Resources & Insights

Q: Why do I need travel insurance if I have provincial health coverage?

A: Provincial health plans provide very limited coverage (often less than 10%) for medical expenses incurred outside of Canada, and may not cover anything outside your home province within Canada. Travel insurance is crucial to cover significant costs like hospital stays abroad, emergency medical evacuation, prescription drugs, and other services not paid for by your government plan.

Q: What's the difference between insurance for Canadians Travelling Abroad and Visitors to Canada insurance?

A: Canadians Travelling Abroad insurance is for Canadian residents travelling outside of Canada. Visitors to Canada insurance is for non-residents visiting Canada (e.g., tourists, temporary workers, new immigrants awaiting provincial coverage) or for Canadians returning to Canada who are in their provincial health plan waiting period.

Q: What are the specific requirements for Super Visa insurance?

A: Super Visa insurance must:

• Provide a minimum of $100,000 CAD in coverage for healthcare, hospitalization, and repatriation.
• Be purchased from a Canadian insurance company.
• Be valid for at least one year from the date of entry into Canada.
• Proof of coverage must be available for review upon each entry to Canada.

Q: Can I get travel insurance if I have a pre-existing medical condition?

A: Yes, coverage for stable pre-existing conditions is often available, but it depends on the condition, its stability period (e.g., stable for 90, 120, or 180 days before your trip), and the specific policy. It's crucial to declare all conditions accurately when applying. Our online quoting tool and advisors can help find suitable plans.

Q: What's the main purpose of life insurance?

A: Life insurance provides a tax-free cash payment to your beneficiaries upon your death. This money can be used to replace lost income, cover debts (like a mortgage), pay for final expenses (funeral costs), fund education, or leave a legacy.

Q: What are the main types of life insurance you offer?

A: We offer several types, primarily:

• Term Life Insurance: Coverage for a specific period. Generally more affordable.
• Whole Life Insurance: Lifelong protection with guaranteed premiums and cash value.
• Universal Life Insurance: Lifelong protection with a flexible investment component.
• No Medical & Simplified Issue Life Insurance: For faster application or those with health concerns.

Q: How much life insurance do I need?

A: The amount depends on your individual circumstances, including your income, debts, family size, and financial goals. We can help you with a personalized needs analysis, often considering factors like Debt, Income replacement, Mortgage, and Education costs (D.I.M.E.).

Q: What is Critical Illness Insurance?

A: It provides a lump-sum, tax-free payment if you are diagnosed with a covered serious illness and survive a waiting period. This money can be used for any purpose.

Q: What is Disability Insurance?

A: It replaces a portion of your regular income if you become unable to work due to an illness or injury, helping cover living expenses.

Q: Who needs personal Health & Dental insurance?

A: It's ideal for self-employed individuals, freelancers, retirees, or anyone without group benefits, to cover expenses like prescription drugs, dental care, vision care, and paramedical services.

Q: What is the main benefit of an RESP?

A: RESPs help save for a child's education with tax-sheltered growth and government grants, primarily the Canada Education Savings Grant (CESG), which matches 20% of your contributions up to $500 per year per child (lifetime $7,200).

Q: How does an RRSP help me save for retirement?

A: RRSP contributions are tax-deductible, reducing your current taxable income. The investments within the RRSP grow tax-deferred until withdrawal, ideally in retirement when you may be in a lower tax bracket.

Q: What's the advantage of a TFSA?

A: Contributions to a TFSA are made with after-tax money, but all investment growth and withdrawals are completely tax-free. Withdrawn amounts are also added back to your contribution room the following year, making it very flexible.

Q: What is an FHSA (First Home Savings Account)?

A: An FHSA helps first-time homebuyers save for a down payment. Contributions are tax-deductible (like an RRSP), and qualifying withdrawals to buy a first home are tax-free (like a TFSA).

Q: What kind of investments can I hold in my RRSP, TFSA, RESP or FHSA with you?

A: As licensed life insurance agents, we primarily offer insurance-based investment products such as Segregated Funds and GICs (Guaranteed Investment Certificates) through our partner insurance companies (like IA, Manulife, Equitable Life, Ivari, CPP). These products offer growth potential, often with added security features like maturity and death benefit guarantees.

Q: How do your referral services work for things like Commercial or Home & Auto Insurance?

A: For specialized areas like Commercial Insurance, Employee Benefits, Home & Auto, Pet Insurance, and Mortgages, we connect you with trusted, experienced professionals in our network who are experts in those specific fields. We facilitate the introduction to ensure you receive dedicated advice and competitive solutions. (Note: For mortgage referrals, we partner with BMO).