LIFE AND HEALTH INSURANCE PRODUCTS
Why do we need Life & Health Insurance?
Death, critical illness, disabilities, and accidents can happen to anyone at any time and anywhere. Without planning, the financial consequences can be extreme. To guard against such unwanted situations, Life and Health Insurance can make a vital difference.
Personal Life Insurance secures financial stability for your family and loved ones by providing a lump sum cash benefit in the event of death
Health Insurance relieves your financial burden in the event of illness or accident. It also helps you maintain your standard of living by providing instant benefits to cover medical and living expenses.
Participating Whole Life Insurance policies consist of an investment component and whole life insurance. They are the best solution of consumers looking for insurance with a tax-sheltered investment without the need to manage those investments.
Features:
- insurance protection for life
- the potential for tax-sheltered growth without the risk of loss associated with equity markets
- premiums are guaranteed
- guaranteed cash value
- dividends
Non-Participating Whole Life Insurance is permanent life insurance which has no cash value and does not pay dividends. It provides insurance protection for life. Premiums are payable until age 100.
Universal Life Insurance is one type of permanent life insurance. A Universal Life policy keeps the investment and insurance components completely separate. Within policy limits, you can decide how much or how little you want to pay into the policy. You decide how your premium is invested. It provides affordable and flexible coverage on your life and an investment component that offers you tax-advantage guaranteed or variable investment choices.
Features:
- you can set the premium and the death benefit
- you can change your death benefit
- you can choose to deposit more than the insurance cost in order to increase the tax-advantaged investment account
- you control the savings in the investment account
- you can choose from a wide range of investment options according to your personal risk tolerance level
Term Life Insurance provides protection for a limited period of time and pays benefits only if the insured dies during the specified term.
Features:
- cost is less than permanent insurance
- policy expires at the end of the specified term
- while the policy is in effect, you are typically offered the right to convert it to a permanent policy without evidence of insurability
Mortgage Life Insurance is a Temporary (Term) Insurance which provides a tax-free lump sum to pay off a mortgage in the event of the untimely death of the mortgagee so that his/her family never has to worry about losing their home.
Disability Insurance replaces a portion of your income if an accident or illness causes you to be disabled and unable to work or earn an income.
Disability Insurance benefits are almost always payable on a monthly basis, while disability continues. Upon recovery from a disability, the policy continues. Benefits could potentially be payable again for subsequent disabilities or for the recurrence of a prior disability.
Critical Illness Insurance is a relatively new form of protection that provides you with a lump sum payment if you become critically ill. There are no requirements for how you spend the lump sum benefit you receive. You do not have to get approval for expenditure, provide any receipts. You can use the money however you see fit.
Critical Illness Insurance covers specific illnesses only.
- The policy holder is the employer or association sponsoring the plan
- The insured is the individual who is covered under the group plan
- Some plans also extend coverage to member's family
It offers a wide variety of insurance coverage including:
- Life Insurance
- Disability Income Insurance
- Extended Health Insurance
- Dental Insurance
- Accident Insurance
- Critical Illness Insurance
The Personal Health and Dental Plans are available to all B.C. residents, regardless of age, who are covered by the Medical Services Plan of B.C.
The Basic Personal Health Plans pick up where the government plans leave off. For example:
- Most prescription drugs
- Insulin preparations and diabetic supplies
- Semi-private or private hospital rooms
- Treatment fees for physiotherapy and massage therapy
- Ambulance fees in emergencies
- Crutches, casts and rigid support braces
- Ostomy and ileostomy supplies
- Oxygen and oxygen supplies
- Permanent prostheses, including mastectomy forms
- Wheelchairs
- Hospital type beds
- Wigs and hairpieces required as a result of medical treatment
- Out-of-Province and Out-of-Canada medical emergency care including hospital charges, physician and surgeon fees, prescription drugs and ambulance service
The benefits under all Personal Health Plans may be subject to a fixed percentage of the actual expenses, a deductible amount and a lifetime limit as outlined in the Contract.
The Basic Dental Plan covers the following:
- Oral examination
- X-rays
- Fluoride treatment
- Polishing
- Scaling
- Amalgam (silver coloured) filling
- Composite (tooth coloured) filling on front adult teeth
- Pit and fissure sealant
- Repairs to inlays, crowns and bridges
- Temporary stainless steel crowns
- Routine extractions
- Denture services, minor adjustments, rebasing, relining and repairs
Some Deluxe Dental Plans cover Root Canal and other Endodontic services.
Items and services under all Dental Plans may be subject to frequency and/or dollar limits as outlined in the Plan Contract.
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