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Pat McIver

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https://mciverinsurance.com

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Is Cancer Considered A Disability In Canada

Is Cancer Considered A Disability In Canada?

The word ‘cancer’ itself is enough to strike fear and remorse in the hearts of many. This disease is one that has claimed the lives of countless Canadians through millennia and is one of the few medical conditions that we still have no definite cure for. Thankfully, technological and medical advancements have made it possible for humanity to fight cancer, such as tumors and disabilities related to cancers, and even beat it in many instances.

 Yet, cancer is still one of the leading causes of death globally. Over 10 million people die of cancer each year. Those that survive have to live a different life as the fight against cancer is never truly over.

Is Cancer A Disability In Canada?

Yes, cancer is considered a long-term disability in Canada. As such, this makes you eligible for long-term disability benefits through your insurance provider. In order to qualify, you must provide evidence that the severity of your cancer and related treatments are interfering with your ability to work. If proven, you will be granted disability benefits for income replacement.

Cancer & Long-Term Disability Claims In Canada

A cancer diagnosis is by far one of the most challenging times in any individual’s life. The sheer physical, mental and emotional trauma is enough to leave even the bravest and most optimistic side of us defeated. Everything becomes a challenge.

Even daily activities that we all take for granted become difficult and excruciatingly painful. However, through proper resolve, determination, patience, and planning one can overcome cancer, no matter what type of cancer it may be, including lung cancer and prostate cancer. It’s not easy but you need to remember you are not alone. There are many sources available at your disposal to help you along the way.

Your family, your friends, and the Canadian government are all there with you helping you win that fight!

One way that you can receive help from the government is by applying for long-term disability benefits. This is applicable to you if you have been diagnosed with cancer and are unable to work as a result. The long-term disability benefits plan is provided through your employer’s group benefits plan or any other individual plan you have purchased. 

With so many things on your plate, these plans will at the very least provide income replacement, allowing you to take the time you need to treat yourself and recover without having to go through even more financial stress. As you may well be aware, cancer treatment isn’t cheap by any means. Not being able to work during your treatment period can put monumental stress on your personal finances. Having that part taken care of through long-term disability benefits is a tremendous relief.

Can You Be Denied Disability Claims For Cancer? 

Even though cancer is considered a long-term disability in Canada, there are instances when your disability claims for cancer can be denied. These situations are rare but not unheard of.

Not Enough Evidence To Support Your Claims

According to the long-term disability policy, benefits can only be granted to those individuals that cannot work due to their illness or disability. If your doctor feels that you can work while undergoing treatment you cannot apply for long-term disability. Only if your doctor confirms that your illness is preventing you from working can you claim this policy.

You Have A Pre-Existing Medical Condition

Always make sure to check your insurance policy for its pre-existing conditions clause. This will usually be an extensive section of your policy and can in many ways invalidate certain claims if you are not careful. For example, claims can be denied based on the fact that the cancer was detected earlier than the beginning of the enrolment period for your current benefits plan.

Statistics for Canadian Cancer

  1. According to the Canadian Human Rights Act, cancer is considered a disability in Canada.
  2. In 2018, an estimated 206,200 Canadians were diagnosed with cancer.
  3. In 2018, an estimated 80,800 Canadians died from cancer.
  4. Cancer is the leading cause of death in Canada, accounting for 30% of all deaths in 2018.
  5. In 2018, the most commonly diagnosed types of cancer in Canada were prostate cancer (25,400 cases), breast cancer (25,300 cases), and colorectal cancer (24,400 cases).
  6. In 2018, the most common causes of cancer death in Canada were lung cancer (21,400 deaths), colorectal cancer (9,700 deaths), and pancreatic cancer (7,900 deaths).
  7. In Canada, the 5-year survival rate for all cancers combined is 63%.

Resources for Cancer Patients in Canada 

Cancer is not just a physical ailment, it takes a toll on the mind and spirit as well. As a cancer patient in Canada, it’s important to know that there are resources available to help you through this difficult time. The Canadian Cancer Society is one such resource, offering support and information to cancer patients and their families. 

They can provide information on treatment options, as well as emotional support and financial assistance. Additionally, cancer patients in Canada may be eligible for the disability tax credit. This credit can help offset the cost of treatments and provide financial relief during a difficult time. It’s important to note that there are certain criteria that must be met in order to qualify for the credit.

Furthermore, it’s essential to be aware of disability rights as a cancer patient in Canada. It’s important to know that you have the right to equal opportunities and access to services, and that employers are required to make reasonable accommodations for employees with disabilities. 

Taking action and utilizing the resources available can make a world of difference in the success of your cancer treatment. It’s important to not only focus on healing the body, but also the mind and spirit. Taking care of yourself and finding support can help you maintain the energy and determination needed to fight this disease. Remember, you are not alone in this fight and there is help out there.

3 Tips To Improve Your Chances Of Getting Benefits Approved

Finding out that you or a loved one has been diagnosed with cancer is a hard pill to swallow. Not having your disability benefits approved by your insurance provider is harder still!

To help make your case as fool-proof as possible here are some handy tips to help bolster your chances.

Keep Records Of All Medical Tests, Hospital Bills, Specialist Visits, Medical Prescriptions, & Other Treatment Expenses

The more complete and detailed your objective medical evidence is the higher the chances of you getting the claim approved as quickly as possible. Keep records of everything. Your diagnostic test results, MRIs, CT scans, doctor visits, treatment reports, list of prescription medications, and more are all vital in expediting your application.

Provide Supporting Evidence Of All Your Disabling Symptoms

Often, it is not cancer itself that prevents you from working but rather the side effects of the treatments you are undergoing. As a result of medication and cancer-related treatments, patients can experience side effects such as nausea, pain, fatigue, dizziness, and inflammation. Making note of how these side effects are preventing you from working is equally as important as you proving you have cancer. Make sure your doctor records these symptoms and side effects to help you build your case.

Present Your Case As A Narrative Of Your Illness

First, always make sure to provide as much information as possible when you apply for benefits. This means providing detailed information.The more detailed your evidence proves to be, the easier the process becomes. Apart from the doctor’s statement (that offers an account of your diagnosis, treatments undergone, and its impact), you should also include a personal statement detailing how cancer has affected you personally. You can use this statement to illustrate the extent of the difficulties you are facing, both physical and mental, that are hindering you from working.

Tax Benefits for Cancer Patients

Tax benefits for cancer patients in Canada can be a valuable source of financial support during a difficult time. The Canadian government offers a variety of policies and programs that provide financial assistance to those living with cancer. One of the most important tax benefits is the disability tax credit, which can provide a significant amount of money to help cover expenses related to cancer treatment. Additionally, many employers offer disability coverage as part of their employee benefits package, which can also provide financial support for those who are unable to work due to cancer.

It’s important for someone who has been diagnosed with cancer to be aware of the steps they need to take to access these benefits. It’s crucial to start the process early on, as the application process can take some time. It’s also important to be proactive in seeking out information and support. It’s never too early to start researching and planning, as the earlier you start, the more options you will have available to you.

It’s important to remember that everyone’s situation is unique, and what works for one person may not work for another. But with the right resources and support, it is possible to navigate the financial challenges that come with cancer, and to move forward with hope and determination.

Canadians looking to File For Disability

Are you seeking to file for disability benefits through your insurance provider? Or worse, has your long-term disability benefit claim been denied? In either case, you should get in touch with McIver Insurance before making your next move. 

Based out of Halifax, NS, McIver Insurance understands all there is to disability claims and can offer in-depth advice as to how to best pursue your case given your current situation. If you are unable to work as a result of your cancer treatments contact us immediately. 

We can help you make all the right decisions when it comes to filing for long-term disability and deal with your insurance providers on your behalf. The last thing anyone wants is a drawn-out legal battle with an insurance company. Let us handle that while you deal with what’s important; your personal health.  

Are Group Benefits Mandatory

Are Group Benefits Mandatory?

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Health insurance is a convenience for Canadians for a variety of different reasons. Health insurance is not always cheap, but it is still helpful to pay for unexpected medical expenses. The amount you would pay for health insurance is affordable compared to the amount you would end up paying for medical services.

It can be detrimental for people with a history of medical conditions, participate in extreme sports, or physically toil at work to go around without health insurance. One solution to the problem is carrying out an individual health policy, but this has its own setbacks. An alternative solution that does not require you to carry out an individual health policy is a group plan.

Group health insurance plans in Canada are quickly gaining popularity because they are affordable for both employers and employees. Some employers are skeptical of the benefits group plans can offer and how they work. But before we explain how group benefits can facilitate employers and their personnel, let’s get a clearer idea of group health insurance.

What Is Group Health Insurance?

Group health insurance policies provide insurance coverage for employees in a particular organization. Group health insurance plans cost less than an individual insurance policy because the premium cost is shared between the employer and the employee of the organization. The cost of the premium is divided between the employer and the employee according to agreed-upon terms for all parties.

How Many Employees Must An Organization Have To Qualify For Group Health Insurance?

Group health insurance plans are split into two categories: small health insurance plans and large group health insurance plans. An organization that employs between one and 50 workers qualifies for the small group health insurance plan. A company with more than 50 employees must get a large group health insurance plan.

For small organizations, there should be more than three employees in total, not including the owner. At least one of the employees should not be related to the employer to qualify for a group health insurance plan.

Categories Of Group Insurance Plans

Group insurance plans are categorized based on the number of workers, type of company, or inclusionary. Let’s look at some of these group insurance plans in detail.

Health Maintenance Organization (HMO): Most Affordable Plan

This is the most inexpensive plan for small companies because it limits coverage and services to providers listed in the HMO contract. Policyholders can not get services from health service providers not included in the HMO network. In some cases, policyholders may be able to get emergency care and dialysis within their primary plan’s service area based on their coverage.

HMO policyholders must reside or work in the primary plan’s service area to qualify for coverage. Organizations can nominate a primary care physician to organize their services. The primary care physician refers policyholders to medical specialists within the coverage network.

Preferred Provider Organization (PPO): Best Value For Money

An insurance provider contracts with various clinics, doctors, and hospitals, to establish a network of affiliated providers in a preferred provider organization (PPO) health insurance plan. All of the participated providers agree to deliver services to policyholders based on a negotiated rate. As long as you acquire services from the in-network providers, you will pay less for the health services.

You have the liberty to choose out-of-network health service providers, but you might pay more. This is because out-of-network providers do not acknowledge the negotiated rate set by your insurance provider. The business organization can cater to a panel of hospitals, clinics, and medical service providers instead of a single primary care physician.

On the whole, PPO plans give organizations the most freedom but the premiums will cost more. Consider getting a PPO plan if you expect to pay more for health services in the coming year. Policyholders can easily afford to get consultations from several medical specialists for their satisfaction if their medical condition demands it.

Point Of Service (POS) Plan: Affordable Out-Of-Network Coverage

Point of service (POS) health insurance plans require the organization to nominate a primary care physician for their policyholders. The primary care physician can refer policyholders to out-of-network medical service providers but they will cost more than in-network medical specialists.

The premiums for POS plans are more than HMO plans because it offers out-of-network coverage. This is a valuable facility for policyholders with medical conditions that require medical attention if they visit locations outside of their primary care region.

Difference Between Group Insurance & Individual Insurance Policies

You must incur all of the costs of an individual insurance plan designed for you or your family members. Business owners and employees can agree to share a percentage of the premiums for group insurance plans. Depending on the group insurance plan you and your employer choose, you will pay less in comparison to an individual insurance plan and still get the same benefits.

Some group insurance plans are fully paid for by employers for their employees, but these plans might not be available for new employees. Affordability is another benefit of a group plan for larger families (one spouse and one child or more). An employee with two dependents pays the same as an employee with family coverage for six dependents.

The main drawback of group insurance is that employee benefits are tied to the worker’s employment status. A job loss has a negative impact on health insurance coverage. There are government programs to bridge gaps in coverage, but most of these programs are quite expensive.

Is Group Insurance Mandatory?

Group insurance is a good way to attract and retain new employees with your organization for the long run. But there is no law which mandates an organization to offer all of its employees a group plan. It might not be practical for new businesses with a few employees to offer all of their worker’s group benefits from day one.

A majority of Canadians still expect some sort of health insurance before accepting a job offer from any company. A job offer from a large organization with a comprehensive group insurance plan can be a game-changer for new employees.

Customized Group Insurance Plans For Businesses In Halifax

Insurance companies acknowledge that businesses of all sizes in Canada need group insurance plans according to their business requirements. An experienced group insurance broker can help your organization choose the best group insurance plan based on the number of employees and line of business.

McIver Insurance Halifax provides counsel to businesses from coast-to-coast with 10 or more than 10,000 employees. Schedule a consultation with them today to discover the specific challenges your business can overcome with a group insurance plan.

Nova Scotia Disability Claims Why Can they be Denied

Nova Scotia Disability Claims: Why Can they be Denied?

An employee may be eligible for long-term disability benefits if they have a mental disorder, physical condition, or permanent injury that hinders the employee’s work performance. It is highly likely that these employees can collect long-term disability benefits, especially if their employer’s group plan covers them. Employees that have their own private insurance policy with paid current premiums can also be eligible to receive long-term disabilities.

The Canada Pension Plan provides compensation to individuals with a disability that prevents them from successfully earning a living. Policyholders can qualify for long-term disability benefits because of a medical condition that demands a prolonged absence from work. The individual can get these benefits only after all other means of income, such as vacation time, sick leave, and short-term disability benefits have been used. Long-term disability benefits can provide between 60% to 70% of the employee’s monthly income, giving the individual the opportunity to live a financially stable life.

The concern with most workers filing for disability claims is that there is always the possibility that they can deny their claim. Insurance providers can deny disability claims on valid legal grounds. Let’s look at some of the most common reasons for disability claims being denied in Nova Scotia.

Medically Qualifying For Disability Benefits

Every insurance policy has unique eligibility requirements for policyholders that claim long-term disability benefits. In real life, different insurance policies issued by the same insurance company will have a different definition of “disability” in each one of their policies. Not being able to meet the insurance policy’s description of disability is one of the most common reasons for a disability claim denial. The employee might not perform their duties because of a physical or mental handicap, but they cannot claim benefits for the long-term disability.

In most cases, the insurance provider’s precise definition of disability will determine if the employee receives disability benefits. Some of the most common health conditions that can qualify for disability benefits in Nova Scotia are:

  • Back problems
  • Bipolar mood disorder
  • Cardiovascular disease
  • Chronic pain or complex regional pain syndrome (CRPS)
  • Depression
  • Lyme disease
  • Post Traumatic Stress Disorder (PTSD)
  • Psoriatic Arthritis (affects interphalangeal joints)
  • Several other physical conditions

The policyholder can not receive any sort of disability benefits unless they meet the medical description of disability according to the insurance provider. The definition includes any physical or mental conditions that do not allow the employee to perform their employer’s contractual duties. Policyholders receive disability benefits for the first two years after the accident based on this condition. Some insurance providers refer to policyholders in their “own occupation” stage during this time.

According to the insurance provider, the policyholder’s condition after two years takes a turn for the worse. Now the policyholder can NOT complete ANY task, whether it is associated with their work or not. Remember, different insurance providers use different terminology, and sometimes getting a qualified expert opinion is the best option.

Inadequate Documentation To Support Your Disability Claim

All insurance providers require policyholders to submit medical documentation to support their disability claim before they can begin receiving any disability benefits. All the documents must be authorized by the proper medical or legal authorities. Medical records, lab results, and a doctor’s declaration are just some documents that corroborate a claim for long-term disability benefits. Failure to provide all the documents or documentation with the proper verification can result in your disability claim being denied.

Your claim will be denied if the documents you provide do not match the medical description of disability based on your insurance provider or the documents fail to display the full extent of your disability. Insurance providers require claimants to show that they are under constant physical and medical supervision by a qualified general physician to increase the chances of their claim being approved. If your disability claim has been denied due to a lack of supporting documentation, you can reverse the decision by presenting the appropriate documentation.

Pre-Existing Health Conditions & Meeting Insurable Interest Demands

Potential policyholders must meet the insurance provider’s demands before the insurance policy becomes active. A majority of insurance providers require their clients to declare any pre-existing medical conditions before the policy comes into effect. Potential policyholders must supply insurance providers with authorized documentation in support of a new insurance policy to become active. These documents often include the latest health reports to ensure that the would-be policyholder does not already have any of the conditions listed in the policy.

Most insurance providers do not allow their policyholders to file a disability claim for a pre-existing medical condition. Some insurance providers give new policyholders limited coverage during the initial coverage period. The policyholder must hold the policy by regularly paying scheduled premiums for a certain time before they can file a claim.

Disability Claim Denial & The Best Action Strategy

Most insurance companies do not divulge specific information about the status of disability claims to the public. But it is no secret that most claims for long-term disability benefits in Canada are not accepted. According to the legal process, the insurance provider must provide the policyholder with a written rejection of their disability claim.

The rejection contains the exact reason policyholders are denied long-term disability benefits. Policyholders can appeal the insurance company’s decision if they believe their claim was wrongfully denied. Such policyholders must provide additional documentation to support their justification.

How Much Disability Benefits Can You Get In Nova Scotia?

Permanent employees can get monthly disability benefits equal to 70% of their gross monthly salary. The long-term disability benefits continue until any of these stipulations applies:

Always consult your insurance provider to get pertinent information regarding your policy.

Consulting Professional Disability Claims Advisors In Halifax

Policyholders that punctually pay their premiums each month may not be aware of all the intricacies of a long-term disability claim. McIver Insurance has qualified disability claim advisors in Halifax, Nova Scotia to help steer your disability claim in the right direction. With their expertise, you can increase your chances of getting your long-term disability claim approved.

What Is The Main Purpose Of Life Insurance

What Is The Main Purpose Of Life Insurance?

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There comes a point in every person’s life when they wonder, “do I need life insurance?” After all, the idea of leaving behind your loved ones some form of financial security after you die is certainly appealing. 

Thinking of our family’s future in case we pass away is something that is innate in all of us. Whether you are an affluent individual or trying to make ends meet for your family, having life insurance is but a necessity.

In this article, we look at some possible real-life scenarios where the consequences of having or not having life insurance can make all the difference. We hope that this information can help you make a more informed judgment when it comes to purchasing life insurance.

Circumstances Of People In Various Stages Of Life

As we grow our needs and wants change. For someone who is young and healthy getting life insurance might not be a priority. However, for someone who is settled and in their 30s or 40s getting life insurance may as well be a priority. 

Hence, let’s look at some practical scenarios and what is the main purpose of life insurance in these circumstances.

A Couple Living Together With Shared Income

You and your partner live together and both of you share the responsibility of supporting each other. Sometimes you share your salary with your partner and sometimes it is the other way around. Once you have been together long enough, you will both be in one way or the other dependent on each other’s income. 

Without life insurance, you will be left with a void in your heart and your income that might not be easy to recover if your partner passes away. Life insurance can help you fill the void on the financial front, and allow you the time you need to get back on your feet. Although your partner will not be there physically, the life insurance policy will help uplift your circumstances to ease your loss.

A Couple With Young Children

Raising a child in Canada is not cheap. Children need the proper care, clothing, food, education, and shelter before they can set out on their own. If one or both parents were to face a tragic accident a child can be left with potentially nothing to his or her name.

How do you give your children the security and protection they need if either one of you passes away?

A life insurance policy ensures that legal heirs get their rightful benefits in the event of the demise of either of their parents. These funds will be allotted to them when they attain legal age or can be claimed by the guardian or remaining parent to help with the child’s upbringing.

Potential Homeowners Paying Mortgage With Children In College

Paying off a mortgage is not easy for most Canadians. A family budget becomes difficult to maintain for parents that have children studying in college. People want the security of knowing that their child will make it through college and that their spouse can pay off the mortgage in case one of them passes away. How does your family manage such enormous expenses if one of the main breadwinners of the household dies?

A household mortgage and college tuition expenses are both relatively predictable expenses. A life insurance policy can cover these expenses if either one of the parents dies. Compared to the expenses, the life insurance policy is affordable by design, so the family can pay off the mortgage and educational expenses. Without a definitive life insurance policy, the family might have to choose between one of the two expenses.

Difficulty Paying For Funeral Expenses For A Family Member

The average cost of a funeral in Canada is $8,500, with prices starting from $1,500 all the way up to $20,000. Most families can’t afford this expense on short notice. This leaves grieving family members distraught for cash to pay for the funeral. Do you want to afford to give your family member an eminent burial after their demise?

Most life insurance policies cover funeral expenses for the deceased. The family can focus on easing the loss of their loved one instead of worrying about how family members can afford the funeral. Can your family pay for a funeral with no outside help?

Leaving Significant Debt To Family Members After Your Demise

According to the June 30 Canada Day Debt Report 2021, each Canadian owes approximately $57,500 in debt. Each person’s debt might be different, but the fact remains that somebody will be responsible to pay it off. With an individual’s death, the debt can pass on to your spouse or joint account holders. Who wants to pass on their debt to their spouse or family members when they die?

By purchasing a life insurance policy early and punctually paying premiums, you can protect your loved ones from incurring your debt. Your family members and joint account holders do not have to worry about paying off your debts because you have insurance coverage for that.

Entrepreneurs With Business Partners Depending On Them

After the COVID-19 financial crisis, a lot of people have started a business with their friends, colleagues, or family members. Some of these entrepreneurs have been extremely successful overnight. But to say that there are no struggling entrepreneurs is an understatement. For the struggling entrepreneurs, each sale counts and no one wants to pay for more than their share.

Business partners want the surety that they can conduct business as usual if one partner dies. Customized life insurance policies can factor in the responsibility of a business partner in business, without the business having to suffer. With a life insurance policy in place, you may pass away, but you’ll have the security of knowing that your business partners can continue business as usual.

How To Choose The Right Life Insurance Policy?

McIver Insurance is a trusted life insurance provider with an established reputation not only in Nova Scotia but all across Canada. Consulting with qualified insurance brokers that understand the life insurance market and the purpose of life insurance is the first step towards making the correct decision for your and your family’s future. 

McIver Insurance experts will inform you of all the options you have with a life insurance policy and how each stipulation can serve your customized requirements. They can address each one of your specific concerns for purchasing a life insurance policy and design a policy that meets those needs. What are you waiting for? Give us a call today to learn more!

What Does An Insurance Broker Do

What Does An Insurance Broker Do?

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An insurance broker is a qualified professional whose job is to guide individuals and organizations to find the best insurance policies based on their specific needs. An insurance broker offers expert advice and recurring service to ensure that you and your assets are safeguarded against unforeseen circumstances.

But this is not all an insurance broker does. There is a lot more that goes with it. Hence, we have prepared an in-depth guide of what an insurance broker does in Canada and where to find one that is best for you.

What Is An Insurance Broker?

The job of an insurance broker is to find insurance for business organizations, entrepreneurs, families, and individuals. Their job is to reach out to several insurance companies looking for the best products and services based on their client’s insurance needs. The following is a list of insurance policies an insurance broker can provide:

  • Business Insurance
  • Farm Insurance
  • Home Insurance
  • Life Insurance
  • Recreational Insurance
  • Seasonal Home Insurance
  • Vehicle Insurance
  • Health Insurance
  • Asset Insurance

The role of an insurance broker entails asking as many questions as possible to determine your exact insurance needs in order to find the best insurance policy that works for you. 

Advice from insurance brokers can help you identify potential risks that are not apparent to everyone. They will let you know how you can cover these risks with insurance. They will also provide detailed information about the coverage, price, terms, and conditions of each insurance policy. With all the information on hand, you can make the best choice according to your budget and insurance needs.

Independent Insurance Brokers VS Insurance Agents

Independent insurance brokers work with multiple insurance providers in your best interest. They also provide recurring services. For example, even after signing a policy if you ever require additional insurance, or feel that you need to change your policy, file a claim, get advice, or simply ask questions you can rest assured they will always be on hand to guide you accordingly. 

Insurance agents or direct writers only work with one insurance company. Their primary goal is to sign up new clients for their employers. It is the reason they are known as direct-writers. Do not expect to get the same level of personalized service from a direct agent after they make a sale.

A direct writers’ main objective is to get a higher commission from the insurance company they represent by making more sales. Sometimes direct-writers work from corporate call centers that represent colossal corporations. 

Independent insurance brokers establish a reputation by representing a diverse clientele and providing personalized service as time goes by. They commit to providing personalized insurance advice and services because their clients are acquaintances in the same community.

Choosing between the two largely comes down to your needs. If all you seek is the best price possible on a policy you can either shop around yourself dealing with multiple direct writers or hire an independent broker to find the best deal for you. 

Advantages Of An Insurance Broker

You can get many benefits by reaching out to an insurance broker for your insurance needs. Some advantages include:

  1. Insurance Coverage
  2. Competitive Rates
  3. One-Stop-Shop For All Types Of Insurance
  4. Save Time And Money
  5. Speedy And Easy To Understand Service
  6. Customized Mode Of Communication

Let’s look at each benefit to get a better understanding.

  1. Insurance Coverage

People want to make sure they have insurance based on risk assessment. Every individual has a different definition of risk. Insurance brokers can find insurance policies that correspond to your way of life. Their goal is to ensure their client’s insurance protection.

  1. Competitive Rates

You can get the best bang for your buck by contacting an insurance broker. Insurance brokers know the insurance market inside out because they deal with many insurance companies in Canada. You can choose from different rates and coverage options. Broker-only markets encourage insurance brokers to deal with a variety of companies.

An insurance broker is not a sales representative for one insurance company. This means you have the ultimate liberty to choose from multiple options of insurance at different rates.

  1. One-Stop-Shop For All Types Of Insurance

Business, car insurance, home insurance, life insurance, recreational insurance, seasonal insurance, and all other insurance products are available for an insurance broker.. Their job is to make sure they can provide solutions for all of your insurance needs so you do not have to contact anyone else. They facilitate the process for new clients by delivering personalized service with each category of insurance. You could get a better deal by combining multiple categories of insurance in a single insurance package.

  1. Save Time And Money

Potential insurance policyholders do not have comprehensive knowledge of the insurance market in Canada. Certain factors can come into play for specific policyholders and they can get discounts. Whether it is car insurance, home insurance, life insurance, or business insurance, insurance brokers are aware of all the terms and conditions of each insurance policy. You might spend a long time trying to find the right policy for you and still not get the best rates or discounts available on the market.

Working with an insurance broker, you can save time and money.

  1. Speedy And Easy To Understand Service

Insurance companies hire insurance agents that use complicated jargon to provide answers to simple questions. They use abbreviations and terms for simple situations that can leave us all confused in the alphabet soup. Insurance brokers can help you cut through all the legal jargon to get to the crux of the matter. You can decide much faster when you fully understand all the terms and conditions of a particular insurance policy.

  1. Customized Mode Of Communication

Some people like to meet their insurance provider. Others do not have the time to meet and would rather conduct their business over the phone or through a text message. Insurance brokers contact clients in any way that is convenient for them. For example, if you don’t want to change a particular policy over the weekend, they will call or email you on Monday.

How To Find A Good Insurance Broker?

The best insurance broker is considerate of your choices and judgment. That is why McIver Insurance based out of Nova Scotia, Canada, strive to deliver the best-personalized service for all their clients. 

At McIver Insurance, we strive to build long-term business associations with our clientele to establish a positive business presence and continued trust. Give us a call today to speak to one of our highly accredited insurance brokers for the best policy rates and the most personalized service in Canada.

How Do Group Benefits Impact The Payroll Department

How Do Group Benefits Impact The Payroll Department?

Healthy and energetic employees are productive employees. Group insurance assists employers to maintain a staff of healthy personnel in all of their departments. The presence of a healthy workforce delivers a boost in employee morale. It also becomes easier for all of the employees to successfully perform their basic duties.

A business can perform better if each worker is more physically active and productive. The benefits an organization can offer their employees has a huge role to maintain the overall productivity of the entire organization. 

The best part is that group benefits are beneficial for employees and employers. The following is a list of advantages of group insurance for business owners and employees. This will help you better understand group insurance and whether it is something you should consider asking for on your next job. Or, if you are a business owner, something your employees would love.

Advantages Of Group Insurance For Business Owners

Advantages of group insurance for business owners include engaging the most talented employees and securing tax deductions. The following are six principal benefits of group insurance for business owners.

  1. Appeal To Accomplished Professionals

For a business organization, an extremely high salary is not the only way to attract qualified professionals. Jobseekers consider the company’s training program, reputation, salary, location, perks, and benefits before accepting a job offer.

You can attract experts in their field by offering attractive benefits such as a comprehensive group insurance plan. You can inform potential job seekers that your permanent employees can avail these benefits. Offering new employees the opportunity to avail of benefits in addition to their salary will help your organization establish a commercial presence.

  1. Enhance Employee Retention

Employees consider reputable organizations who care about their employees as the organizations that can offer them additional benefits, such as group insurance. To maintain employee satisfaction an organization can offer their employee’s group insurance. The employees will be satisfied both emotionally and physically.

Organizations that do not offer their employees fringe benefits other than a salary will have a hard time retaining employees. Employees considering leaving an organization that offers a group insurance plan will have a hard time switching to a different company that can not or does not offer these benefits. Workplace morale improves because employees are not keen to leave their present employer.

  1. Promote Employee Assistance

The most important asset for an organization is its employees. Supporting them with a group insurance plan demonstrates your organization’s ability to care for its employees. Providing your employees with a group insurance plan will make it easier to win over their support.

Your employees can acquire benefits from their group insurance plan whenever they get ill. Your organization can support employee assistance if employees come across a void in their healthcare plan.

  1. Tax Deductible Premiums

Employer-paid remunerations are tax-deductible as a company expense. This is a huge benefit for business owners to offer group insurance to their employees.

  1. Maintain Employees’ Well Being & Efficiency

Your employees can work with peace of mind knowing they’re covered by a group insurance plan if they get ill or have any health concerns. Your employees can focus on their work and maintain higher business productivity with good health. Fewer employees will be absent because of illnesses making them more productive. Your business organization can aspire to achieve enhanced business goals when each individual in the organization is productive and committed to achieving their job.

  1. Easy Administration

Group insurance policies facilitate employers to administer coverage for all of their employees. The personnel in the HR department will thank the business owner for making their life easier. They can simply manage coverage for the group insurance policy with a grand design.

Benefits Of Group Insurance For Employees

Employers are not the only ones to benefit from group insurance plans. Security for their family and tax breaks are some benefits of group insurance plans for employees. Let’s dig deeper.

  1. Reimbursement With Direct Deposit

Employees can receive refunds directly into their bank accounts with group life insurance plans. The process is straightforward and convenient for employees making it much less frustrating for them.

  1. Support For Young Families

Younger and new employees with kids at home value insurance because it makes their life much easier. They can get coverage to help their family members if they have concerns about expenses related to accidental injury, health emergencies, childhood diseases, or any other health concern.

  1. Support For Elderly Employees

Comprehensive insurance coverage is significantly important for employees as they get older. Experienced, aging employees have the knowledge and experience to deal with difficult situations. These employees are more likely to experience health concerns associated with deteriorated eyesight and dental health. The organization can retain its experienced employees with the benefits of group life insurance.

  1. Financial Stability

Group life insurance plans provide security to employees that live in the unpredictable world today. Employees can cover incidental costs and curb their expenses to a minimum without affecting their take-home income. The absence of insurance could mount financial pressure on employees as they try to pay for the expenses out of their pocket.

  1. Peace Of Mind And Satisfaction

The utter satisfaction of group insurance is that employers often calculate the premiums. This leaves absolutely no chance of any employee or policyholder missing a payment or incurring late fees. In the province of Quebec, group insurance premiums come out of workers’ pre-tax income. This way they can save on taxes.

Consult Qualified Professionals

When an organization purchases a group life insurance policy for its employees, it becomes the owner of that policy. The privilege of being the policy owner is the facility to provide your employees with certificates verifying proof of insurance. The organization can also maintain control of the insurance policy and endorse adjustments based on its discretion. The impact of this is that some employees who may not qualify for individual insurance can qualify in a group life insurance policy.
The team at McIver Insurance are specialists in group insurance policies and can help your organization. You can keep your employees motivated and productive by reconciling them with the tools required to offer them a competitive offer they can’t refuse.

Life Insurance For Cancer Patients

Life Insurance For Cancer Patients

From the point of view of an insurance company, life insurance premiums are evaluated based on the risk an applicant poses based on different demographic factors. Insurance companies specifically question the risk of potential policyholders that suffer from cancer. Thus, insurance underwriters structure policies based on statistical data from the Canadian Cancer Society.

In this article, we will explore different life insurance policies and their advantages with a specific focus on policies that pertain to applications that suffer from cancer.

Key Findings Of Cancer Statistics – Canadian Cancer Society

Cancer is the leading cause of death in Canada. A staggering 2 out of 5 deaths (~ 43% of all deaths) are due to cancer. There will be 229,200 new cancer cases in 2021, in contrast to 225,800 new cancer cases in 2020 in Canada. From the number of new instances, approximately 84,600 Canadians will die due to cancer in 2021 alone. 

Statistical data also shows that there is a higher likelihood of developing cancer for Canadians aged 50 and above. However, that does not mean it can not occur at a younger age. 

Canadian males have a slightly higher chance (556 per 100,000) of being diagnosed with cancer against Canadian females (485 per 100,000). The most common cancer in Canadian men is prostate cancer, while Canadian women are most likely to develop breast cancer. 

The statistics are a cause of concern for insurance providers, especially in instances when someone recently diagnosed with cancer or a cancer survivor is seeking life insurance. Let’s look at some frequently asked questions about life insurance and cancer.

Does Life Insurance Cover Cancer?

Applications for conventional life insurance plans include a detailed questionnaire containing questions related to cancer.

A simplified life insurance application will have a few questions related to cancer risks. A guaranteed issue life insurance application, however, in most cases does not have a questionnaire because it comes with a two-year waiting period. 

Therefore, a guaranteed life insurance policy is often the best option for individuals who are diagnosed with cancer but have a positive prognosis and a good chance of beating cancer. 

These individuals are denied a traditional or simplified life insurance policy, but they can avail of a guaranteed issue life insurance policy regardless of their state of health.

Instead of compensation for a life insurance claim, premiums are reimbursed to beneficiaries if the policyholder becomes seriously ill in the first two years and passes away. 

Do not hesitate to ask your life insurance provider to give answers in writing about your life insurance policy and the cancer treatments covered including post-recovery.

Can You Get Life Insurance With Cancer?

Yes, you have the potential to get approved for life insurance when diagnosed with cancer. Several customized life insurance policies are available for cancer patients both in the early or later stages of diagnosis. 

Some life insurance policies are convenient for less critical cancer patients who have been diagnosed at earlier stages and demonstrate a relatively stable condition. However, cancer patients with more severe symptoms can also get a life insurance policy. 

Each life insurance application assessment is unique, and the following are guidelines for life insurance policies for individuals with cancer.

Less Than 2 Years Since A Cancer Diagnosis:

Apply for a simplified or guaranteed life insurance policy. There are no medical exams or medical questionnaires for a guaranteed life insurance policy, but it is the most expensive policy with the least coverage. 

There is a two-year waiting period for the insurance policy to become fully active so the beneficiaries can process a life insurance claim. If the policyholder dies within two years, beneficiaries only get the cash amount of premiums paid for the policy.

2 To 5 Years From A Cancer Diagnosis:

People with a stable health condition and prevalent cancer for the last 2 to 5 years can potentially opt for a rated traditional or simplified life insurance plan based on the entire medical evidence provided. Simplified insurance comes at a higher cost with lower coverage limits, but the applicant needs to answer a short questionnaire. 

5 To 10 Years From A Cancer Diagnosis

There is a possibility of getting a traditional life insurance plan if you currently have a stable condition since the cancer diagnosis and all medical evidence disclosed. The traditional life insurance policy will be a rated policy which means that you will pay a higher insurance rate, but you can still take advantage of other factors. 

For example, you might be able to get high coverage limits without any waiting period.

More Than 10 Years From A Cancer Diagnosis

People who survive more than ten years after a cancer diagnosis have the potential to get a traditional life insurance policy with standard rates based on all medical evidence disclosed. The rates will be competitive with applicants who do not have any significant health concerns.

Applying For Life Insurance With Cancer

Applying for life insurance with cancer is not very different from getting life insurance without cancer. Consider cancer as a health pre-condition that limits your insurance options. In most cases, insurance providers will ask you the following questions: 

  • Do you have a family history of cancer?
  • When was your cancer diagnosis?
  • How is your health since the diagnosis?
  • What stage is your cancer, and what type is it?
  • Do you have other health concerns (diabetes, blood pressure, obesity, and so on)?
  • Are you getting chemotherapy or any medical cancer treatment?

Insurance providers ask these questions to provide you with up-to-date market competitive rates. Insurance providers are also concerned with the mortality rates associated with some types of cancer. For example, applicants with skin cancer might pose a higher risk of insurance in comparison to someone with breast cancer or colon cancer. 

Getting An Expert Opinion

The professionals at McIver Insurance, in Nova Scotia, Canada, can help you select the right policy based on your current medical condition. Their experienced specialists can provide you with guidance based on your particular case and assist in helping you find life insurance that not only makes financial sense but also safeguards your family and loved ones in case of an untimely death. 

One can request a free life insurance quote to comprehend the costs and exclusions based on your specific conditions. Simply pick up the phone and talk to one of our expert customer service representatives about your health conditions. They will help you get the best-personalized assistance based on your life insurance requirements.

** All traditional insurance providers underwrite differently and each specific case is unique based on the applicant’s entire medical history ***

Does Life Insurance Pay For Suicidal Death In Canada

Does Life Insurance Pay For Suicidal Death In Canada?

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Canadians are looking deeper into specific aspects of life insurance due to volatile international economic conditions. Every person wants to secure their monthly budget and leave behind a sense of financial security for their loved ones. 

Canadians purchase life insurance to leave behind funds and resources for their loved ones in the event of their demise. But what happens if a life insurance policyholder dies due to suicide? This is a question that many Canadians may have when considering different types of life insurance products and the cost of these products. It is important to ask questions and understand the suicide clause in a life insurance policy, as this will affect the death benefit payout in such cases. In this blog, we will cover everything you need to keep in mind as it relates to life insurers, the application process, claims, risk, and important factors applicants need to take notice of.

What Is Life Insurance?

Life insurance is a contract between an insurance provider and a policyholder. The insurer agrees to pay an agreed amount of compensation, known as the death benefit, to the policyholder’s beneficiaries in the event of certain conditions within a given duration. The precondition is the policyholder’s death, and the time period is the validity of the life insurance policy. In return, the policyholder agrees to pay premiums to the insurers to ensure the legitimacy of the life insurance benefits contract.

There are different types of life insurance policies offered by different insurance companies, and the policyholder can choose a plan that best fits their needs and circumstances.

Life insurance covers many different sections or articles in the contract, and each section is a condition that both parties must agree on for the life insurance contract. Some articles of life insurance contracts include coverage amount, beneficiary names, type of policy, duration of the policy, conditions for repayment of loans, and coverage for funeral expenses. The policyholder provides the answer to some of these articles in the contract. The insurance company establishes the terms and conditions of the life insurance contract.

The insurer has a legal obligation to fulfill the life insurance contract provided that the policyholder continues to pay the current premiums. A whole life insurance policy is valid for as long as the policyholder is alive. Beneficiaries of a whole life insurance policy get compensation, the death benefit, whenever the policyholder passes away as long as all the premium payments are up-to-date.

Suicide In Canada

Suicides are the second leading cause of death for people between the ages of 15 and 34 and the ninth leading cause of death overall in Canada. Every year about 4,000 people die as a result of suicide in Canada. Approximately 11 people die of suicide every day in Canada. According to the statistics, men in Canada are more likely to die of suicide in comparison to women.

The Criminal Code in Canada introduced in 1892 mentioned that suicide and assisted suicide are criminal offences. In 1972 suicide was decriminalized, but according to Section 241(b),  assisted suicide is still illegal. Anyone found guilty of helping someone take their own life is liable to up to 14 years in prison. It is a subject of debate in federal and provincial legislatures whether physician-assisted suicide is illegal for individuals who can not perform physically without assistance.

Suicide Statistics in Canada

  1. According to the Canadian Life and Health Insurance Association, over 95% of life insurance policies in Canada cover death by suicide.
  2. In 2018, suicide accounted for 11.5% of all deaths in Canada.
  3. In 2018, suicide was the second leading cause of death among Canadians aged 15-34.
  4. In 2018, the highest suicide rate in Canada was in Nunavut, at 85.2 deaths per 100,000 people.
  5. In 2018, the lowest suicide rate in Canada was in Prince Edward Island, at 8.6 deaths per 100,000 people.
  6. In 2018, the suicide rate among males in Canada was three times higher than the rate among females.
  7. In 2018, the suicide rate among Indigenous Canadians was three times higher than the rate among non-Indigenous Canadians.

The Opposing Views Between Assisted Suicide & Euthanasia

Assisted suicide is an active approach to help someone commit suicide. For example, assisted suicide is when a physician informs or provides lethal drugs to an individual who ends up killing themself. Without the physician’s information, the person would not commit suicide. The person committed suicide with the voluntary intention to do so.

Euthanasia is when family members or doctors intervene to cause the death of an individual to put an end to their suffering. The decision of the family members or doctors is the cause of the death of the person. For example, a person is in a constant state of unconsciousness undergoing permanent medical treatment because their body can not function without medical procedures. Family members or doctors intervene to discontinue the medical treatment because there is no chance of the individual recuperating.

Euthanasia would still be the case if the person is in a semi-conscious state and concedes to end the medical treatment that would prolong their life.

In both cases, the life insurance company may not pay the death benefit because it is not a natural death. The insurance company may consider the death as a suicide or an act of self-harm. Life insurance companies have suicide clauses in their policies that state that if the policyholder dies within a certain period of time after the policy was issued, the death benefit will not be paid. This is to protect the insurance company from any potential fraud or abuse of the policy.

What Is A Medically Assisted Death?

June 17, 2016, the MAID Act sets out conventional procedures and eligibility conditions for individuals seeking medically assisted suicide. The first condition is that the individual must be at least 18 years of age. The second condition is that the person must have a “grievous and irremediable medical condition” which causes “enduring physical or psychological suffering that is intolerable.” In addition, the individual should be in an “advanced state of irreversible decline” for which “natural death has become reasonably foreseeable.”

March 17, 2021, was the first time the Medical Assistance In Dying (MAID) legislation became law. The individual’s death does not need to be reasonably foreseeable for a person to seek medical assistance in dying. It also outlines specific medical and constitutional requirements that need to be met before the person can legally seek medical assistance in dying. Individuals with a mental illness can not seek medical assistance in dying.

How are suicide claims handled by life insurance companies in Canada?

In Canada, life insurance companies handle suicide claims similarly to other death claims. The beneficiary of the life insurance policy is still eligible to receive the death benefit payout, however, the process may vary depending on the specific circumstances and the terms outlined in the insurance policy.

It is important for individuals to understand the suicide clause in their life insurance policy and ask questions about any potential restrictions or exclusions. Life insurance companies typically require a police report and a death certificate as proof of death due to suicide. It is also vital to note that in some cases, a waiting period may apply for suicide claims.

Individuals need understand their options and the costs associated with different types of life insurance policies to ensure that their beneficiaries are protected in the event of their passing. Overall, life insurance companies offer the same services and options for beneficiaries in the event of a suicide claim as they do for any other death claim.

Does Life Insurance Pay For Suicidal Death In Canada?

The main factor that influences the answer to the question is the duration the life insurance policy has been in place. Life insurance providers will not compensate beneficiaries if the suicidal death takes place in the first two years of the policy. In such a case, life insurance providers return the paid premiums. After the first two years of the policy, life insurance providers treat the suicidal death like any other death and provide compensation to the beneficiaries.

Life insurance providers reserve the right to investigate a claim after the death of the policyholder. Life insurance providers have a keen eye for any misrepresentations made when purchasing the policy. Life insurance providers can deny a claim if they find that there was a misrepresentation to declare a history of mental instability or depression by the policyholder.

Insurance Payouts For A Medically Assisted Death

All life insurance providers treat medically assisted deaths in the same way. Life insurance providers provide full compensation if the policyholder dies a medically assisted death regardless of how long the policy has been in place. The key to remember is that all of the conditions of a medically assisted death must be met by the policyholder to differentiate this death from suicide.

Consult A Professional Insurance Broker

McIver Insurance can help you make sense of the exact kind of life insurance policies you need based on your situation. They understand all of the exclusionary clauses that life insurance providers can have, and strive to find a life insurance policy based on your specific requirements.

We recommend individuals seeking to purchase a new life insurance policy consult with a McIver insurance broker to fully understand how the life insurance policy plays out in their best interest. A consultation does not mean that you are obligated to make any commitments. Seeking professional advice can help you save time and money! If you are seeking a quote, we can also put you on the right path for your goals and objectives.

Can Insurance Companies Deny Coverage

Can Insurance Companies Deny Coverage?

The Canadian health care system set up in 1967 was a huge success. The health care system, also known as Medicare in Canada, is a publicly funded system that provides health services to Canadian citizens. The government aims to implement federal standards in the country so that people with all types of medical history, the standard of living, and income can afford healthcare within Canada. There are health costs that the government health care system does not cover.

Understanding The Canadian Health Care System

Canadian provinces and territories independently manage their universal health insurance program for their residents. The provinces establish their criteria for health coverage and medical emergencies and conditions covered by the system. According to the standards, people who enter the country illegally can not get health care coverage unless they have permanent residence. Canadian citizens can get doctor’s visits, diagnostic tests, and hospital treatment through the taxes paid by Canadian citizens.

What Is Not Covered By The Canadian Health Care System

The only provinces that charge a monthly premium are Alberta and B.C. Anyone who earns more than $30,000 per annum in B.C. pays $69.25 monthly for health coverage. The government health care system does not cover the costs of cosmetic surgery, health counselors, dental treatment, hearing aids, optometric treatment, physiotherapists, psychologists, and private hospital rooms. Canadians must have private health insurance if they want all-inclusive health coverage.

Understanding Life Insurance In Canada

It is hard to cope with the death of a loved one. It can be even more complicated to prevent challenges in life when you find out that a life insurance claim gets denied. Understandably no amount of money can replace the love you got from the one you lost. The tragedy exacerbates if you were financially dependent on the person that passed away.

Can Life Insurance Companies Deny Your Claim?

Most people believe that life insurance is guaranteed protection, but the truth is that life insurance claims can be declined. Insurance companies thoroughly investigate the terms and conditions of the insurance policy before processing a payout to the assigned beneficiary of the life insurance policy. In the investigation, insurance companies verify that the policyholder has fulfilled all of the terms and conditions of the life insurance policy. The life insurance provider reserves the right to refund all the premiums without processing a payout to the beneficiary if the investigation concludes that the policyholder violated any of the terms and conditions of the life insurance policy.

In other words, life insurance providers can deny a life insurance claim under certain circumstances. Let’s look at some of the most common reasons for the denial of a life insurance claim.

Unpaid Policy Premiums

A life insurance policy is an agreement between the insurance company and the policyholder. Based on the agreement, the insurance provider agrees to pay out a death benefit to the beneficiary in return for premium payments from the policyholder. The insurance provider can refuse to issue a death benefit to the listed beneficiary if the policyholder does not pay the premiums for the policy. Life insurance providers accommodate the policyholder with a 30-day grace period.

The life insurance policy is valid if the policyholder pays the remaining premiums within the grace period. The life insurance provider can cancel the policy if the policyholder does not make the necessary payments within the grace period.

The Reason For Death Is Not Covered In The Life Insurance Policy

Exclusions to life insurance policies highlight the causes of death life insurance providers do not cover. Exclusions are in an easy-to-understand language in the life insurance policy. It is the responsibility of the policyholder and beneficiaries to acknowledge all exclusions to a life insurance policy. The life insurance provider does not disburse a death payout based on these exclusions, even if the beneficiary is not aware of the exclusions to a life insurance policy.

For example, most life insurance providers do not issue a death payout if the policyholder dies by committing suicide within the first two years.  Do not sign a new life insurance policy unless you are aware of all the exclusions of the life insurance policy.

Life Insurance Policyholder Does Not Provide Accurate Information

Providing misleading or inaccurate information on a life insurance policy form is one of the main reasons for a life insurance claim denial. Life insurance providers require new policyholders to provide comprehensive information about their physical health. The policyholder’s health condition determines the provisions of the life insurance policy. The policy becomes invalid if the policyholder provides inaccurate information about their health.

For example, a person has a history of driving under the influence of alcohol. The person does not reveal their history of alcohol abuse while applying for the life insurance policy. The person experiences a fatal DUI accident. The life insurance provider discovers the policyholder’s history of alcohol abuse at the deadly DUI accident.

Life insurance providers do not issue a death payout because the applicant failed to reveal mandatory information from the start. The same goes for a policyholder who requests a doctor to provide incorrect information to fill up a life insurance form. Do not expect a life insurance company to provide compensation if the insurance company discovers new information related to the policyholder’s health on their death.

The Beneficiary Is Not Named

A beneficiary is a person that receives the death benefit of a life insurance policy. Policyholders must indicate the beneficiary name to the life insurance provider. You cannot nominate a new beneficiary when the policyholder dies. Life insurance providers inform beneficiaries of their status when the insurance provider approves the life insurance policy for the policyholder.

The entire death benefit goes to the estate of the deceased if there are no beneficiaries for the life insurance policy. The estate of the deceased goes through the government probate process before anybody receives any remuneration. The probate process is not as swift and speedy as the life insurance claim.

Denied Health Or Life Insurance, Consult A Professional Insurance Company

It is not easy to choose the right insurance policy, whether it is for life insurance or health insurance. Policyholders are denied coverage for several reasons. Consult with a professional insurance broker like McIver Insurance to ensure that you purchase a policy based on your specific needs. A professional consultation before buying an insurance policy ensures that you understand all the terms and conditions that can lead to being denied coverage for a claim.

Is Life Insurance Worth It

Is Life Insurance Worth It?

Understanding the twists and turns of life insurance is one of those tasks that always gets cast aside until it’s too late. There might have been earlier moments when you considered is life insurance worth it? The simple answer is yes! Especially if you have dependents. After all, no one can put a price tag on a feeling of safety for you and your loved ones.

You might be one of those lucky few who already have enough assets and savings to cover your family’s expenses for a long time to come in the event of your demise. If not, paying an affordable monthly premium for a life insurance policy is worth it to ensure that your loved ones receive a lump sum of tax-free money in case you meet an untimely demise.

Think about the costs of full-time childcare if you are the primary caretaker of your child. Can you manage these expenses with the amount in your savings account? It will help to understand the two main types of life insurance policies out there before you decide if a McIver Insurance term life insurance policy is the best for you.

Two Main Types Of Life Insurance

The two main kinds of life insurance policies are ‘term’ life insurance policies and ‘permanent’ life insurance policies. Let’s look at the two types of life insurance policies in detail.

Term Life Insurance Policy

A term life insurance policy is easier to manage because the monthly premiums stay the same throughout the entire duration. A term life insurance policy provides the insured coverage for a specific ‘term’ or period of time. Your loved ones receive a tax-free payout known as a death benefit if you pass away while the policy is valid. Term life insurance policies are cheaper than the other types of life insurance policies.

Most life insurance agents require a medical exam before providing life insurance coverage. This means that younger people can get better rates if they are in good health. The important thing to remember is that you will have life insurance coverage only for the policy duration. You or your loved ones do not receive anything if you outlive the term specified in the term life insurance policy.

Permanent Life Insurance Policy

Permanent life insurance policies are high-end choices because they are active for as long as you live. Permanent life insurance policies allow your loved ones to receive a payout whenever you pass away, as long as you keep paying your premiums on time. A permanent life insurance policy can fall into two categories, a whole life insurance policy, and a universal life insurance policy.

Whole life insurance policies provide the opportunity to build additional cash value on the principal amount by investing funds on a predetermined interest rate. Universal life insurance policies can accumulate profit by investing funds in the stock market. Permanent life insurance policies are more expensive than term life insurance policies because of the ability to invest funds. Permanent life insurance policies are well-equipped for accomplished individuals that want a sense of security for their investment because it has a cash value.

How To Choose The Right Life Insurance Policy?

There’s no right or wrong answer for everybody for this question. The best approach is to put together all the facts related to your budget and unique personal situation to help you make the right choice. Let’s look at the advantages and drawbacks of both kinds of life insurance to help get a clearer understanding.

Advantages Of A Term Life Insurance Policy

Term life insurance policies are easy to manage, affordable, and much less complicated. Insurance experts advise purchasing a term life insurance policy because this is the best value for money. You can easily understand how much coverage you will have, which should be equivalent to covering expenses like college tuition, mortgage payments, and car payments. The best part is that you know for exactly how long you are covered.

Since you can choose all of these factors yourself, there is hardly anything left to chance. You get the best value for money because the term policy is customized to meet your specific needs.

The Main Drawback Of A Term Life Insurance Policy

The one problem with a term life insurance policy is that there is no guaranteed death benefit. You or your loved ones will not receive any payout if you outlive the duration of the policy. You can look for a new term life insurance policy.

Advantages Of A Whole Life Insurance Policy

Whole life insurance policies guarantee a cash payout to your beneficiaries whenever you pass away. A true bonus is that a whole life insurance policy develops cash value if you ever need the extra funds. You can customize your whole life insurance policy to include both an investment and insurance portion. You can receive the profits from the investments quarterly, semi-annually, or annually based on your needs.  

Drawbacks Of Whole Life Insurance

A whole life insurance policy can be quite expensive in comparison to a term life insurance policy. The returns on investment might not be that significant. You might be penalized by some insurance providers if you withdraw from the built-up cash value earlier.

Who Doesn’t Need Life Insurance?

Young successful people with no dependents might not need to buy life insurance. People with no dependents who have paid off their property, car, and educational debts might not require life insurance. You might not need life insurance if you have a hefty savings account with multiple assets to cover your daily and future expenses. You don’t need life insurance if you own your car, property, and have children that no longer depend on your income.

So Is Life Insurance Worth It?

Some people might still not be convinced about the worth of life insurance. At McIver Insurance we understand that each person has unique life insurance requirements. This is why we provide a free consultation to help you realize the different implications of life insurance in your specific situation. With professional advice, you can rest assured that qualified insurance brokers will be on your side to provide a solution for all of your life insurance needs.

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