Disability insurance is for individuals who are looking to protect themselves and their families against an unexpected injury or illness that leaves them unable to work and earn an income. When you have disability insurance in place and become disabled due to injury or illness, you receive up to 70% of your gross income. This benefit is paid out on a monthly basis and, depending on how it has been set-up, can keep paying out to the age of 65.
Most individuals are covered by WSIB (Workplace Safety & Insurance Board) but this only covers you during work hours (excluding lunch breaks) whereas individual plans cover you 24/7.
Having disability insurance is important for anyone that works or is self-employed, especially those individuals working in hazardous jobs such as construction, truck driving, and any other occupations that are high risk.
Critical illness insurance is one of the most important coverages that you should own today. This form of insurance provides a lump-sum, tax-free benefit payment anywhere from $25,000 and up, should you become seriously ill or get diagnosed with a critical illness such as cancer, heart-attack, and stroke.
Some critical illness options have a return of premium option available. With this option, if you don’t claim your coverage, you are eligible to get 100% of your premium back.
There are various options in the marketplace available today, but not all coverages are the same. Let a Wealth Practitioners agent put together a quote and show you the differences in the products available.
Buying a home is one of the biggest investments in a person’s life and special care is required to avoid loss. Mortgage insurance is an insurance policy that protects a mortgage lender or titleholder if the borrower defaults on payments, dies, or is otherwise unable to meet the contractual obligations of the mortgage.
Mortgage insurance can be purchased from the lender or as a stand-alone coverage. Stand-alone coverage offered through a Wealth Practitioners tends to offer rates up to 40% cheaper than what is offered from the lender. Before you purchase mortgage insurance, make sure you compare the various coverages offered so that you make an informed choice.
Health and dental coverage is the most common insurance plan provided in Ontario. It pays for us to get our prescriptions, health services, and it also covers us for dental issues we may have such as cleaning, scaling, and topical treatments. It includes travel insurance and vision care as well.
Dental treatment is very expensive in Canada; it can significantly disturb your budget if you don’t have a good health and dental insurance plan. Wealth Practitioners offers outstanding health and dental plans to ensure our clients and their families have access to better hospitals equipped with advanced facilities. Both individual and family coverage plans are available.
Travel insurance is your best companion when you travel abroad or domestically as it protects you in the case of an emergency. Your Canadian insurance is not valid outside Canada. And, your provincial or territorial health plan may cover a very small portion of the costs if you get sick or are injured while abroad, if anything at all.
Hospitals and clinics in some countries have been known to refuse to treat patients who become ill or who have had an accident if they don’t have adequate travel health insurance or the money to pay their bills. You could face years of debt paying off the costs of treatment for an illness or accident you suffered abroad. The Government of Canada will not pay your medical bills.
Similar to Travel Insurance, a Visitors Insurance is for foreign nationals visiting Canada for a short or long period of time, either with a purpose to explore the country or visit their family and friends living in the country. Many visitors believe that they do not require Visitors Insurance as they are covered under their regional health plans, not realizing the fact that most insurance providers from across the globe do not cover you for medical expenses incurred in a foreign country.
As per Canadian Law, tourists visiting Canada are not covered under free medical facilities as Canadian citizens. They have to pay for their medical bills by themselves. Medical services are quite expensive in Canada and difficult to bear. This can put a heavy burden on visitors hampering their travel plans. To save visitors from financial burden, the Canadian Government encourages every visitor to have medical insurance prior to their visit to Canada.
The benefits and coverage under Visitors Insurance are similar to those offered by the Travel Insurance. However, some coverage conditions may differ with each insurance provider and their plans.
It is a new visa for parents and grandparents who want to visit their families in Canada for longer periods without having to renew their status. Applicants are required to purchase private Canadian medical insurance valid for at least one year.
Hospitals and clinics in some countries have been known to refuse to treat patients who become ill or who have had an accident if they don’t have adequate travel health insurance or the money to pay their bills. You could face years of debt paying off the costs of treatment for an illness or accident you suffered abroad. The Government of Canada will not pay your medical bills.
Loan insurance helps you when uncertain circumstances such as a job loss, injury, or an accident arise. It ensures protection of your monthly loan payments and prevents further financial loss. To be qualified for loan insurance, you need to be between the ages of 18 – 59, work at least 21 hours per week, and require a loan for a mortgage, renovation, rent, student loan, or credit card purposes.
At Wealth Practitioners, we always recommend for our clients to check eligibility criteria and ask for help from our advisors if you find it difficult to choose an option. We are here to help and simplify your life in any way possible.
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Group insurance is a type of insurance that covers a group of people, for example the employees of a particular employer. Group benefits are often offered by employers as part of their compensation packages. Government insurance programs are one option, but they fail to fulfill the needs of small businesses. Wealth Practitioners offers appealing group benefit plans for entrepreneurs and business owners.
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Non-medical life insurance is a kind of life insurance that does not require a medical examination by a doctor. It’s known to be simple, easy, and fast. With non-medical life insurance or simplified insurance, you are guaranteed a fast response with no hassles. This type of coverage is great for those that have had medical issues, participate in extreme hobbies, or have lifestyle habits that could make traditional coverage not available to them.
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Creating a strong financial plan could be what allows you to retire when you want and have the money when you need it. Wealth Practitioners advisors can help you with a wide range of investment vehicles that allow you to prepare for what the future has in store.
The purpose of this plan is to help employees under the age of 71 with their savings. This plan offers tax benefits and allows for a refund after deducting all the contributions from the payable income.
A TFSA is an account that does not apply a tax penalty and allows you to withdraw money from it whenever you want, tax-free. Anyone above the age of 18 can apply for this plan and it can be used for any purpose.
Unlike a pension, a LIRA is an investment account designed to hold locked-in pension funds under a person’s name so they can manage investments. With LIRA, you get more control over your investments and are able to transfer all funds in the same account instead of managing plans with different employers.
A non-registered saving plan is also known as a personal savings account. As the policyholder, you can expand your business and get more return than through other bank accounts. This plan is for people who would like to continue to save for a project or retirement and have reached their RRSP and TFSA contribution limits.
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