Critical Illness Insurance
Critical illness can have a devastating impact on people, and one of these impacts is financial. Numerous people survive a critical illness, but are unable to continue working and have difficulty paying the bills.
Government health plans and employee benefits are limited to basic medical and hospital care, and disability insurance pays a monthly benefit only when unable to work. This is where critical illness insurance differs: it pays out a lump sum of cash even if you are able to go back to work.
It is important to note that you must survive a critical illness for a set period of time to receive benefits (usually 30 days).
- Cancer
- Heart Attack
- Stroke
- Multiple Sclerosis
- Kidney Failure
- Major Organ Transplant
- Dismemberment
- Blindness
- Deafness
- Loss Of Speech
- Major Burns
- HIV
- Alzheimer’s Disease
- Parkinson’s Disease
Disability Insurance
Sudden illness and serious accidents can result in the loss of income, which is critical to most people and their families.
Disability insurance provides protection against this by paying a monthly benefit when unable to work (as opposed to critical illness insurance, which pays out a lump sum of cash even if you are able to go back to work).
- Replacement income if you become ill or are injured.
- Disability insurance varies, depending on your occupation: the more dangerous your job, the higher the premiums and limitations.
- The amount of coverage usually can’t be more than 66% of your current earnings.
- The paid benefit from an insurance claim is tax-free.
- Benefit period can vary, anywhere from 2 years, up until the age of 65.
- After 65 coverage may continue, although the insured must continue to work. Coverage may be modified.
Life Insurance
Owen and Associates is your online Canadian term life insurance and whole life insurance broker.
We are licensed brokers that help Canadians to understand their insurance needs. We can also assist you to purchase the policy that exactly meets your requirements as quickly and easily as possible, at the best possible rate.
Life insurance is primarily intended for people who have others who depend on them and protect those dependents from financial difficulties.
An important question to ask oneself is: do I have people who depend on me, and what would happen if I am gone? If you do not have a spouse, children, etc., or if you do not have a mortgage or any other debt then you may not need life insurance. However, this situation is rare, and most people need to know that if they pass away that their loved ones will be taken care of financially.
A life insurance policy plan can:
Provide security for your family in case of loss
Help with estate planning and wealth management
Assist with your retirement savings plans
Be used for home mortgage protection
Term Life Insurance
To be covered under a life insurance policy you make payments that are called premiums, and in the case of the death of the insured person the life insurance company will pay a benefit to the person you choose, called a beneficiary.
The policy must be in effect at the time of death, and the death benefit payment is tax-free under current Canadian law when paid to a named beneficiary that is a resident in Canada.
Life insurance is usually used to insure that funeral expenses, mortgage payments, and living expenses can be met even though the insured person has passed away. However, life insurance can also be used for estate management and investment (permanent life insurance, not term life insurance).
Term life insurance is temporary insurance, which covers a person against death for a limited amount of time (the amount of time covered is called the “term”). A term might be until children are grown, or until a couple retires. Most policies have a set term in years (e.g. 10 or 20) and may be renewable for a second or third term, up to a certain age.
Premiums are guaranteed for the length of the term.
Premiums are paid until the term ends, at which time the policy may be renewable. No benefits are received at the end of the term, regardless of whether or not any claims were made.
Term life is also suited for:
- Covering a specific debt for a given amount of time (e.g. a mortgage, etc.).
- A situation where permanent (whole) life insurance is just not affordable. Term insurance is cheaper than permanent insurance, and can also be converted to permanent life insurance at a later date if you purchase a “convertible” policy.
The most common length for terms is 10 years. However, it is also possible to get a 5-year, 15-year or 20-year term, depending on the insurance carrier.
Permanent Life Insurance
Permanent life insurance is unlike term life insurance in that it is permanent, for as long as premiums are paid.
There are several types of permanent insurance, however, they all have the following characteristics in common:
- they have a cash value.
- they still provide a death benefit.
- they last throughout a person’s life, for as long as premiums are paid.
- they can be used for wealth management, estate planning, etc.
- there are numerous options available to suit a person’s needs, and each insurance company differs in its options and plan types.
Whole Life Insurance
Whole life policies stretch the cost of insurance out over a long period of time, thereby minimizing the increasing insurance cost. The premiums can be spread out over your lifetime, or up until a certain age.
Earnings are tax-deferred, and the death benefit is level (i.e. never decreases).
Universal Life
With universal life you can usually reduce or increase the amount of your death benefit, and in addition the cash value tends to increase in a non-linear fashion, depending on how your money is invested.
Universal life tends to be a better choice for wealth management and estate planning since there are many options available to people.
Permanent life is more complicated than term life, and we highly recommend contacting us for assistance when getting quotes and purchasing whole life insurance.
Individual Medical & Dental Coverage
Shop online for individual health and dental insurance in a convenient, secure manner. Compare health, drug, and dental plans and then purchase the most affordable policy that best suits your needs.
Freedom to Choose by Canada Life provides enhanced health & dental benefits for expenses not covered by your provincial health plan. Designed for individuals & families, Freedom to Choose offers three plan designs, which include a guaranteed acceptance plan & three optional benefits. Freedom to Choose allows you to choose the level of coverage that fits you & your family. And, if you’re self-employed, Freedom to Choose may even be tax-deductible.
Furthermore, Freedom to Choose is also designed for long-term healthcare needs & stability. It offers quality coverage for people with different needs & lifestyles, through a choice of plan designs & optional benefits.
For more information or to purchase Freedom to Choose please click here.
Unlike some individual medical insurance programs, Freedom to Choose:
- Provides coverage for the treatment of pre-existing health conditions on approved application
- Does not require any overall lifetime maximum or any waiting periods
- Is portable from province to province as long as you continue to qualify for provincial health insurance
- Has guaranteed acceptance for individuals coming from previous similar coverage or group plan within the last 60 days.
Not covered by a company group plan? Want coverage the province doesn’t provide? For only dollars a day, FlexCare, the supplemental health insurance plan from Manulife Financial, offers you a unique combination of health benefits that provide you and your family with comprehensive coverage you simply shouldn’t do without. FlexCare is specifically designed to provide flexibility and choice, allowing you to select the plan and level of coverage according to your current and future needs, your lifestyle, and your budget. FlexCare offers three Core Plans with varying levels of protection.
For more information or to purchase FlexCare please click here.
Don’t let the loss of your group health & dental benefits take away your peace-of-mind. Put an end to your worries about losing your group health benefits by applying for FollowMe Health today. Understanding that different families have different healthcare needs, FollowMe Health offers you four different plans to choose from. Remember, if you apply within 60 days of the loss of your group health benefits, your acceptance is guaranteed!
For more information or to purchase FollowMe please click here.
Travel Insurance
Our innovative Travel Insurance enables us to shop for the right insurance, at the right price, for an individual’s specific needs.
When it comes to Travel Insurance, Owen and Associates has the travel insurance plan to fit your needs and protect you and your family from an unexpected medical emergency. Anytime, anywhere…We’ve got you covered.
If you are leaving the country for an extended period for employment purposes, travel insurance is not adequate. We can arrange coverage for temporary assignments for a year or even more and include OHIP replacement as well.
For an online quote for travel coverage outside your home province or Canada, Visitors to Canada or Full-Time Students, please click here.
For assistance in choosing a plan, further information and/or a quote please contact us.
Retiree Insurance
More than at any other time retiring employees need the opportunity to continue their health insurance as protection against the potential hardship of health care costs.
- As we age, we need more health care
- Income becomes increasingly limited into retirement
- Health care costs increase faster than the CPI
- Government health care programs suffer continuous cutbacks
Other products that we offer include Guaranteed Acceptance Life Insurance and Convalescent Care.
Advantages
The advantages of Owen and Associates insurance programs include:
Enrollment in our health plan is guaranteed within 60 days of a retiree losing their group benefits, no medical questions or exam required
Customers can purchase a variety of other products specifically designed for retirees, such as life and travel insurance
Only one phone call is required to reach our customer service department which handles service requirements for all of our plans, regardless of insurer
Owen and Associates acts as an advocate to retirees and can intervene on contentious claims and administrative issues
