Types of Insurance

Term life insurance is affordable, easy-to-understand coverage that gives you flexible protection. It is temporary coverage that lasts for a set period and automatically renews in most cases. With term insurance, the payments you make, called premiums, are set at an initial low cost, and won’t change during that period. 

Permanent life insurance is often called whole life insurance because it covers you for your whole life. It gives your beneficiaries a tax-free payment after you die. Some plans can build cash value over time. Permanent insurance costs are usually guaranteed.  And some permanent insurance plans let you pay for a limited time and then never again. Universal life and participating life are other forms of permanent life insurance that you may want to consider.

Critical illness insurance offers the financial help to pay the costs associated with life-altering illnesses. If you become sick with an illness covered by your policy and survive the waiting period, you’ll receive a lump-sum cash payment. And, unlike reimbursed health insurance benefits, you decide how to spend the money..

Life is unpredictable; therefore, we need to protect ourselves from unforeseen situations such as disability.  Disabilities can occur through an injury or illness, including mental health issues.  With certain disabilities it is unknown how long the situation will last.  Since each situation can vary for the length of time it takes to get back on track, to protect ourselves we need to ensure we have the right coverage for the duration of the disability until we can return to work, if at all.  We must consider short term as well as long term accommodations. There are even government funded products and services available, such as workers’ compensation. 

Financial security also includes having the right insurance to cover our health and dental needs. Government coverage does not reach many types of needs we have, therefore, to have the proper protection becomes extremely important, especially as our families grow. Many people have benefits through their workplace plans, but are they enough and affordable for what you need?  If you do not have the benefit of being covered through your employer, you must consider the importance of having peace of mind to know that you are safe from unexpected hefty bills. 

Super Visa Insurance

With a Canadian Super Visa, parents and grandparents of Canadian citizens and permanent residents can travel to Canada and stay with their relatives for up to two years at a time as long as there are covered with a Super Visa Insurance. The Super Visa is a multi-entry visa that provides multiple entries for a period up to 10 years. The key difference is that the Super Visa allows an individual to stay for up to two years at a time in Canada, while a 10-year multiple entry visa would only have a status period for each entry of six months only.