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Life Insurance

Life Insurance

Life insurance can play an extremely important role for both individuals and businesses because of the guarantees that it can provide.

For individuals, life insurance can:

  • Pay for final expenses
  • Pay for debts, such as credit cards and loans
  • Pay off your mortgage
  • Provide an ongoing income for your family

Life insurance can also play a role in Estate Planning.

Some people don’t realize that registered funds (RSPs and RIFs), a stock portfolio, a family business, as well as real estate (other than one’s principal residence) may all be taxed at time of death. Life insurance can provide the funds needed to pay these taxes so that some assets need not be liquidated.

Additionally, life insurance can provide an inheritance for children, grandchildren and for a favourite charity.

Click on the preview below to see an infographic below comparing the differences between Term Life Insurance and Mortgage Insurance:

 

Term Life Insurance vs. Mortgage Insurance link preview
Click to learn more about the differences between Term Life Insurance vs. Mortgage Insurance.

For businesses, life insurance is often used:

  • To provide the funding for a buy-sell agreement
  • For business loan protection
  • To provide key-person protection

Our role at Algoma Financial Services is to help you the help you determine if you have a need for life insurance. If you’ve got a need, we have access to almost every company and plan available, providing us the ability to find the best plan to meet your needs and your budget.

Give us a call today to arrange an appointment.

If you’d like to learn more, the Canadian Life and Health Association (CLHIA) has a website that offers a variety of educational tools specifically designed for consumers. Go to www.clhia.ca and click on Consumer Information at the top of the page.

“For most Canadians life insurance is an essential part of their financial plans.”

Manulife Vitality

You may have heard about it and soon you’ll begin to see commercials about it. It’s a whole new approach to life insurance!

Manulife’s Vitality term insurance is more than just another life insurance policy. It also includes a customized, goal oriented program to encourage and inspire healthier choices. Provides simple tips to reach them, and convenient, easy-to-use tools, including a free Garmin wearable device to keep track of your healthy activities and discounts off Goodlife gym memberships.
Click here for more information about this new partnership.

Members of the Manulife Vitality program earn Vitality Points when they complete activities to improve their health, like online health education courses, exercising, getting an annual health screening, or even a flu shot. The number of Vitality Points a member accumulates over the course of a year determines their program status level. The greater the status that the member attains in the Manulife Vitality program, the more they can enjoy the program rewards and benefits, including savings on your insurance premiums.

For the first time, with Manulife Vitality, your life insurance has the potential to save you money and reward you for living a longer and healthier life.
Call us today and ask for Wayne, Kevin or Clare for more information or visit our website: http://www.manulifevitality.ca/

Disability Insurance

Disability Insurance

Disability insurance, often called an “income replacement plan” provides financial security in the event an accident or illness prevents you from earning an income. Benefits are usually paid monthly and can replace up to 2/3rd of your income.

For the majority of Canadians, they already have disability coverage through their employer’s group benefit plan. For those that don’t, disability insurance is a “must have”.

The reason why disability insurance is so important is because of the startling statistics. The likelihood that a person will become disabled before age 65 is five-times greater than the risk of death.

The question is, if you became sick or injured and couldn’t work, who will you pay your mortgage, your car loan, your cell phone and all of your other monthly expenses?

Let Algoma Financial Services tailor a plan that will meet your needs. We can show you plans that can provide you with an ongoing income for 2 years or until age 65. Give us a call today to arrange an appointment.

If you’d like to learn more, the Canadian Life and Health Association (CLHIA) has a website that offers a variety of educational tools specifically designed for consumers. Go to www.clhia.ca and click on Consumer Information at the top of the page.

 

“Death may be inevitable, but disability is more probable.”

Critical Illness Insurance

Critical Illness Insurance

Critical illness insurance is designed to pay a tax-free lump sum benefit if you are diagnosed with a life-threatening or life-altering condition such as heart attack, stroke or cancer.

This type of policy was developed with the help of Dr. Marius Barnard (1927- 2014), a renowned heart surgeon. Dr. Barnard noticed that while many patients were able to survive a difficult operation, they were left with serious financial difficulties. “They didn’t lose their life, they lost their life savings” he once remarked.

The statistics are astounding:

  • 1 in 2 men and 1 in 3 women are predicted to develop heart disease in their lifetime.
  • 1 in 2.3 men and 1 in 2.6 women living in Canada will develop cancer in their lifetime.

Critical illness insurance allows you to recover from a serious illness, without the emotional stress of worrying about your financial health.

Although many people have disability insurance, the typical policy doesn’t pay a claim until the end of the 4th or 5th month!

Rather than having to withdraw funds from your RSP or sell an asset, critical illness insurance pays the funds to you at a time when it’s needed most.

You can tailor your coverage to include over 20 other conditions such as coronary artery bypass surgery, heart valve replacement, kidney failure, benign brain tumor, alzheimer’s disease, major organ failure and many other conditions.

In addition, many insurers offer referral services by Best Doctors, Inc. These services include:

  • An in-depth review of your medical records, an evaluation and treatment recommendations from specialists affiliated with leading medical institutions around the world.
  • A link to the names of up to 3 top specialists who have experience to treat your condition.
  • A link to assistance with appointments and monitoring your treatment.

Call us for an appointment and we’ll show you how Critical Illness Insurance can work for you, and we’ll show you how you can get all of your premiums back if you don’t make a claim.

 

“Ask us how you can purchase up to $75,000 of coverage guaranteed issue and with no medical required!”

Travel Insurance

Travel Insurance

Purchasing travel insurance can be confusing because every insurance company has different plans, options and rates. Not only that, but every plan has different eligibility rules and exclusions, which makes it difficult to make proper comparisons, especially for those with a pre-existing medical condition.

Our licensed Advisors have access to the largest travel insurance providers in Canada. We’ll be happy to answer your questions and help you choose an affordable plan that meets your needs.

 

Manulife TravManulife Financialel

Are you going to the USA for business for a day or two? Perhaps you’re exploring Canada’s coast, heading to the Caribbean or travelling overseas? Manulife Financial Travel Insurance for Canadians travelling out-of-province protects you against the cost of unexpected emergencies that may occur during your trip – costs only marginally covered by your provincial health insurance plan.

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GMS Travel Insurance

GMS TravelStar Travel Insurance can offer coverage for medical emergencies or unexpected trip cancellations or interruptions. You can purchase Emergency Medical and Trip Cancellation & Interruption coverage separately or as a bundle. Complete your protection by adding coverage for baggage.

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TIC Travel Insurance

While it might be more exciting to plan the fun aspects of your trip, we know it’s also important to prepare for the unexpected. When travelling outside your home province, territory or country, your government health care plans don’t travel with you. In an emergency, it’s up to you to arrange and pay your treatment. Travel insurance from the experts at TIC helps you stay protected.

 

“If you plan to travel outside of Ontario, it is strongly recommended that you obtain additional private medical insurance and fully understand what your policy covers.”

– From the Ontario Ministry of Health website

Health Insurance

Health Insurance

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Manulife Health Care

If you are self-employed, retired, not covered by a group health and dental plan at work or have a plan that only covers your basic needs, you know first-hand that your Government Health Insurance Plan coverage only goes so far. With the simple, affordable, flexible protection offered by the Flexcare Health and Dental Pan, you’ll gain the security that comes from knowing that you have coverage for both routine and unexpected health care expenses.

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GMS Health Insurance

No matter what stage of life you’re in, you can help ensure your family’s health care security with supplemental health insurance from GMS. We provide important coverage for everyday wealth needs, unexpected medical emergencies and protection from rising health care costs. A GMS Individual Health Plan is the perfect way to supplement your provincial health plan if you don’t receive health coverage from an employer or if you want to enhance your current coverage.