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FAQís about Financial Services

Life Insurance

Here is a description of some of the more common term and permanent insurance products available:

Term 5 Life Insurance

  • Provides insurance protection for life.
  • At the end of every 5 year term, the policy will automatically renew for another 5 years.
  • You can convert this policy to a permanent life insurance policy.
  • Premiums will not change for the first five years.
  • At each renewal, the premiums will increase.

Term 10 Life Insurance

  • Provides insurance protection up to age 75 or age 80, depending on the product selected.
  • At the end of every 10 year term, the policy will automatically renew for another 10 years.
  • You can convert this policy to a permanent life insurance policy.
  • At each renewal, the premiums will increase.

Term 20 Life Insurance

  • Provides insurance protection for 20 years.
  • Premiums are guaranteed to remain unchanged for 20 years, so you can budget for predictable insurance costs.
  • You can convert this policy to a permanent life insurance policy.
  • Term 75 Life Insurance
  • Provides insurance protection until the insured person reaches age 75.
  • Premiums are guaranteed to remain unchanged as long as the policy is in effect, so you can budget for predictable insurance costs.
  • You can convert this policy to a permanent life insurance policy.

Term 100 Life Insurance

  • Provides insurance protection for life.
  • This policy offers you exceptional security.
  • Premiums are guaranteed to remain unchanged as long as the policy is in effect.

All products and services are subject to the terms and conditions of the applicable insurance contract. In the event of any conflict, the terms and conditions of the insurance contract will govern.

Health Insurance

Q: Why do I need health and disability insurance?

A:

Think about it this way. Suppose you owned a valuable piece of equipment. Day in and day out, the equipment operates reliably. It helps you earn a large amount of money every year. Without question, you would insure that piece of equipment in case it broke down. Similarly, when your family depends on you to go to work and earn money, year in and year out, doesn’t it make sense to have health and disability insurance in case you become disabled?

Q: Why do I need disability insurance when Iíve never had any health problems and I donít foresee having any in the future?

A:

Most people donít think they will become ill or suffer an injury. Nonetheless, statistics show that a person is far more likely to have a disability than to die. Disability insurance is designed to reduce the financial strain on you and your family during a difficult time.

Group Insurance

Q: The success of my business really hinges on a few dedicated people. Is there anything I can do to protect my business in case one of them becomes seriously ill or dies?

A:

Key person insurance will help your business continue if you lose a key person to long–term disability or death. Your company will receive an insurance benefit that will help cover the cost of finding a replacement with the necessary skills and expertise. The benefit will also help pay the disabled person’ s salary.

Mortgage Insurance & Creditor Protection

Q: Why do I need insurance on my personal loan or mortgage? I already have some life insurance, isn’ t that enough?

A:

Although you may already have some life insurance, it may not be enough to cover all your financial obligations. For instance, your obligations could include providing for your family, and paying off personal loans, a line of credit, credit card debt, and mortgage debt. Many financial planners recommend that you have life insurance for about eight to ten times your gross annual salary.

Q: I already have disability insurance at work. Won’ t that be enough to help me carry any debts?

A:

Most employer disability plans cover only a portion of your salary while you’ re disabled, and some plans have an extended waiting period before benefits start. If you are disabled, your reduced income may not provide enough cash to maintain your current standard of living. Also, it may not be enough to cover any additional medical and living expenses. Personal mortgage insurance would provide additional benefits that you could use. This is especially reassuring to know in the event that you leave your current employer and lose your employee benefit coverage.

Q: Why should I insure my business loan?

A:

If your business revenues depend on the skills of one person or a number of key people, their deaths could have a significant impact on your business earnings. By helping to ensure that debts are settled, a Business Loan Insurance Plan makes it easier for your business to get through this difficult transition period.

Q: What is the waiting period for the payment of disability benefits?

A:

The waiting period is a specific period of time, beginning at the onset of a disability, which must pass before any insurance benefit will be paid. For example, if the waiting period is 60 days, the insurance benefits would be payable 60 days after the disability occurred.

Q: I have satisfied the waiting period and submitted my claim, so why are the payments still being taken from my account?

A:

Typically the insurer starts paying insurance benefits for approved claims after the waiting period. However in some cases the insurer may require longer to approve your claim. You are responsible for maintaining your mortgage, loan, credit line or credit card payments until your claim is approved. Once your claim is approved, the insurer will start paying benefits retroactive to the first day after your waiting period.
All products and services are subject to the terms and conditions of the applicable insurance contract. In the event of any conflict, the terms and conditions of the insurance contract will govern

Travel Insurance

Q: Why do I need travel insurance? If I get sick when I’m travelling, won’t our government health plan pay for my medical expenses?

A:

Provincial health insurance plans provide only limited coverage for medical treatment and hospital costs outside of Canada. If you are injured or become ill while out of the country, the government plans pay only a portion of your medical bills. You might have to pay substantial medical bills out of your own pocket that could amount to thousands of dollars. That is why itís highly recommended that you purchase travel insurance.

Q: Will travel insurance pay my expenses if I am away on a trip and am called home by an emergency?

A:

Some travel insurance products protect you for these situations. If you purchase "Cancellation and Interruption" insurance, it will help pay your expenses to return home. There are a number of circumstances that qualify as an emergency (for example the death or serious illness of a family member). The cost of cancelling a trip prior to departure can be very expensive, as most trips are non–refundable, especially if you have to cancel just before leaving on your trip. Having to return early from a trip can also be very expensive. Either way, Cancellation & Interruption is very important to protect the financial investment you make in a trip.

Q: I’ m only going to the United States for a few days. Do I really need travel insurance?

A:

Yes, you do need travel insurance to protect you against the unexpected, even if you are going to the United States for a few days. An illness or accident can happen at any time, whether you’ re on the road for a few days, or a few months. And remember the cost of health care is very expensive in the United States and very little of this cost would be covered by your government health insurance plan. For a short trip, the cost of travel insurance is minimal, and it gives you peace of mind.

Q: I am over age 65 and I have a few health problems. Is it still possible for me to purchase travel insurance?

A:

Unless your health problems are severe, you should be able to purchase travel insurance. You may pay a slightly higher premium for travel insurance, depending on your age and health problems. Your premiums and coverage will be determined according to your answers to medical questions. You may not be covered for pre–existing health conditions you have prior to your departure on your trip.

Q: When should I purchase my travel insurance?

A:

You must purchase your Cancellation & Interruption travel insurance when you book your trip. You can purchase any other coverage before you leave on your trip. Remember to purchase insurance for your entire trip, which includes the day you leave and the day you return.

Q: My child is travelling with me. Do I need to buy separate coverage for her?

A:

If your child is under two years old and you are purchasing any package other than the Non–Medical Package, your child receives emergency medical coverage at no extra cost. If your child is aged two or older, you’ ll need to purchase emergency medical coverage for your child. Also, if you have purchased a ticket for your child, keep in mind that you may need to buy extra coverage to protect you in the event of cancellation or interruption of your trip.

Q: Do I really need to read my travel insurance booklet?

A:

Your travel insurance booklet includes the terms of your insurance policy. As with any insurance, some of those terms may limit the benefits payable to you, so it’s in your best interest to be familiar with the policy. Also, please remember to take the booklet with you on your trip so you can refer to it if necessary.

Q: Do I really need to read my travel insurance booklet?

A:

Your travel insurance booklet includes the terms of your insurance policy. As with any insurance, some of those terms may limit the benefits payable to you, so it’s in your best interest to be familiar with the policy. Also, please remember to take the booklet with you on your trip so you can refer to it if necessary.

Q: Why do I need medical travel insurance when I travel abroad?

A:

Health insurance plans provided by the governments of the Canadian provinces and territories pay only a fraction of the emergency medical expenses that its residents incur while they are travelling abroad. Travel insurance will protect you in case of a medical emergency, so you’ll be able to travel with peace of mind.

Q: I have heard that hospital and medical bills outside of Canada can easily run into thousands of dollars. Would I need to pay up front if I have an accident while travelling abroad?

A:

No, most travel insurance companies will pay the eligible bills directly to the hospital for you.

Q: Do I need medical travel insurance when I travel within Canada?

A:

Yes. There are several reasons why it’ s important to get medical travel insurance when you’ re travelling within Canada. One reason is that unfortunately, accidents can happen anywhere. Another is that Government health plans do have limits on the reimbursement of the emergency medical expenses incurred while you are in another province. For example, the ambulance, emergency dental treatment and prescription drugs might not be covered by some government health insurance plans.

Q: Why would I need Cancellation & Interruption insurance?

A:

Emergencies happen when you least expect it. You could become sick, lose your job or a family member could have a medical emergency. Cancellation and Interruption insurance covers you for those circumstances and protects the financial investment you’ve made in your trip. It also protects you if you need to go back home because of an emergency such as a family member becoming seriously ill at home, while you are away.

T:

905.780.0908

F:

905.780.3815

E:

info@cpa-finance.com

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