When it comes to protecting yourself, your hard-earned stuff, and your family, life insurance and health insurance are some of the indispensable tools. For that reason, you should include these insurance options in your financial plan. However, there is an interesting thing about life insurance; it’s no longer what you heard your parent talk about. For the last couple of years, things have been changing dramatically to allow Canadians, even the low income earners, to afford the life insurance plans.
Here is what you need to know about the current health and life insurance
Various Canadian insurance companies that offer life insurance policies have ignored some of their initial qualification criteria and included no medical-products to their required qualifications. This implies that health conditions such as cancer in remission, diabetes, mental illness, and advanced age cannot prevent you from obtaining a health or life insurance policy. Besides, neither the health insurance policy nor the life insurance policy require a pre-qualifying health practitioner’s visit. However, you will be required to answer a few questions regarding your health as part of the health insurance or life insurance application process.
For most families, the financial difficulties are felt not only when the caregiver passes on but also when that breadwinner becomes ill and unable to work for a long time. Though disability insurance can only replace a portion of your earnings, the critical illness insurance is essential if you get a heart attack, cancer, need a coronary bypass, and more.
Keep in mind that the critical illness offers you a “living benefit” as it pays when you’re still alive. Besides, it’s a tax-free lump sum of money that you can spend as you choose. For most people, this money can help in debt settlement even if you’re paying a mortgage as the ill person recovers.
Initially, being a smoker was a surefire way of doubling or tripling your health insurance or life insurance price. Surprisingly, underwriters never bring any difference between marijuana and cigarette smokers. Relative to some factors such as how frequently the smoker uses the drug, some insurance companies may begin insuring marijuana smokers at non-smoker prices. However not all carriers are signing up for this.
Initially, for you to get life insurance you were supposed to visit the carrier in person, schedule an appoint in their office or your home, and compare different plans. Currently, brokers can do everything for you. Note that these brokers are like freelance life insurance advisors. While an insurance agent can only sell a product for only one insurance company, an insurance broker can sell products for different insurance companies in Canada.
Health and life insurance can caution you against the unforeseen life surprises that are likely to drain your income. Though life misfortunes might show up whether you are insured or not, getting the current life insurance can help you be prepared financially.