COVID-19, Loss of Employee Benefits & Conversion Health Insurance Plans + MORE Feb 28th

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Term vs. whole life insurance: Which type of policy is best? + MORE Mar 20th

Term or whole life insurance? That is the question. But we have two more questions: What is the difference between these two types of policy? And which one is best for your needs?  Generally speaking, term life insurance is best for those seeking a low-cost, short-term solution. Whole life insuran.... More »

How much life insurance do I need? + MORE Mar 12th

Life insurance can be a tough task to face, but it’s pretty essential to ensure that your loved ones are looked after you die. Grief is difficult enough without having to deal with the stress of not being able to keep up with mortgage or car payments. But how much life insurance do you need? Here,.... More »

How much does life insurance cost in Canada? + MORE Mar 24th

Life insurance is often touted as the financial safety net we all need, but what if it’s an added expense you’re not sure you can afford? If that’s your thinking, you’re far from alone—a 2019 study showed that most Canadians are underinsured, with 49% having never purchased life insurance.... More »

How to sell your own life insurance policy in Canada + MORE Mar 28th

“Can I sell my life insurance policy?” is a question Canadian insurance professionals are often asked. This might seem counterintuitive—after all, we purchase life insurance to safeguard the financial security of our loved ones in the event of death, not to provide an infusion of cash while we.... More »
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.)
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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…

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COVID-19, Loss of Employee Benefits & Conversion Health Insurance Plans
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)…

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