The first question you have to ask yourself is: what do you want to feel more secure about? In other words, what do you need insurance for?
Protect your health (personal health insurance)
If staying on top of your health and protecting those who matter most to you is your goal, health insurance is designed to help you do just that. It can help you pay for covered health-related expenses that aren’t covered by your provincial or territorial health plan or employee benefits.
What expenses are we talking about? Imagine not having to pay out-of-pocket for things like:
- prescription drugs to treat a chronic or serious health condition,
- dental treatments such as teeth cleanings or braces,
- vision-care needs such as eye exams and glasses,
- emergency travel medical services when you travel to another country,
- physiotherapy to help with injury recovery, and
- medical equipment to help with your mobility.
Health and dental plans are like an added layer of health protection – or, if you’re self-employed and without an employee health plan, a really solid first layer.
Protect your family’s finances if you pass away (life insurance)
This is a big decision, and one with big benefits, too. Buying life insurance means protecting the ones you love. It means if you’re not around, they’ll still be able to live comfortably thanks to the investment you’ve made. That’s a great feeling.
Life insurance looks different depending on what you plan to do with it. The two types of life insurance are:
| Term life insurance | Permanent life insurance |
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A premium is the agreed upon amount you pay to the insurance company each month or year for your life insurance policy. The life insurance company’s side of the bargain says that when you die, they will pay a cash payment (called the death benefit) to your chosen beneficiary or beneficiaries (i.e. who you have chosen to receive the money). In most cases this payment is received tax-free.
Protect your mortgage in case of death or serious illness (mortgage protection solutions)
Protecting your mortgage is a smart move, especially if you want to help ensure your family can keep the house and pay it off if something happens to you. People are often offered mortgage insurance when they buy their home. So, what do we mean when we say mortgage protection solutions? Is it different than mortgage insurance?
When you buy mortgage insurance from your lender, your monthly premiums stay the same, but the coverage amount actually decreases as you pay down your mortgage. That’s because this type of insurance only covers your outstanding mortgage balance and the insurance payout goes to lender.
But if you go a different route and use life insurance as mortgage protection – ah, that’s where the name comes from! – you get value for your money. Because with life insurance, you're always covered for the same amount as long as you have the policy, even if you sell your house or change mortgage lenders. In this case the insurance payout goes to the named beneficiary, who can decide what to do with the money.
Protect your lifestyle if you were to become seriously ill (critical illness insurance)
Simply put, getting very sick can be very expensive. Critical illness insurance is coverage that can help Canadians pay the additional costs associated with a covered life-altering illness like cancer, stroke, heart attack and dementia.
If you were to get sick with a covered illness, in most cases you would get a tax-free lump sum of money to use however you need to, including helping pay for expenses that aren’t covered by your provincial or territorial health plan. That way you wouldn’t have to worry about how you and your family would pay the mortgage and other bills.
Protect your salary if you become unable to work (disability insurance)
What would happen to your income if you became suddenly disabled or unable to work? If you have disability coverage with your employer, that can help. But, if you're self-employed or don't have enough disability coverage through your employer, you could find yourself in real financial trouble, real fast.
Disability insurance is designed to solve this problem by providing you with a portion of your income if you become disabled. This could be due to a covered injury, serious illness or a mental health issue. It pays the bills when you can’t.
Protect your care as you age (long-term care insurance)
Aging is inevitable - it’s happening to all of us, all the time! As we age, our health and needs can change.
Long-term care insurance gives you money to help with:
- Bringing care into your home so you can age in place
- Supporting your family financially if you live with them in your old age
- Protecting your personal savings from the sometimes high cost of care
- Paying for care at home or at a facility
In short, this type of insurance can protect you and your bank account if you need additional support to help with day-to-day living.
Prospr can help you protect what matters
Let us leave you with this thought: when you buy insurance for yourself, you’re really buying it for you plus the people that matter most to you. You want to protect your loved ones and help keep the property you may share with them – that’s where insurance comes in. But it also has a terrific side benefit. It can make you feel more secure about yourself and your future, too.
At Prospr, we can help you plan your future in a way that gives you peace of mind by helping you find and purchase the right insurance for you and your family. It’s all part of our holistic approach that combines your wealth, health and insurance in one easy-to-plan package. Let’s talk.
