Your family is important to you. And you are equally important to them. Having something happen to you or your partner would be difficult enough emotionally for your family. The last thing you’d want is to burden them with financial implications on top of it all.
Life insurance provides a tax-free payout to your loved ones that can remove financial concerns at a time when they are already dealing with a significant loss. Life insurance is not just for those in good health; our specialists can help you get the right insurance coverage you need.
Ask your broker today about term life insurance to protect your mortgage. In most cases, it can be a better option for your family.
If you’re sick, we want to help you get better. Your provincial health coverage is great in certain cases, but there are significant gaps in what it covers. You could be at a serious financial liability for issues like chronic health conditions, emergency medical services in another country, or other practitioners. If you don’t currently have access to individual health insurance through your employer, it is important to consider purchasing your own plan.
We can help you get better by relieving you of the financial burdens when faced with a disability or critical illness. Our life insurance professionals will help you choose the plan best suited for your particular needs, so that getting better is the only thing you need to focus on.
Your business partner has your insurance covered, but your spouse might not be. Offering group health benefits to your employees might also be one of your priorities. Our specialized team of dedicated professionals will work with you to provide solutions for any of your business related needs. If you’re a small business owner, ask one of our specialists about “key man” insurance, to protect the business against your loss.</p<
As Canadians, we’re pretty lucky. We have access to one of the best healthcare systems in the world, allowing us to go to the doctor whenever we’re ill without worrying about the expense. However, beyond medical appointments and other basic healthcare needs, there are many things aren’t covered by our universal healthcare.
What does universal healthcare not cover?
Dental care isn’t covered under universal healthcare, and dental bills can be quite pricy, with dental visits often costing hundreds of dollars. A supplementary health insurance policy can help cover routine dental exams, x-rays, cleanings, extractions and fillings.
Medications, especially those that need to be refilled regularly, can be quite expensive without coverage. With drug coverage, many prescription drugs are very affordable.
Wheelchairs and other medical supplies and appliances can cost thousands of dollars without additional coverage.
Supplemental health insurance can help pay for optometry appointments as well as glasses or contacts.
For certain conditions or injuries, your doctor may recommend you see another healthcare professional like a physiotherapist or osteopath. Their services are often partially covered under a supplemental healthcare insurance plan.
With access to fairly comprehensive healthcare here in Canada, many of us don’t think about the possible expenses of getting sick or injured while travelling. If the worst happens, your provincial insurance may not cover your bills – even something as simple as few nights in hospital with doctor fees and diagnostic charges in the USA can equal tens of thousands of dollars. If you do have travel insurance included in your supplemental healthcare plan, be sure to carry all information relevant to your policy, such as your policy number, while you travel.
Do you need extra health insurance?
Of course, no one plans on getting sick or injured. But extra expenses like those above as well as ambulance services or specialized nursing services can really add up – especially if your illness prevents you from working. Beyond helping with medical bills, additional health insurance can supplement your income if you become severely ill or injured.
Peace of mind is priceless – talk your MacLeod Lorway broker today for health insurance tailored to you.
Life insurance is your family’s financial safety net. It’s there to protect those you love in case the worst happens. The good news is that many employer-provided group insurance policies include life insurance coverage as a convenient and affordable way to give your family a financial cushion during tough times. However, if you’re your family’s primary breadwinner, a parent, have any outstanding debts, or plan to switch jobs throughout your career, the life insurance coverage you get through work may not be sufficient. There are two main reasons why your group plan may fall short and you should consider getting an additional life insurance policy:
1. Your group policy is tied to your employment
Employer-provided insurance is just that: it comes from your employer. This means if you switch jobs, you may be without coverage until you’re added to the plan at your new place of employment. This could take several months depending on your employer. Unlike employer-provided life insurance, independent life insurance will go with you no matter where you work so you can count on it with no breaks in coverage.
2 . Employer-provided life insurance may provide less coverage than you need
There are several personal reasons why employer-provided life insurance may not be enough. How much coverage you actually require will depend on your family situation and what you hope to leave behind. Determining this final amount will depend on factors like your marital status, how many children you have, and how much money you want to provide your family with to cover debts, funeral costs, tuition, and other potential expenses. Many group policies only provide a couple years of income replacement – that is, the value of your salary multiplied by the number of years of coverage. While this can be helpful, many families – especially those with young children or outstanding debts like mortgages – don’t find this sufficient. Your employer-provided life insurance can provide you with a good base of coverage, but additional coverage may be required to give your family the future you want for them.
The great thing about an independent life insurance policy is that it’s totally customizable for you. If you’re unsure how to best secure your family’s financial future, talk to a MacLeod Lorway broker today about a life insurance policy.
We consider your wants and needs to make sure you get the coverage that makes sense for you.
Coverage. Care. Commitment.
"I believe it's important to give back and be a part of our community."
John Pino, MBA, FCIP, CAIB, CRM
VP Eastern Operations and Industry Relations, Sydney