Looking for an Insurance Company in Ottawa?
Buying insurance can be intimidating, but it doesn’t have to be. Like a lot of people, you’ve seen that insurance choices are everywhere, and maybe you’re not sure where to start. Do you even need insurance? Everyone should consider life insurance to protect the ones they love. Insurance helps you safeguard everything that matters to you. Let us help break down your options for you, so you can get back to living the life you want to protect.
Life insurance can’t bring anyone back to life, but it can mean the difference between grieving — and grieving with the added stress of an uncertain financial future. For the ones we leave behind, life insurance is the best gift anyone can offer. In Ottawa, we happily live in a safe, clean city, but there are many types of life insurance that could be right for you. So which policy is best for your family’s needs?
Term insurance will cover you for 5, 10, 15, or 20 years, depending on the policy, and will expire at its time limit. This kind of insurance can be good for younger people, and people in excellent health, because it could potentially get you lower rates. A medical exam is often necessary, and a healthy history will allow you to pay less. Before purchasing this kind of life insurance, do consider what you will do when it expires. If you think you will still be in good health, consider purchasing the same policy again. If you have reason to think you might not be, a more expensive but more permanent type of coverage may be a wiser investment for you.
Permanent insurance is one such option. This long-term insurance has two major benefits: it will not increase in price, and it will not expire. Insurance companies may turn down an individual for coverage if health or financial issues are present, so buying life insurance is always a good idea sooner rather than later. Once purchased and approved, your insurance will protect you through any subsequent changes to your life or health. While those in good health may see more financial benefits in term insurance, permanent insurance may be the right choice for anyone still feeling unsure about their insurance needs; this is a simple, one-time decision that will last the duration of your life. That way, you can set up your regular payments, and never have to worry about it again.
Term 100 is called a type of term insurance, but it functions as a permanent insurance. This policy does not cease to protect the insured individual at their 100th birthday, but continues to protect the individual for the duration of their life. At the insured’s 100th birthday, they are no longer charged premiums, though the coverage continues. So not only do you get to live to be 100, but you get free life insurance too. Happy birthday!
Whole life insurance is a type of permanent insurance that offers the ability to accumulate cash values. Whole life insurance usually offers the benefit of being able to guarantee the cost upfront when you purchase your first policy. Sometimes referred to as “ordinary life” insurance, this is a simple type of permanent insurance that lasts the duration of the insured’s life. Rates tend to be higher than term policies, but you’ll be assured in your protection. Don’t take chances with your loved ones’ futures.
Universal life insurance works best for those a little more investment-wise. While offering permanent life insurance protection, you can use it to help shelter investments from taxes. A policy for the shrewd investor, universal life insurance can also act as a savings plan. Like anything that involves investments, it’s best to do your research. Get to know the market. Figure out what kinds of financial risks you’re willing to take. Will you have to watch the policy to compare it against the market’s highs and lows? There are many companies offering Ottawa life insurance, but who can offer the best help with investing? The more you know, the more wisely you can choose what’s right for you. Previous experience with investing will help you have confidence in such an insurance policy. Talk to an advisor about a universal life insurance policy. As with any option to invest, take time to evaluate both the risks and the rewards.
Participating life insurance is a type of permanent insurance. It has an investment option in order to remain flexible in its coverage. Buyers of this policy may enjoy annual dividends that are based on the success of the company who issued the insurance. The dividend can be used to pay insurance premiums, used to collect interest, or simply paid out as cash. This option can help you keep the death benefit competitive against the effects of inflation.
No medical insurance and guaranteed issue insurance are excellent options for people with existing medical conditions that might be declined when applying for other plans. Few or no medical questions will be asked, and the coverage is secure. These plans will often have age requirements. These types of insurance will typically offer a smaller amount of coverage than other policies, but at the end of the day, it’s still better to be insured than to leave yourself unprotected.
Quick issue insurance has a similar approval process to no medical and guaranteed issue, but the needs of the individual buying it may be different. Quick issue insurance will be a little more expensive than other plans. This insurance is for anyone needing urgent protection. (You can be approved immediately, or within a few days.) Limited questions are asked, and often no medical exam is required. An important difference to think about is that while the price can be higher, this insurance often pays out substantially more than no medical insurance and guaranteed issue insurance.
Multi-life insurance is a policy designed to protect more than one individual. This is a great insurance for couples, especially for those who have each other as their beneficiaries. This is a policy that is generally less expensive than two individual policies, which makes it a wise choice. Multi-life insurance still comes in a variety of options; most individual policies have a multi-life version or something similar. Take care to look into all the types of insurance that have multi-life versions. If you’re already insured in Ottawa, why not take out a multi-life insurance policy of the same kind for you and your partner? Consider a multi-life insurance policy to cover your home’s needs. Keep your family protected, and your payments down.
Joint first to die, and joint last to die insurances are happily insurances that sound exactly like what they are. Generally less expensive than individual plans, these multi-life insurance plans are for couples who have made firm decisions about their needs. Joint first to die insurance pays the benefit after the death of the first person. This could be for couples who have decided the money of the death benefit would be better spent helping the other person with living expenses. Joint last to die pays out once both insured persons have died. This might be for couples who wish to have their children or another party receive the death benefit after they are gone.
Paid-up insurance is a type of insurance rider. An insurance rider is a policy that is added on to any existing insurance plan, like a whole life insurance policy. For an extra cost to monthly premiums, paid-up insurance can help you tailor a general policy to specifically fit your insurance needs. With this insurance, the insured individual will pay premiums up until a certain point (like age 65, though it will differ from plan to plan), while remaining covered even after that. It is similar to term 100 insurance in that way. With a paid-up insurance rider, you can earn dividends that will compound, so it helps increase the overall benefit to your policy. Paid-up insurance can apply to an insurance policy with either a death benefit or a living benefit. There are many great things about this insurance add-on. However, because it is a more specific insurance, it is also a more complicated insurance, so make sure you understand your entire policy before making that commitment.
Emergency travel insurance should be the basic insurance anyone traveling outside of Canada purchases. While there are many types of travel insurance, including plans that will replace lost luggage and refund missed flight connections, every traveler needs to have insurance to protect them in case of emergency or accidental death. The cost of international funeral expenses isn’t something we want for any of our loved ones. Many countries, including Canadians’ closest neighbour, can charge thousands of dollars for setting a broken bone, or seeing a doctor for an infection. Don’t take the risk that your vacation will set you back. Travel is full of surprises; don’t let hefty medical bills be one of them.
Critical illness insurance pays a lump sum to anyone diagnosed with any one of a list of predetermined illnesses. The number of illnesses covered can range from three – twenty-four, with cancer, heart attacks, and strokes being the top illnesses usually included. This life insurance is good for providing financial support for anyone who might have to take time off work to seek treatment or recover from the illness. In Ottawa, most healthcare is free, but this insurance can also help cover the cost of medication, or any treatment performed outside of the country. Before purchasing this kind of insurance, do look carefully at which illnesses are included in your plan. For example, every plan might not cover each type of cancer, and often there are certain requirements for the diagnosis of an illness. Be informed of your options, and make sure you chose the plan that’s right for you.
While not a kind of life insurance, health and/or dental insurance have obvious benefits. These policies are available for individuals or groups. Prescription drugs can be expensive outside of insurance plans, and anyone needing dental work outside of a basic cleaning can find themselves looking at thousands of dollars in dental bills. Protect yourself and your family with insurance that takes care of two important needs.
Disability insurance will be the best decision you’ve ever made should you ever need to use it. Take the time you need to recover without worrying about how to cover the cost of living. According to Statistics Canada, accidents were the third leading cause of death in 2011 for males in Canada, and fifth overall. Whether it’s on the job, at home, or on the road, Canadians are at risk of injury. Some workplace injuries are covered, but not all of them, especially injuries that build slowly over time. Standard workplace coverage can range from acceptable, to amounts too low to cover all of your necessary expenses. If you work on your feet, or in higher- risk environments, talk to an advisor today about which policies can help you the most. Make sure the risks you take are the risks you’re covered for.
It’s always best to talk to a financial advisor you trust in Ottawa about your options. Be upfront about what you’re looking for, and if you’re still not sure, that’s fine to say, too. Many of the policies listed above overlap and can be combined in different ways. Advisors are there to offer plenty of help if you need it. Always be sure you understand the agreement you’re buying, and research is always a great idea. Already you’ve joined thousands of people living in Ottawa by looking into life insurance companies, so don’t feel overwhelmed by your options. You’re on the right track. Whatever your choice, you’ve made the right decision to help protect the ones you love most.