All about Canadian insurance. Learn the ins and outs and get the latest news.
Latest News
Dating dilemma: When to talk about finances Mar 16th
When it comes to popular first-date conversation topics, credit scores and debt levels aren’t at the top of the list. Even committed couples may find it hard to broach financial topics like retirement planning or estate planning. But as the cost of living goes up and people try to plan for the fut.... More »
How to find a lost life insurance policy Feb 12th
My stepfather left a will and a trust with my mom and brother as trustees. My stepfather raised me since I was five. Before he died, he told me he had a policy with my name on it, but my mom and brother won’t tell me. What could I do? Do I have rights?—Ladana
The details of a will and lif.... More »
Are your deposits at Canadian financial institutions safe? Mar 21st
Ask MoneySense
We live in Ontario, and in light of the current banking problems in the U.S., we are a bit concerned about our investments.
They are held at three different banks at the moment and are largely in GICs and high-interest savings accounts.
We are aware that up to $100,000 is insure.... More »
How to choose a financial advisor in Canada Mar 8th
Do you know what to look for when choosing a financial advisor? This person will be giving you advice on important things like insurance, money management and investing, so it’s worth taking the time to screen candidates carefully before you hire a financial advisor.
The terms “financial advi.... More »
Trip Planning and Travel Insurance Dec 11th
Planning a trip can be a very exciting time. You have a destination picked out and you are looking forward to activities that you love to do. Hotel rooms are booked, and you cannot wait to get going.
But have you taken steps to protect yourself from medical emergencies? What about protecting yourse.... More »
How does life insurance work?
– moneysense.ca
Life insurance, simply put, is an enormous help to your loved ones when you pass on. It can serve to cover funeral and burial costs and pay off any debts you might have, as well as provide for your family so they can maintain the same standard of living once your income is gone. (No one want.)
If sorting out a life insurance policy is something you haven’t yet ticked off your to-do list, we understand why you might procrastinate: It can be a bit of downer to think about, and the choices can be overwhelming when you don’t know quite how life insurance works or what level of coverage you need.
But if you have any dependents—spouse, children or anyone else you help support—it’s one of the smartest things you can do to ensure they’re cared for after you’re gone. So, how does life insurance work? Read on for everything you need to know to get started. (Learn how you can use life insurance to leave your family an inheritance.)
Compare personalized quotes from some of Canada’s top life insurance providers*
What does life insurance cover?
Life insurance pays out upon the policy holder’s death, but there are some exceptions, such as death by suicide and risky behaviours such as sky diving…
If sorting out a life insurance policy is something you haven’t yet ticked off your to-do list, we understand why you might procrastinate: It can be a bit of downer to think about, and the choices can be overwhelming when you don’t know quite how life insurance works or what level of coverage you need.
But if you have any dependents—spouse, children or anyone else you help support—it’s one of the smartest things you can do to ensure they’re cared for after you’re gone. So, how does life insurance work? Read on for everything you need to know to get started. (Learn how you can use life insurance to leave your family an inheritance.)
Compare personalized quotes from some of Canada’s top life insurance providers*
What does life insurance cover?
Life insurance pays out upon the policy holder’s death, but there are some exceptions, such as death by suicide and risky behaviours such as sky diving…
COVID-19, Loss of Employee Benefits & Conversion Health Insurance Plans
– life-insurance-quotes.ca
Unfortunately many Canadians have now found themselves without employee benefits due to job loss as a result of the COVID-19 pandemic.
Not having health insurance coverage can be a source of worry for many of these unemployed Canadians.
The good news is that there are specialized health and dental plans that are specifically designed for people who have just lost their group benefits coverage. These plans are called “conversion health insurance”, and they offer coverage typically found in other health plans (for example, dental, prescription drug and vision care coverage).
Conversion Plans and Eligibility
Conversion health and dental insurance plans are guaranteed issue and do not require answering any medical questions.
To qualify for most conversion plans, however, you must have lost your group benefits coverage within 60 to 90 days of applying for a conversion plan.
If it has been more than 60 to 90 days since you lost your group insurance coverage you can still get personal health insurance (either an underwritten plan or a standard guaranteed issue plan)…
