it’s never too soon to start planning for your retirement (trust us, it will happen before you know it!).

Opening up these conversations with your spouse and discussing your financial goals and tactics to get there can help you avoid working longer than you want and help you create a financial plan that can guide you for years to come.

As you work to add on insurance, move over policies, and make changes to existing policies, we recommend you reach out to an insurance advisor (like us!). Not only can we help advise you on what insurance to buy. We can also help you lock in the best rates and even have a few tips and tricks on saving money.

Have Questions? We Can Help!

Although getting married does not fundamentally change your existing insurance policies, it can impact the type and how much insurance coverage you need or would want to get.
Getting married is also a great time to:

Review our existing policies,
Ensure that your partner has been added as a beneficiary; and
Take advantage of plans you can be added to (hello extra health benefits).

If you recently got married or are ready to take that step, reach out! We’ll help chat you through all the considerations as you enter this new chapter of life, and where possible, help you find the best rates– because who doesn’t love saving a bit of extra cash?!

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Gifting A Life Insurance Policy

Akari Digital — Mon, 17 Apr 2023 15:30:00 +0000

Life & Health

Gifting A Life Insurance Policy

April 17, 2023

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Finding a gift for a loved one that will actually get used can be a tough feat. This is why gifting a life insurance policy can be a great idea. And although gifting a life insurance policy may not be as glamorous as a luxury blanket or a new iPad– it is truly a gift that will last a lifetime – and then some!

Gifting a loved one their own life insurance policy can guarantee their insurability later in life, protect them against the unknown, and provide access to cash for future endeavours.

Want to learn more about why gifting a life insurance policy is a great option and how you can get started today? Then keep reading because we dive into these topics and more in today’s blog post!

Already sold on the idea of gifting someone with their very own policy? Get in touch! We’ll answer all your questions, and if you’re ready, help you acquire the best policy for the person you’re gifting it to.

Go Straight to The Information You Need Most

Who Can You Gift A Life Insurance Policy To?
Why A Life Insurance Policy Makes A Great (And Unique) Gift
How To Gift A Life Insurance Policy
Give The Gift That Won’t Be Forgotten

Who Can You Gift A Life Insurance Policy To?

A life insurance policy is a great gift for anyone you have a vested interest in (such as a parent, sibling, or spouse) who doesn’t already have an existing policy.

It is an especially great gift for a young relative like a new niece or nephew. The older we get, the more expensive insurance becomes. So, buying it for a child when it costs the least is extremely advantageous– as the premiums are locked in for life.

Why A Life Insurance Policy Makes A Great (And Unique) Gift

Regardless of who you decide to buy a life insurance policy for, it has many advantages. Learn all the reasons you’ll be Aunt/Uncle/Wife/Husband/Kid of the year for giving the gift that keeps on giving.

Reason 1: It Will Last A Lifetime and Beyond!

As long as you (or someone else) continue to pay the premiums– the recipient will be covered for life. So regardless of what happens down the road, you’re giving them the peace of mind of knowing they– and their loved ones– will be protected.

Reason 2: It Can Provide $$ For Future Endeavors

Did you know that purchasing a permanent life insurance policy for a newborn, baby, or child means setting them up for life? Life insurance policies provide death benefits that grow over time to offer a bigger and bigger payout. They also offer ‘cash surrender values,’ which means they can be accessed whenever your child/niece/nephew needs financing in the future (for example, when they want to put a down payment on a home).

This can also ring true when getting a permanent policy for an adult. However, their death benefit won’t have as much time to grow, so purchasing a policy while someone is young will help them in more ways than one.

Reason 3: It Guarantees Insurability

Health can change at any time. Insuring a loved one while they’re healthy means guaranteeing their coverage well into the future — no matter what. Plus, it can let them purchase more insurance in the future without requiring any medical evidence (This alone is a huge gift!).

Let’s also not forget that the older we get, the more expensive insurance becomes– so buying it for a child or even your spouse when it costs less is extremely advantageous– as the premiums are locked in for life.

Reason 4: It Gives YOU Peace of Mind

Life insurance is more than just a gift for a loved one, it can also be a gift for you as well.

Knowing your loved ones are covered will give you comfort. And, if they ever need to use that insurance, it will help cover the costs of medical bills, freeing everyone up to focus on what matters most — them.

How To Gift A Life Insurance Policy

So, if you want to opt out of giving a traditional gift and go with something more unique that will make a big impact in their lives, we’ve got you! Follow these three steps to get on your way to giving them a gift that won’t be forgotten.

Step 1

The first step in choosing a policy is meeting with an advisor and learn about your options. Since everyone is unique, their policy should be too.

Step 2

Determine what policy best suits the recipient.

Our advisors are well-versed in all the life policy options that exist– so they can offer policy recommendations based on your needs. They will also help you review plan options and answer any questions that you may have.

Step 3

Once you’ve collected all the necessary information and decided what plan you want to go with, we’ll help you and the person you’re insuring complete the application.

As the owner, you’ll make the premium payments for the insured (the person you bought the policy for). You can also transfer ownership to them in the future – should you wish. Until then, this can be the gift you continue giving them every year. So no more last-minute gift scrambling.

Give The Gift That Won’t Be Forgotten

Not only is life insurance a unique gift that you know will benefit a loved one, but it truly is a gift that will last a lifetime.

If you’re interested in gifting a life insurance policy, start with a commitment-free quote. From there, we’ll answer any questions you have, and, if you so choose, help you lock in the best rate.

Plus, we’ll be by your side the entire way. That includes after the policy has been purchased.
So, what are you waiting for?

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Is Pet Insurance Worth It For Manitobans?

Akari Digital — Fri, 02 Dec 2022 16:00:00 +0000

Life & Health, Pets

Is Pet Insurance Worth It For Manitobans?

December 2, 2022

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If you just got a pet, you’re probably loving having a new furry best friend. And even though you spent the past couple of weeks (or months!) researching everything you need to know to take care of your new family member, you’re still finding new questions to ask every day.

One of the questions you’re probably wondering about is pet insurance and whether it’s worth it for you as a Manitoban.

Pets aren’t always the best listeners, so they tend to get themselves into trouble more often than we’d like. All it takes is them eating one thing they shouldn’t, playing a bit too hard with another animal, or, honestly, getting older, for them to cost you thousands at the vet’s office. So if you want to focus more on living with your pet and less on stressing about the expensive vet bills you may be faced with, then pet insurance can help.

Keep reading to learn more about what pet insurance covers, what it doesn’t, why we always recommend getting it, and some common considerations before taking the plunge.

Prefer to skip the reading and jump right to getting a free quote? Go ahead and submit a quote request today. You’ll thank us later.

Jump to The Section You Need Most

What Is Pet Insurance, And Is It Required?
What Does Pet Insurance Cover?
What Doesn’t Pet Insurance Cover?
How Do I Get Pet Insurance?
- How Much Is Pet Insurance?
Pet Insurance FAQ
Things To Consider When Buying Pet Insurance
- Insurance Deductible
- When To Buy Pet Insurance
Why Should You Get Pet Insurance Through Us?
So, Should You Get Pet Insurance?

What Is Pet Insurance, And Is It Required?

Pet insurance is coverage designed to provide pet owners with financial protection to be used towards covered veterinary and medical expenses, such as surgeries, medication, and exams. By helping you deal with unexpected costs of care, pet insurance gives you the power to make decisions about your pet’s medical care without worrying about finances.

Pet insurance is not required but is almost always recommended. Unlike Canadian health care, where essential and emergency appointments and procedures are covered– you have no help with paying any pet medical bills except with pet insurance. So a quick check-up, blood work, or minor surgery could cost you a lot more than you had planned.

And when your pets truly feel like family members, thinking about not being able to afford a life-saving surgery is something no one should have to deal with.

Did You Know That…

According to Pets Plus Us®, 60% of people with pet insurance in Canada submit at least one claim under their pet insurance policy, and that number goes up to 80% if their four-legged friend is over the age of eight!

What Does Pet Insurance Cover?

The coverage you’ll get through your insurance policy will depend on the type of policy you select and the options you choose. For example, an Accident & Illness policy will typically cover more than just an Accident policy will. However, exactly what is covered will change from company to company.

Accident And Illness Coverage

Accident and Illness coverage offers you financial protection for your pet if they get in an accident or get ill. Within this type of coverage, you can often choose from multiple options, including your maximum payout per year, your deductible, how much of your bill is covered, and potentially any additional benefits.

In general, though, this type of coverage covers:

Illnesses
Injuries and accidents
Hospitalization
Surgery
Hereditary conditions
Diagnosis
Prescription medications

You can also opt in for additional benefits, or some providers might include these with your plan. These can include coverage for items such as:

Kennel boarding fees if you are hospitalized due to an accident or illness and you cannot care for your pet
Holiday-trip-cancellation coverage if your pet requires emergency, life-saving treatment due to an accident or illness
Lost pet advertising and reward
Cremation or burial costs

Plus, with some providers, you may be able to choose to have no deductible.

Accident-Only Coverage

Accident-only coverage offers you another option to help protect your pet. Since these plans do not cover any costs associated with illnesses, they are usually a cheaper option for people looking for accident coverage for their four-legged friend.

This type of coverage normally covers veterinary care costs and treatment for any injuries arising from an accident. Accident-only coverage can help cover accidents such as:

Lacerations
Broken bones
Poison ingestion
Getting hit by a car

You can also opt in for additional benefits, or some providers might include these with your plan. These can include coverage for items such as:

Kennel boarding fees if you are hospitalized due to an accident or illness, and you cannot care for your pet
Holiday-trip-cancellation coverage if your pet requires emergency, life-saving treatment due to an accident or illness
Lost pet advertising and reward
Cremation or burial costs

Plus, with some providers, you may be able to choose to have no deductible.

Once again, exactly what will be covered and how much your plan will cost will depend on the policy and insurance company you choose. This is why it’s always important to speak to an expert in order to choose a plan that is best for you and your pet’s needs.

Flex Care

At Winnipeg Insurance Brokers Ltd., we are proud to partner with Pets Plus Us® to offer pet insurance for your cat or dog family members! Pet Plus Us is actually the first insurance company IN CANADA (we know, right!) to offer Flex Care** coverage.

What the heck is Flex Care? We are glad you asked!

Pets Plus Us’ Flex Care Policy is designed to help you feel confident and secure in planning your pet’s routine and seasonal care. It allows you to spread the cost of your pet’s routine and seasonal healthcare (including exams, vaccines, flea and tick prevention, nail trimming, dental and even pre-existing conditions) across 12 months in preset amounts. Meaning no more large bills all at once!

How it works:

You choose to add Flex Care to your Pets Plus Us Accident & Illness policy
It becomes available on your policy effective date (no additional waiting periods!)
It covers conditions which would otherwise not be eligible for coverage under your Accident & Illness policy
You choose the budget that works best for you, from $250 up to a maximum of $1,250
Your monthly payment becomes the total dollar amount that you selected, divided into 12 equal payments
A non-refundable $25 administration fee will be collected upon enrollment and at each policy anniversary

Please note that Flex Care is a one-year contract and can only be cancelled on your yearly anniversary.

What Doesn’t Pet Insurance Cover?

What your policy does not cover will depend on many things, including the policy and insurance company you choose. We cannot speak for all policies, but generally speaking, some things that are usually not covered are:

Pre-existing conditions
Routine and preventative care*
Co-insurance or deductibles
Pet supplies (food, toys, treats, supplies)
Property damage caused by your pet
Boarding/ daycare
Elective surgeries
Vaccinations*
Spay/neuter*

*Some of these items could be eligible if you choose to add Flex Care to a Pets Plus Us Accident & Illness policy.

To learn more about specific exclusions for your policy, we recommend reviewing the fine print before choosing a specific policy and speaking with an expert.

How Do I Get Pet Insurance?

This coverage is easily accessible from different pet insurance companies, or you can go to our website and buy it directly online through our partnership with Pets Plus Us!

How Much Is Pet Insurance?

There is no standard pricing for your pet’s insurance policy. That’s because your insurance policy, much like your pet, is unique! There are various coverage options for you to choose from that will affect the premium of your policy. This includes whether or not you want an accident-only or an accident & illness policy, the amount of annual coverage you want and the deductible amount you choose.

Pet Insurance FAQs

Does House Insurance Cover Pets?

Although your house insurance policy may cover the contents in your house, that does not include the people–and pets!– that reside inside. So, if you want financial protection for your pet, you’ll need to take out a pet insurance policy.

Does Pet Insurance Cover Neutering?

Most pet insurance companies do not cover any expenses relating to neutering/ spaying your animal. Each pet insurance policy will be different, which is why we recommend familiarizing yourself with the ins and outs of your policy so you know what is and is not covered.

Can You Have Two Pet Insurance Policies?

If you have more than one pet, we definitely recommend making sure each pet is insured!

And if you’re wondering if you can have two policies on the same pet, we don’t recommend it. Each insurance provider will have specific rules about duplicate coverage on a single pet, which can complicate the claim process. So, choosing a single plan that best meets your needs is usually the better option.

Is There A Waiting Period For Pet Insurance?

Waiting periods for coverage are common amongst pet insurance companies. Some pet insurance companies have illness waiting periods of up to 30 days.

Can You Use Any Vet For Your Pet?

Most pet insurance companies use reimbursement to pay claims, so you don’t need to worry about what vet clinic to go to, or if they take your pet insurance. Your pet insurance should work at any licensed vet or animal hospital across Canada - however, double-check with your provider when taking out a new policy.

With Pets Plus Us, members can take their insured pet to any licensed veterinarian— even specialists and emergency care providers. Pets Plus Us pet insurance programs** also covers the cost of care from a licensed veterinarian in the USA should something happen while you are travelling.

Things To Consider When Buying Pet Insurance

When deciding what policy to get for your pet, there are many factors to consider. One thing that will impact your monthly premium is the deductible you choose.

You’ll also want to consider if your four-legged friend has any pre-existing medical conditions. Most insurance does not offer coverage for health conditions that began before your pet was insured.

Insurance Deductible

Your pet insurance deductible is the amount you pay before your coverage kicks in.

Many providers allow you to choose a deductible when buying your pet insurance policy. Some insurance companies make you pay the deductible each time you submit a claim, while some insurance companies, such as Pets Plus Us, have an annual deductible. This means you only have to pay your deductible once per year if a claim needs to be made.

How Do You Determine What Your Deductible Should Be:

The deductible you choose for your policy will be specific to you and your financial situation, and the options presented by the provider. You should also consider your monthly budget for pet insurance premiums, and how much you think you can afford out-of-pocket should something unexpected happen to your pet. And remember, not every pet insurance provider allows for a choice of deductible.

When To Buy Pet Insurance

Pet insurance helps you to pay for the cost of treating unforeseen medical conditions in your pet. Any problems that occur before your pet is insured may no longer be considered unforeseen. As a result, most insurance companies will not cover a pet’s pre-existing conditions.

A serious or chronic medical problem can occur at any age. To reduce the chance that your pet will have pre-existing conditions that aren’t covered, it’s best to enrol them in a pet insurance plan when they are young or when you first adopt them.

Why Should You Get Pet Insurance Through Us?

Here are the amazing benefits of covering your pet through Winnipeg Insurance Brokers Ltd.’s partner, Pets Plus Us!

Know what is covered from the start
Renewable annual limits
Innovative Flex Care Program (including dental care options!)
Coverage of examination fees and taxes for eligible conditions
Annual deductible
Coverage available for alternative therapies, including, acupuncture, chiropractic services, naturopathy, hydrotherapy, massage therapy, physiotherapy, and laser therapy treatments
Bereavement counselling
Coverage of hereditary conditions for the lifetime of your pet (provided they are not symptomatic, noted, diagnosed, or treated prior to the policy effective date or within any waiting periods)
Coverage for agility, fly ball, and recreation hunting animals

So, Should You Get Pet Insurance?

Whether you’re welcoming your first cat or dog or growing your four-legged family, we always recommend getting a policy to cover the what-ifs that can happen.

Pet insurance can help cover the oopsies, oh nos, and what on earths!, that you’re bound to experience with your new friend.

You should never have to decide between your pet’s health and your bank account.

If you’re ready to learn more about pet insurance and how it can help cover your furry friend’s unexpected costs– reach out today for a commitment-free quote. We’ll help answer any questions and get you set up so you can focus on the fun things that your furry best friend can offer.

**The information herein is summarized. All Pet Insurance plans have limitations and exclusions. Specific products, features, coverage limits, rates, and discounts may vary by province, eligibility, and are subject to change. For all Pets Plus Us terms and conditions visit: https://www.petsplusus.com/service-claims/brochures-guides Medical Conditions that are noted, symptomatic or diagnosed prior to enrollment, or during a waiting period are pre-existing to Coverage and not eligible for reimbursement.

© 2022 All rights reserved. Pets Plus Us Pet Insurance policies are underwritten by Northbridge General Insurance Corporation, distributed by PTZ Insurance Services Ltd. & Société d’Assurances Collectives (Sodaco) Inc. in Quebec. Pets Plus Us Pet Insurance is available in all provinces and territories. Pets Plus Us®, Pets Plus Us & Design and related words and logos are trademarks and the property of PTZ Insurance Services Ltd.

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Can You Get Disability Insurance If You Are Self-Employed?

Akari Digital — Tue, 08 Nov 2022 17:00:00 +0000

Business, Life & Health

Can You Get Disability Insurance If You Are Self-Employed?

November 8, 2022

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Making the change to the self-employed life comes with plenty of perks– however, in many cases, it also means saying goodbye to the sweet insurance coverage plan your last company offered, leading you to wonder.

Can I get disability insurance if I am self-employed?

The good news is that you can replace your last policy and purchase a disability insurance plan to cover yourself if something were to ever happen. Better yet, you can get a plan that meets your individual needs even better than your previous company’s umbrella policy. Because we ALWAYS recommend having this type of coverage– especially if you work for yourself.

Interested in learning more about how disability insurance can help you? Keep reading to learn more about what coverage options exist and how to start the path of getting your own policy today.

Prefer to skip the reading and jump right to getting a quote? Let’s look at getting you covered today!

Go To The Section You Need Most!

Why Should You, A Self-Employed Person, Purchase Disability Insurance?
- The Difference Between A Self Employed Private Policy And A Group Policy
The Difference Between Long-Term And Short-Term Disability Insurance
How Much Does Disability Insurance Usually Cost For A Self-Employed Person?
If You Want Disability Insurance, What’s The Process To Get It?
Ready To Get Insured? Let Us Help!

Why Should You, A Self-Employed Person, Purchase Disability Insurance?

This benefit is especially important if you are self-employed or a business owner, as it could help you replace at least part of your business income. And help you cover things such as your monthly business expenses and employed workers’ salaries. Meaning this could be the difference between saving or losing your business and everything you work so hard to create.

What Are Some Risks/Scenarios When A Self Employed Manitoban Would Want Disability Insurance

You, a self-employed person, should have a disability insurance plan regardless of the type of business you’re in. Simply living in the world puts you at risk of getting a disability or illness that could impact your ability to work.

A “disability” can be defined in many different ways. While the traditional thinking of a disability implies a physical impairment (someone is very sick or injured, for example), other disabilities are not as overtly obvious – such as mental health challenges.

As such, in any line of business, a self-employed person should look to have some type of disability policy. If you rely on your income to survive and would be at a loss if you could work for a few weeks (or months!), then you need an individual policy.

The Difference Between A Self Employed Private Policy And A Group Policy

There are various ways that a health insurance plan could be set up. If you previously worked for an employer, you were probably part of a group insurance plan. If you are now self-employed, you’d probably be looking to set up a private policy.

A group insurance policy is an insurance policy that is for all employees of a business, including the owner. This plan usually includes life insurance, short and long-term disability (and other benefits such as health and dental). Group insurance plans are not unique to each individual, as each employee has the same type of policy, regardless of their unique conditions or needs.

An individual policy is an insurance policy created based on the individual’s needs. The policy will be underwritten (risk assessed) based on the individual’s needs. Things such as back pain, mental health, or pre-existing conditions may result in exclusions.

There are several different types of individual disability policies based on the unique needs of each individual – it is best to speak to an Insurance Advisor to determine the best plan for you.

The Difference Between Long-Term And Short-Term Disability Insurance

Short-term disability usually refers to coverage that is temporary in nature. It is generally for less severe illnesses or injuries that put you out of work for a bit but where you recover within a few months.

Long-term disability, however, is designed to last much longer. It covers more serious ailments (months to a year) and includes permanent disability. There usually is a set time limit before short-term disability turns into long-term disability.

Does This Apply To Self-Employed Individuals?

There are no separate short-term and long-term disability options for individual policies.

When choosing a policy, you can pick the waiting period, referring to the time before your policy kicks in. The longer the waiting period, the lower the premiums typically are. The insured usually determines the waiting period based on cost, benefits, and financial situation. Note there may be an elimination period or minimum waiting period before you can start receiving your monthly benefit to ensure no direct offset with other benefits are being received (e.g.: EI sickness benefits).

You can also choose the benefit period – the max amount of time the benefit will pay you. This will determine how long you will get coverage. We almost always recommend going with the longest benefit period you can (which is typically to age 65). If something happens and you’re unable to work for years, you’ll be glad you have some financial stability and protection.

Having an extended benefit period offers coverage most similar to long-term disability. Note that the longer this period is, the more expensive your premiums will be.

How Much Does Disability Insurance Usually Cost For A Self-Employed Person?

As much as we’d love to provide you with a typical cost for a disability policy, we cannot do so, many factors go into determining your individual plan and plan fees.

Some of these factors used are age, gender, occupation (how dangerous it is, and how easy it is to return to work if something were to happen), income, waiting period, benefit period (the maximum amount of years the policy will pay), benefit amount, and additional riders (product options/ add-ons).

Note: Obtaining an individual disability policy can be very challenging if you have an extensive medical history. It’s also worth noting that your policy is not taxed deductible as it is a personal expense, not a business expense.

If You Want Disability Insurance, What’s The Process To Get It?

We’re not going to lie to you. Getting a disability insurance plan takes more work than getting car or house insurance. However, trust us when we say it’s worth it!

A bit of time upfront can end up saving you so much headache and financial stress later on. And with a team of Insurance Advisors in your court (that’s us!), this process is even easier.

If you’re looking to get a policy, here’s generally what you’ll need to do:

Speak with an Insurance Advisor to determine your needs
Complete an application
Provide any required medical and financial information for underwriting
Accept the policy as applied or modified (e.g. exclusions) by the insurance company. In some worst-case scenarios, the application is declined.

After this process is complete, all you have to do is pay your monthly premium and file a claim if anything were to happen.

Ready To Get Insured? Let Us Help!

As a self-employed person, getting a disability insurance plan is one of the most critical things you can do. Although we like to think we’ll never need this sort of protection, the truth is that things happen. Even just a month or two of not being able to work can really set you back and, in some cases, be enough to run your company (or finances!) under.

Think of disability insurance as a small cost to get the peace of mind you deserve. Reach out and get a quote! From here, we’ll connect with you and help you determine what plan makes the most sense for you and how we can make it fit within your budget.

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Should You Buy Term Or Whole Life Insurance In Manitoba?

Akari Digital — Fri, 14 Oct 2022 21:15:13 +0000

Life & Health

Should You Buy Term Or Whole Life Insurance In Manitoba?

October 14, 2022

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You are probably already aware of the long list of benefits of getting life insurance but still aren’t sure exactly what policy to get. When choosing a plan, one of the biggest questions people face is, should I buy term or whole life insurance?

This question is easier to ask than answer; however, if you want a quick-and-easy response, we recommend both. A layered approach is your best option to maximize your coverage over short and long periods of time. It provides you with the safety blanket you need in the short term to cover your larger debts while still ensuring you will have the guaranteed protection you need later on. Essentially it gives you the best of both worlds.

In this article, we’ll explore in more detail the biggest differences between term and whole life insurance, what pros and cons you’ll see with both of these policies, and answer some of the common questions we get asked.

More of a talker than a reader? Contact us today, where we can discuss which life insurance policy makes the most sense for you, your family, your budget, and your goals.

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What Is The Difference Between Term And Whole Life Insurance?
Cost & Coverage Breakdown
When To Buy Whole Vs. When To Buy Term Life Insurance
- Questions To Ask Yourself When Choosing Which Plan Is Better For You
Term And Whole Life Insurance FAQs
We’re On Your Team And Want To Help!

What Is The Difference Between Term And Whole Life Insurance?

Both term and whole life insurance would offer your family financial protection if something were to happen to you. This benefit can help cover loss of income and grievance time or help pay for your final resting costs. We break down both policy options below so you can feel more confident in choosing a plan that makes sense for you and your needs.

Term Life Insurance Explained

Term life insurance is a temporary life insurance policy. You can purchase different term options for a set period of 10 to 100 years. If you were to pass while your policy term was active, the plan would help cover your debts and take care of our family and their financial loss.

Once your term is up, you can choose to renew your policy to another term option, move to a whole life plan, or stop getting life insurance altogether– although we don’t usually suggest this route.

Term life insurance provides an affordable and customizable option for people who want protection but don’t have a large budget.

Whole Life Insurance Explained

Whole life insurance is a permanent life insurance plan offering guaranteed lifelong coverage. It is there to ensure there is always money for final expenses or to leave a legacy for your family.

Unlike term policies, where your premiums will most likely change once your chosen term is up, a whole life insurance policy provides you with the benefit of having your monthly life premiums locked in from the age you put your policy in place.

There are different types of life permanent life insurance policies that can include investment options, growing death benefits, and growing cash values. It’s best to speak with an Insurance Advisor to know what option is best for you.

Pros And Cons Of Term And Whole Life Insurance

Both term and whole life insurance policies offer many advantages. Choosing the right one for you, your needs, and your budget can be challenging. To help you decide, we wanted to break it down for you.

Term Life insurance

Pros:

Offers financial protection to your family if you pass
More affordable premiums than a whole-life plan
Flexible – Can move into a whole life plan down the round
Guarantees insurability if you continue to renew

Cons:

Doesn’t offer whole-life protection
Premium fees can increase when the term renews
Increased monthly premium if you move to a whole life plan

Whole Life insurance

Pros:

Offers financial protection to your family if you pass
Guaranteed insurability (FOREVER, foreva, eva)
Your premiums say the same (even if you get a medical diagnosis!)
Can invest $
With you until you die

Cons:

More expensive monthly premiums

What we recommend:

Everyone’s situation is a bit different. What’s right for person A may not be right for person B. The plan we recommend will depend on many factors, such as what debts you currently have, your financial position, if you have children, and so on. However, If you can afford it, one of the best options we recommend is a layered approach, as both life insurance policies satisfy different needs.

The sad reality is that we will all pass away at some point. The challenging part is that we don’t know when it will occur. Having a layered approach ensures your debts are covered in the short term, and once they are paid off, the permanent coverage will ensure there is never a financial burden to your family for final expenses.

Regardless of what life insurance plan you choose, the best thing you can do for yourself and your family is to buy a policy while you are young. Buying now will help you ensure insurability in the future and, in some cases, allow you to lock in cheaper monthly premiums. If you’re in your 20s and 30s and aren’t sure what insurance policies you may benefit from that you don’t already have, check our Guide to Insurance for Manitobans in their 20s and 30s.

Cost & Coverage Breakdown

Reading insurance fine print is great (and something we recommend!), but it doesn’t usually paint the complete picture of what each insurance policy will look like in a real-life setting. This is why we’ve outlined a few different scenarios for you below. These should help demonstrate how each situation will change depending on what plan you decide to buy. If you have more questions, give us a call! We’d love to chat through more scenarios with you.

Your premium will depend on many things, including your gender, age, lifestyle, etc. For these scenarios, we’ve used the example of a 30-year-old male who is healthy & does not smoke so we can illustrate the comparison across the different types of policies & scenarios.*

*Note: These premiums are based solely on illustration purposes and are not universal. To get an accurate breakdown for you, talk to an insurance advisor.

Scenario 1 - Whole Life Insurance Policy

You are a healthy, non-smoking male who decides to purchase whole life insurance at 30

Your monthly premium fee at 30 would be roughly $120/ month.

Now you’re 50 and still are a healthy, non-smoking male. You’ve continued to pay your premium since getting your plan.

Your monthly premium fee at 50 would remain unchanged at $120/ month.

But what if at 50, instead of being healthy, you’ve been diagnosed with diabetes?

Your monthly premium fee at 50 would remain unchanged at $120/ month.

If you were to pass away early at 65, what would happen, assuming you have an active plan and have made all your payments?

If the policy is active, a claim can be made. Your beneficiary– the person you chose to receive the benefit– would receive the tax-free payment.

Now, what If you were to pass away at 82– The average life expectancy in Canada?

As long as you have an active policy, you are covered. Whole life insurance is with you until you die, regardless of your age.

Scenario 2 - Term Life Insurance Policy

You are a healthy, non-smoking male who decides to purchase a 20-year term life insurance policy at the age of 30.

Your monthly premium fee at 30 would be roughly $11.00/ month.

Now you’re 50 and still are a healthy, non-smoking male. You’ve continued to pay your premium since getting your plan.

Your monthly premium fee at 50 would increase to $350/month. However, if you are in good health, we would recommend you obtain a new policy. Getting a new policy would bring the monthly life insurance premium cost closer to $130/ month.

Term life insurance guarantees your insurability if you continue to renew. This means that no new health assessment is taken. So, life insurance companies need to find a premium fee that reflects the average person’s health at that age.

Guaranteed insurability comes with a price tag. For some, this monthly fee is a great deal if it means they can continue to capitalize on all the benefits life insurance can offer. If you are healthy, though, it may not be the best deal you can get.

If you wanted to use this renewal to convert your plan to a whole life insurance plan, it would cost about $460 (based on current rates). This fee assumes you are rolling over your current policy and not doing a new one.

Now, at the age of 50, instead of being healthy, you’ve been diagnosed with diabetes.

Your monthly premium fee at 50 would still increase to $350/month. As your health has decreased, you wouldn’t want to take out a new policy. By extending your current plan, you’d be guaranteed insurability.

If you wanted to use this renewal to change your plan to a whole life insurance plan, it would cost about $460 (based on current rates), as you can convert with no medical evidence.

If you were to pass away early at 65, what would happen, assuming you have an active plan and have made all your payments?

If the policy is active, a claim can be made. Your beneficiary– the person you chose to receive the benefit– would receive the tax-free payment.

Now, what If you were to pass away at 82– The average life expectancy in Canada?

As long as you have an active policy, you are covered. You can get term insurance to age 100 (it is permanent but is paid up at age 100).

When To Buy Whole Vs. When To Buy Term Life Insurance

As with most insurance policies, there really isn’t a one size fits all option. Every person’s policy is uniquely designed to fit their needs. One of the biggest factors someone should consider when choosing a life insurance policy is their current financial situation. This includes what premiums they can afford, what kind of debts they have, and just how affected their fam would be without their income stream.

At Winnipeg Insurance Brokers Ltd., our job is to be your personal insurance team. We know how stressful and intimidating insurance can be, which is why we are on your team to make this process as easy and stress-free as possible.

Questions To Ask Yourself When Choosing Which Plan Is Better For You

When determining what plan to get, there is a lot to consider. We’ve outlined a few big questions you should ask yourself before deciding what plan is right for you.

Is there a world where my family could live off of just my partner’s income?
Do I see my family taking out new debts in the next 20-30 years (vehicle debt, housing debt– bigger house, vacation property, rental unit, student debt)?
How much in monthly premiums can I/ my family afford now?
Do I have any coverage currently through work or another provider?
Am I looking for somewhere to hold/grow wealth?

Term And Whole Life Insurance FAQs

Can You Convert Or Switch Your Term Life Insurance Into Whole Life Insurance Later?

Yes, one of the most significant features of term insurance is that you can convert (in most cases before the age of 70) with no evidence of insurability. Term insurance guarantees your insurability as long as you don’t outright cancel it.

What If You Purchase Whole Life Insurance, But Then Are Hit Financially And Can No Longer Afford The Payments?

This is not a straightforward question: depending on how long the policy has been in force and how much the dividend is, you can typically offset your premium with your dividend. You also may be able to borrow from your cash value to pay for the premiums until you get back on your feet.

There really is so much flexibility within these policies that there are probably some other options to help you pay these temporarily as well. If you’re facing this situation and worried about making your payment, we recommend talking to an insurance advisor before cancelling your policy.

Cancelling your policy outright may result in your inability to secure another insurance policy or cause your premiums to increase down the road.

If You Purchase Life Insurance, And Then Later Are Diagnosed With An Illness Or Condition, How Does That Impact Your Policy?

The good news is that if you opted in for a permanent policy, nothing changes. If you have a term policy, though, this will impact your premium when you renew.

Can You Get Life Insurance For Your Children?

Yes! Purchasing life insurance for your children is one of the best things you can do. Depending on the type of policy you get for them, it can ensure that they will have coverage for the rest of their lives, plus they’ll have time to accumulate a death benefit.

Can You Get Life Insurance If You Have Pre-Existing Medical Conditions?

Yes, you can get Life Insurance even if you have a pre-existing medical condition. Unfortunately, having a pre-existing condition can sometimes deem you a “higher risk” in the eyes of the insurer from an underwriting standpoint, which may make it harder to secure a standard insurance policy. But it doesn’t mean you can’t get the coverage you need.

As a “higher risk” individual, you could end up with what’s called a “rating” on your policy, which means you can still get coverage, but you’ll have to pay a higher premium than someone without a rating would. In some cases, your rating may be reconsidered if your health improves.

We’re On Your Team And Want To Help!

When it comes to deciding between term and life insurance, there isn’t one that we recommend over the other. It really boils down to your needs and what you can afford.

At Winnipeg Insurance Brokers Ltd., we are a team of Insurance Consultants and Advisors, not agents or salespeople. We are on your team and are rooting for you to get the best policy for your life and needs. We are here to be your support systems and your cheerleaders.

Finding the right life insurance policy starts with a quote. Our team will discuss your policy options and determine what makes sense, given your situation. There is no obligation to purchase. Ready to plan for the future?

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Protecting Your Family With Life Insurance: A Guide For Manitobans

Akari Digital — Tue, 05 Jul 2022 16:00:00 +0000

Life & Health

Protecting Your Family With Life Insurance: A Guide For Manitobans

July 5, 2022

Updated: December 2, 2023

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Can you get life insurance for your family? Yes! And there are so many reasons why you absolutely should.

Family life insurance is a means to protect your family’s financial future in the tragic event that you, your spouse, or one of your family members passes away. It’s also a means of protecting your peace of mind. Because there’s nothing better than knowing that if the unthinkable were to happen, at least financially speaking, everyone would be okay.

In this post, we’ll look at how life insurance can help protect your family. We’ll help you understand who can be covered with a family life insurance policy, and the different policy options available to you. Then, we’ll answer some commonly asked questions to make sure you have all the information you need to get covered.

Prefer to skip the reading and speak to a real person? Get in touch with us. Our Insurance Advisors are standing by and ready to help you find the best policy for your family!

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The Benefits of Life Insurance for Families
Life Insurance for Different Family Members
What Is The Best Life Insurance For A Family?
How To Get Insurance For Your Family
Family Life Insurance FAQs
Get Your Family Protected Today!

The Benefits of Life Insurance for Families

Life insurance coverage is your way of showing your family that you’ve got them covered– even if you’re no longer there. It allows them to take the time they need to grieve your death without worrying about how they will meet their financial obligations.

Insurance is a way for your family to replace your income. It allows you to leave a legacy to your family or children so that you can help them pay for education or a down payment on a home.

As sad as it can be to think about, it’s important to consider what you want for your family when you are no longer there.

What Is Life Insurance?

Life insurance is a contract in which the insurer pays a premium that guarantees that their beneficiaries– usually their family– receive a certain amount of money upon their passing. This amount will depend on the insurer’s policy, their age, and potentially how they passed.

In other words, it’s guaranteed financial protection in case something horrible were to happen.

Life Insurance for Different Family Members

When you buy a life insurance policy for yourself, it only provides coverage if anything happens to you. However, a life insurance policy can be purchased to protect all members of your family!

Life Insurance For Your Spouse

It’s important that in the situation your partner passes, you have a way to replace their income. When picking a policy and coverage amount, make sure all your debt is covered and money is left to pay for any final expenses required.

Life Insurance For Your Children

Purchasing life insurance for your children is one of the best things you can do. Depending on the type of policy you get for them, it can ensure that they will have a policy for the rest of their lives, plus they’ll have time to accumulate a death benefit. Getting them insurance young will also allow them to access the cash value of their plan. They’ll be able to use this for any reason they need (down payment, student loans, etc.).

The best part of buying life insurance for them now? The premiums are a lot less! Plus it guarantees insurability for them if they ever decide to buy more insurance in the future.

We hope the unthinkable never happens to our children, but just in case it does, it’s important to have enough coverage to pay for any funeral expenses and take time away from work without suffering financially.

Life Insurance For Your Parents

Covering your parents is sometimes a shared commitment among siblings to ensure there will be money for final expenses and the financial burden doesn’t fall on the family. The earlier you buy insurance, the better!

What Is The Best Life Insurance For A Family?

There are two types of life insurance for families: term and permanent.

Option 1: Term Life Insurance

Term life insurance offers coverage for a specific term or period of time. The terms can range from a few years to a hundred years. It provides an affordable option for people who want protection but don’t have a large budget.

Option 2: Permanent Life Insurance

Permanent life insurance includes coverage for a person’s whole life. Think of this type of plan as an investment account that can be withdrawn from if something were to happen.

There are several types of permanent life insurance, and they’re all great options. Especially if you’ve hit the maximum contribution limits on your tax-free savings account and are looking for somewhere to else hold and grow your wealth.

How To Get Insurance For Your Family

Wondering how to apply for life insurance for a family member? Here are your steps:

(Note: Purchasing insurance for one of your children, the process will look different from buying for an adult, spouse, or parents!)

Collect their medical information. To purchase insurance for another family member, you will need all of their medical information (any current and past medical exams, medications they may have taken or are currently on), lifestyle information, net worth, income, social insurance number, and banking information.
Talk to an Insurance Advisor and get a quote. Remember, the healthier and younger the person is when you purchase this insurance, the more affordable and easier it will be to get!
Submit your application and begin paying the monthly premiums. You can do this on their behalf as long as you want to, and transfer ownership to them any time.

Family Life Insurance FAQs

How Much Life Insurance Does The Average Family Have?

Every family’s situation will vary significantly. The right amount of coverage for a family will depend on the family’s debts, their income, their future goals (rental properties, cabins, etc.), final wishes, how many children they have and what they want for them in the event they are no longer there.

It’s hard to determine what your individual needs will be based on what someone else has. The best thing you can do is contact a life insurance advisor to determine what life insurance policy will best protect you and your loved ones.

How Do You Apply For Life Insurance For A Family Member?

How to apply for life insurance for a family member:

Collect their medical information.
Talk to an Insurance Advisor and get a quote.
Submit your application and begin paying the monthly premiums!

Get Your Family Protected Today!

Life insurance is the best way you can show your family you have them financially protected. As much as we hope we are around forever to take care of them, the reality is that unfortunate things happen, and it’s important to plan for these situations to make sure everyone is covered.

The best way to find the coverage most suited to your family is to Contact our Insurance Advisors. We’ll help you find a policy that makes sense for you and your budget. We crunch the numbers, and you decide if you want to move forward.

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How To Choose & Get Health Insurance For Your Manitoba Small Business

Akari Digital — Mon, 07 Feb 2022 23:29:33 +0000

Business, Life & Health

How To Choose & Get Health Insurance For Your Manitoba Small Business

February 7, 2022

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Getting health insurance is a great idea for your small Manitoba business! It can make you a more desirable company to work for, attract the high-caliber employees you need, and even improve company morale. Whether your small business has two employees or 1000, this post will help you nail down the group health insurance that’s right for you.

Group Health Insurance: What Is It & How Does It Work?

Whenever an individual applies for insurance coverage, the insurance company that supplies that coverage takes on a certain amount of risk by agreeing to insure them. The basis of a group health insurance plan is that the risk of the insurance plan is spread out across the entire group of employees. This means that greater risks can be taken as a whole (often leading to more or better coverage than an individual would secure alone), and that the premium is offset amongst all employees.

When an employer gets health insurance for their employees, they agree to contribute to the overall cost of the plan’s premium, typically paying 50% of the total cost. The rest of the premium is paid in part by each participating employee.

The Benefits Of Offering Employee Benefits

As an employer, there are so many benefits of offering group health insurance to your small business’ employees. A group health insurance plan can:

Help you retain new and key employees
Make you a more competitive and attractive employer
Increase employee morale
Provide an additional way to indirectly compensate your

How Many Employees Do You Need For Group Health Insurance?

It’s possible to get a group health insurance plan with as few as two employees! Although generally, the more people there are in the group, the more benefits are available.

Ready to secure group benefits for your small business?

Types Of Health Insurance Small Businesses Can Offer

There are many different types of group health insurance benefits you can secure for yourself and your employees through your plan, including:

Life Insurance
Accidental Death & Dismemberment Coverage
Short- and Long-Term Disability Insurance
Prescription Drug Coverage
Dental Coverage
Vision Coverage
Employee Assistance Programs
Health Spending Accounts (Lump-sums your employees can use for any covered benefits as they see fit—or that they can use as a catch-all for benefits that aren’t covered due to deductibles or coinsurance)

The Cost of Group Health Insurance for Small Businesses in MB

The premiums you pay as the employer will depend on several factors, like the size of the group you want to secure benefits for, and the specific benefits you (or they) want included.

Costs for Employers: Often, the total cost to an employer is about 4% of payroll costs.

Costs for Employees: Employees could pay anywhere between $600-$4,000 per year in annual premiums. It will all depend on the plan the employer selects!

Health Insurance Options for Manitoba Sole Proprietors & Contractors

If you’re a sole proprietor or a contractor, you won’t have access to a group health plan because your employer is, well, you! So you’ll need to look into other options for health insurance.

The best option for your individual circumstances will depend on your company and the type of plan you want, but in general all of the same benefits and policy options are available to you. It’s just disability insurance that can be harder to attain as a sole proprietor. Typically, a personal health plan coupled with an individual disability plan works best.

What Should Sole Proprietors & Contractors Look For In A Health Plan?

We recommend that you look into the types of coverage that are available to you under a “grouped” plan versus a personal health plan. Since every situation is so unique, it’s best to speak with an Insurance Advisor who can help you identify the best-fit options for you.

How Much Does Insurance Cost For Sole Proprietors & Contractors?

It’s so tough to say because each person is different. But once we know more about your company and your insurance needs, we can get you a free custom quote.

Insurance for Incorporated Professionals With 1-2 Employees

For incorporated professionals with a business of 1 person or 2 people where the second person is their spouse, typically most options under a regular group plan are available—although the maximums available might be lower than the ones you’d get with a small group. Just know that some insurance companies will not offer disability benefits in this situation.

What Should Incorporated Professionals Look For When Choosing A Plan?

How Much Does Insurance Cost For Incorporated Professionals?

Again, this is difficult to estimate because every company is different. We know this is a big range, but you could expect to pay between $80-$300 per month.

For a more specific estimate, request a custom quote.

Insurance for Incorporated Professionals With 2+ Employees

The biggest difference here is that as your company grows, you’ll have more insurance options available to choose from. Simply put, the more employees you have, the greater the options become.

What To Look For In A Plan:

As an insured professional with two or more employees, you’ll want to look for:
A reputable insurance company
Plans and policies with lots of benefit options
High maximums for benefits like Disability Non-Evidence Maximums

Are Incorporated Businesses Required To Provide Health Insurance?

No, as an incorporated business, even with 2+ employees, you do not have to offer insurance plans to your employees. However, offering them can make you a more attractive and competitive employer, so it’s probably best to have one in place.

How Much Does Insurance Cost For Incorporated Professionals?

Like with standard group health insurance plans, as an employer to 2+ employees, you can expect to pay about half of the total cost of your plan’s premium—typically 4% of payroll costs. Your employees’ premiums will range from $600 to $1,500 per year, per employee, depending on the plan you choose.

Health Insurance for Small Business: FAQs

Do You Have To Offer Health Insurance To All Employees?

It’s good business to offer the benefits to all employees. It’s possible to offer different benefits to different classes of employee, but generally, each employee within a specific class must be offered access to the same program.

For example, if “Managers” are a class of employee, then all employees fitting that job title or description would need to be offered the same plan, while “Supervisors” could be offered something different.

Are Part-Time Employees Eligible For Health Insurance?

Sometimes. The definition of “part-time” varies by insurance company, so it depends on the company you go with. But typically, if an employee works a minimum of 24 hours/week, they’re considered eligible for employee benefits.

How Long Are The Premium Rates Guaranteed?

Group insurance programs renew on an annual basis. Some insurance companies will guarantee rates for up to the first 2 years, but even so, the subsequent renewals will take place annually.

Factors that impact rate changes are:

The composition of your group (demographics)
The claims experience of the group
The claims experience of similar companies in the same industry
Benefits offered

You can manage your premium costs by making certain plan changes when usage gets too high. For example, by choosing to introduce or increase deductibles and coinsurance, or by pulling back on some of the benefits offered.

Get Health Insurance For Your Small Business

As an employer, offering group health insurance is a great idea for your small Manitoba business. If you’re ready to start the process, reach out to us! We’ll get to know your company, learn everything we can about your insurance needs, and get you the custom quote you need!

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How Insurance Factors Into Financial Planning

Honest Agency — Tue, 21 Sep 2021 16:31:52 +0000

Life & Health

How Insurance Factors Into Financial Planning

September 21, 2021

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By doing your financial planning, you’re making sure you and your loved ones will be taken care of long-term. You’re trying to reduce surprise and upset, and lock-in as much financial security as you can. You’re making sure your family is as prepared as they can be even if—especially if—life throws them curveballs. And, by mitigating unexpected costs, managing the financial side of unwanted surprises, and helping to protect your family long-term, insurance supports you in accomplishing these exact same goals. Which is why factoring insurance into your financial planning only makes sense!

How Does Insurance Factor Into Financial Planning?

Insurance takes the financial guess-work out of any potential losses, whether that’s lost income, damages due to liability, or personal property. Having the right insurance policy will give you the peace of mind knowing that you and those you love will be protected should the unexpected happen.

At its core, insurance exists to help you financially manage the unexpected. It can help you and your loved ones manage and respond to accidents, illnesses, disability and death—all of which come with high financial costs and are nearly impossible to predict. But, insurance also protects your peace of mind. Suffering a financial loss, like loss of income that results from sickness, injury, or the loss of a family member, can seriously affect your life and lifestyle. Things like whether or not your children can continue playing hockey, your plans for a family vacation, or your university savings can continue all come under question. Even going out for dinner or picking up take-out once per month can become a big decision.

So while insurance can’t take away or stop you from having difficult experiences, at the very least, it can cover you financially while you navigate through them. For all of these reasons and more, insurance and financial planning really do go hand-in-hand.

Types Of Insurance Worth Planning For

Most Manitobans will have a need for at least one of these key types of insurance in their lives:

Life Insurance

Life insurance helps to cover any final expenses you may leave behind including accumulated debt, and minimize the impact the loss of your income may have on your family members.

Living Benefits Insurance

Disability, accident and sickness insurance, and critical illness insurance can all cover you and your family financially when a disability impacts your income (and your ability to earn an income).

Mortgage Insurance

Mortgage insurance ensures that your loved ones won’t have to shoulder monthly payments should you pass away before your mortgage is paid off.

Property Insurance

Cover your land, your home, any structures on your property, and all of your belongings, as well as any damages you have to pay following a liability claim on your property.

Auto Insurance

Make sure you have the right protection in place to help you manage the costs associated with in-town or out-of-town auto insurance.

Travel Insurance

If you’re a frequent traveller—or even going on one exciting trip!—making sure you have the right insurance protection in place can be a lifesaver. A medical emergency while abroad can be incredibly expensive, sometimes wiping out your life savings or putting loved ones into debt.

Planning For Insurance? Consider This:

There are several things to consider when you begin working insurance into your financial planning. Things like:

Insurance Types

Generally speaking, the type of insurance you are looking for will affect your planning. For example, if you’re looking into life, disability or critical illness insurance, you’ll want to consider your age, your general health, and sometimes, the genetic health of your family members.

Future Plans

Do you want to get married one day? Will you have children? How long do you want to work? Will you stay in the same career? All of this matters when determining the amount of insurance that’s right for you. It’s important to keep an eye on the horizon regarding what you think might happen down the road and plan for it today.

When considering property insurance for example, you’ll want to consider what type of property insurance is of most value to you, or how much liability insurance is the right amount—based not only on what you know is true today, but also what could be true in the future.

Pro Tip: Don’t Fall For Short-Term Thinking

It’s easy to approach insurance with a short-sighted view—looking only at the present moment or the very short-term future. But, change is a fact of life, and what you have today is no guarantee of what you’ll have (or more importantly, what you’ll need) tomorrow.

It’s important to consider that your life may look different a few years down the line. Your job, your insurance benefits at work, your family, and your housing could all be different. Try to think long-term by asking yourself questions like:

What plans do you have for your future?
How could your current choices affect your future insurability?
What will your income potential look like down the road?
Is it worth stretching your budget now to get the protection you need, considering your income will probably increase over time?
Do you have an emergency fund put aside?
What are those funds typically set aside for?
Would they be enough to cover significant losses?

Also, if you have any existing insurance in place, reflect on the original purpose it served and whether or not it meets your current life and needs. If things change dramatically and your coverage needs are different than what they were when you originally bought that policy, you may have coverage gaps. Ask yourself how you would cover those gaps, and whether or not it’s time for an insurance update.

We know this can be a lot to think about all at once. Especially if you’re not sure or you haven’t started planning yet! Try not to stress too much. Everyone starts somewhere, and the fact that you’re starting to plan now is great! And, these are all questions an Insurance Consultant can help you think about strategically.

If you’re in your 20s or 30s and want to start planning for the future, download our free Guide To Insurance For Manitobans in their 20s and 30s.

In this simple, easy-to-read guide, we’ll walk you through what insurance makes sense at this time in your life. We’ll also break down each type of policy and why you may– or may not– need it

3 Reasons People Avoid Buying Insurance (And Why You Should Ignore Them)

There are three reasons people cite when they avoid buying insurance: It’s too expensive, it’s not for me, or it’s not necessary because of a plan they have through work. And while we completely understand that not all insurance is for every person, generally speaking, most people who cite these reasons simply don’t have all the information. We’re here to set the record straight.

#1 It’s Too Expensive

Insurance isn’t something you can touch, feel, love or hug, so we know it can be difficult to spend money on. But think about the costs of NOT having insurance! Medical bills, legal fees, damages, car repairs, home maintenance…even ONE of these events would set you back significantly. Insurance premiums, on the other hand, will only ever cost you a fraction of any one cost.

Also, consider how you spend your money today. Most of us don’t blink an eye when we purchase a coffee from our favorite local shop or go out for lunch once a week. Instead, why not put that same amount of money towards securing your financial future through an insurance policy? Chances are you wouldn’t even notice the change.

#2 I Don’t Need It

We all want to believe that we’re indestructible, invincible, and that nothing will happen to us. Whether it’s because they’re young and healthy, they don’t have a family right now, or any other reason, some people can’t imagine ever having property damage, getting sick, or having an emergency while on vacation. And while we love that optimism, the fact of the matter is: nothing in life is a guarantee, and things can change on a dime.

Getting the insurance you need is a way to do your future self a favour by investing in you now, when things are going well, you’re healthy and young, you don’t have any (or many) dependents. We promise, it will be well worth it down the road.

#3 I Have A Plan At Work

If you have a group insurance plan at work, that’s great! Just make sure you take the time to understand exactly what you are and are not covered for, especially when it comes to life and disability insurance. Most of us tend to glaze over our benefits packages because we’re told we have a great plan and we want to trust that. (And because reading HR documents isn’t exactly thrilling!) By taking the time to familiarize yourself with your coverage, you give yourself the opportunity to look for gaps in your coverage. If you find any, you may want to purchase additional insurance for yourself. And if not, you can rest even easier.

Also, keep in mind that you don’t own your insurance policy at work. In essence, you are “renting it” from your employer for the duration of your tenure there. That means that at any time, your company can make changes to the plan as they deem necessary. And that if you leave your job, you could lose your coverage.

Bottom Line: Insurance it’s worth every penny. It’s for literally everyone. And group plans aren’t often enough!

Renewing Your Insurance & Financial Plan

We recommend that you review your financial and insurance plan any time you experience a significant life event like marriage, a divorce, having a baby, welcoming a grandchild, buying a house, moving, traveling, or getting a new car. We also recommend that you review your insurance policies annually, to ensure that your needs are still being met.

And when you go to review, make sure you meet with a licensed insurance agent. While it’s great to seek advice from family and friends, a licensed professional knows the ins-and-outs of what will be best for you. At WIB, we have licensed Insurance Consultants and Advisors just waiting to answer your questions!

Ready To Build A Financial Plan That Incorporates Insurance?

Reach out and chat with us! When you do, our Insurance Consultants will go over a series of questions with you, helping you identify your short- and long-term needs before providing you with options and solutions that fit your life.

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What Questions to Ask When Buying Life Insurance in Manitoba

Honest Agency — Mon, 17 May 2021 15:01:14 +0000

Life & Health

What Questions to Ask When Buying Life Insurance in Manitoba

May 17, 2021

Updated: January 11, 2023

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Taking the first step to getting a life insurance policy can feel a tad overwhelming. Especially when you don’t know what you don’t know, that’s why we created this blog to go over all the questions to ask when buying a life insurance policy.

Asking questions like, what is the difference between term and whole life insurance? What factors can impact my rates? When should I buy life insurance? And What type of life insurance should I buy? Are all important when considering taking out a policy of your own. Educating yourself by asking as many questions as you can when buying life insurance will help you to make an informed decision for yourself and your family. You’ll make sure that not only is your family protected but that your financial goals are, too.

So get out your pen and paper and get ready to take the first step into protecting your loved ones with a life insurance policy (or at least know what questions to ask when you’re ready to take the leap).

Already know what questions to ask and ready to finally get some answers? Contact us, and we’ll give you the 4-1-1.

Jump To The Section You Need Most

Questions To Ask When You’re Considering Getting A Life Insurance Policy
Questions to Ask About Your Life Insurance Policy
- Questions To Ask About Your Death Benefit
- Questions To Ask About Life Insurance Appeals and Claims
Get The Answers To Your Life Insurance Questions!

Questions To Ask When You’re Considering Getting A Life Insurance Policy

So, you’re ready to purchase life insurance, or at least ask a few more questions to determine if life insurance makes sense for you. We love to see it and are here to help.

As you start looking into buying life insurance, it’s important to ensure that you’re well-informed on your plan, your potential eligibility for insurance, and what factors might impact your eligibility and/or premium rates now and in the future. It will also help you understand how much you’ll need to budget for your coverage.

Best Questions To Ask When Buying Life Insurance

The first step in learning about life insurance is to get familiar with what options are available to you.

Questions To Ask

How do I know how much insurance I need?
What factors can impact my rates?
How are life insurance premiums determined?
Am I eligible for life insurance?
When should I purchase life insurance?
What are the different types of life insurance options available to me?
What is the definition of a “smoker”?

Questions To Ask Your Employer or HR Representative

Life insurance coverage offered through group insurance plans (typically from your employer) can vary a lot. Not to mention, they are designed to meet the general needs of a group rather than being tailored to your specific requirements.

How much coverage they offer can range from a flat amount that is offered to each employee to being based on your individual annual earnings. If you have a group benefits plan, it’s important to understand what your plan offers, what restrictions or limitations are in place, and just how much coverage you have.

And if you’re meeting with an insurance advisor to discuss what additional coverage may be needed to fill any gaps, it’s important you share any information you have about your current group life insurance coverage. That way, we can make a note of it when determining how much–and the type of– insurance you need (plus make sure you never have too much or too little coverage).

Questions To Ask

How much coverage do I have?
How does my life insurance work?
What is the benefit amount or structure?
What would happen to my coverage if I left the company?
What restrictions exist with this policy?

Note: We never recommend relying solely on your employer coverage as your only life insurance protection because you do not own the policy. (Technically, you’re ‘renting’ it from your employer while you’re employed there.) That means changes to the benefit plan can be made at any time, and you’ll have no control over them. And if you leave that job, you could end up with a gap in your coverage!

Questions To Ask Your Life Insurance Advisor

When you’re learning the ins and outs of life insurance, your insurance advisor is the perfect person to speak with. They’ll put you and your needs first and do everything they can to support you as you purchase your insurance. Plus, they will be there to support you in the event that you ever need to make a claim. Your advisor can answer just about any questions you have about your plan, your premiums, and your eligibility!

What To Disclose

It’s important you disclose the following information to your insurance advisor so they can accurately determine any possible outcomes and solutions that can impact your rates or eligibility.

Health concerns
Medical history
A criminal record
Any high-risk activities you partake in
Your occupation and if it’s high-risk
Any hard drug usage in the last 10 years
Daily marijuana usage
Any life insurance plan you currently have through an employer

Remember your insurance advisor is on your side and wants to find the plan and premium that is best for you. The only way they can do that is by having all the information and facts available.

Questions To Ask

When should I buy life insurance?
What type of life insurance should I buy?
What’s the difference between a life insurance policy and mortgage insurance?

…and any other questions you have about your eligibility, your policy, and your premiums.

Questions To Ask About Your Health When Buying Life Insurance

It’s important to know that you can get life insurance even if you have a pre-existing or long-term medical condition. That being said, you need to disclose any health concerns you have to your insurance advisor when looking at your policy options.

Health conditions can be seen as a risk to the insurer, which means they can impact your life insurance rates and eligibility. Depending on the severity of your pre-existing health condition, you may still be able to get a standard life insurance contract. But sometimes, the insurer will add an additional amount to the premium, which means you’ll pay more for the coverage.

Questions To Ask:

What type of coverage am I eligible for?
What coverage amount am I eligible for?
If my health changes, what happens to my policy and premiums?

Questions to Ask Yourself When Buying Life Insurance

Getting a life insurance policy can be kind of like picking out a pair of shoes. There is no standard right shoe that will fit and meet the needs of every single person. And although it’s always good to do your research, at the end of the day, you have to pick a pair that feels right for you and your needs.

That’s why we recommend asking yourself some key questions to help you work with your advisor to pick the policy that best fits your specific needs.

Questions To Ask:

Do I have any big debts right now?
What kind of financial support would I want to provide my family if I were to pass?
Am I the sole or major income contributor in my family?
Do I have coverage through another organization?
What kind of premiums can I afford right now?

Questions to Ask About Your Life Insurance Policy

Take the time to ensure you understand what your life insurance policy covers. Know that you’re never inconveniencing anyone or overstepping. You have every right to know all the details about your life insurance. Your Insurance Advisor will be more than happy to discuss all of the following with you:

What kind should I get? Term life insurance or permanent life insurance?
If I get term coverage, what happens at the end of my term? Can I cancel or convert it?
What does ‘conversion’ mean?
What does my policy include coverage for?
How much coverage do I have?
How long is the coverage in place for?
Who is my beneficiary?
What does my beneficiary need to do to make a claim?
What if I have a change in my health? What happens to my policy and premiums?
Why are my renewal premiums payments so high?

Questions To Ask About Your Death Benefit

A death benefit– the money that will be paid to your loved ones if you pass away– is a big reason why many people secure life insurance. Ask the following questions about the death benefit in particular:

Is my death benefit a level benefit amount?
How much should my beneficiary expect to receive?
Who does the policy pay a benefit to?
Is the benefit amount tax-free?
Will my benefit come out in one lump sum amount?
Can I make my beneficiary more than one person?
What if I want to leave the money to my children, but they are under the age of 18?
Are there any exclusions to my coverage that would result in a claim not being paid?

Questions To Ask About Life Insurance Appeals and Claims

The first two years of every life insurance contract fall under what’s called the “incontestability period.” That means that should a claim arise during this period, the insurer can contest it. If this happens, they’ll do their due diligence, making sure that no omissions were made or misinformation was provided when you purchased your insurance.

So that means as long as you are honest and truthful on your application, there should be a smooth process for your family’s claim. This is why it’s important to disclose everything about your health and risks when speaking to an insurance advisor. It’s our job to make this process as smooth and easy for your loved ones. Let us ensure you’re covered so your family doesn’t have to.

Questions To Ask

Who does my beneficiary contact to make a claim?
What is needed to submit a claim?
What is the typical turnaround for claims payment?

Get The Answers To Your Life Insurance Questions!

Life insurance can feel like a scary and overwhelming thing. No one wants to picture what life will look like after they are separated from their loved ones. Setting up a life insurance plan now can give you the peace of mind you need to know if anything were to happen to you, your family would be taken care of.

Knowing what questions to ask your advisor, yourself, and your company is the first step to getting the right coverage for you, your family, and your life.

When you’re ready to learn more about what life insurance would look like for you and get some answers to the questions we listed above, simply reach out to us. Our insurance advisor will get in touch and set up a time to chat through everything you need to know so that you can determine what plan makes the most sense for you.

General