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The Benefits of Whole Life Insurance

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The Benefits of Whole Life Insurance

By Candian LIC, June 16, 2021, 4 Minutes

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Whole Life Insurance is exactly what it sounds like, a Permanent Insurance policy for your entire life. You and your beneficiaries will be in a permanent financial safety net till the day you pass away, or the term ends. It comes with a fixed premium, which means you won’t have to worry about variable rates now and then. Also, when it isn’t likely that you would opt to renew for another term. You see, for this type of plan, the term ends after 90 or 100 years. However, these shouldn’t be the only reason why you should opt for Whole Life Insurance. That’s why, to give you a clear understanding of what are the additional benefits that come with this policy, we have made a list below. Have a look.

The Cash Value:

Similar to permanent life insurance policies, whole life insurance also comes with a cash component which only accumulates over time. It is guaranteed to grow at a particular rate and can be used as an investment vehicle. Additionally, this component is also tax-sheltered throughout its lifetime.

You can withdraw the cash component at any time and can use it in:

  • Paying premiums
  • Purchase additional coverage
  • Use it for emergencies
  • Provide a tax-free loan

However, you will have to keep in mind that it will deduct the loan amount from the death benefits if you borrow against the cash value and then pass away.

Let’s talk dividends:

If you’ve opted for a dividend-paying whole life insurance policy, there is a chance of a dividend cash-out in case the insurer performs better than expected. As a policyholder, you will be able to participate in the company’s profits after they have paid all death benefits and other business expenses.

No medical exams:

Generally, medical exams are not a component of life insurance policies, but they are always in the underwriting. However, choosing a guaranteed acceptance whole life insurance means you will have the option to skip detailed health questions and the medical exam.

Complete life coverage:

To reiterate, with whole life insurance, you get a policy for the entirety of your life. You can add your family member or any dear one as your beneficiary, and as long as you can pay the premium, you will reap the policy’s benefits.

These are to name a few; however, if you’re still not convinced about whether you should apply for this policy, contact Harpreet Puri. She’s an experienced insurance broker and can help you with your queries.

When Is Whole Life Insurance a Good Investment Strategy?

Under whole life insurance first

Well, before we get into the nitty-gritty of the matter, you have to understand what whole life insurance is. Often also referred to as permanent life insurance, this type of insurance is exactly what it says. The policy offers insurance coverage till you the day you die given that you keep on paying the monthly premiums.

A major feature of a whole life insurance plan is, there is a cash component value to it. If after some years you are not able to pay the premium amounts, the premiums that you have paid would be used to pay the monthly premium amount. This saves you from the headache of losing your insurance coverage.

Coming to the benefits, whole life insurance has a whole list of them. Some are mentioned below:

  • You will have guaranteed return on the money
  • The premium rates are fixed
  • The cash value that builds up when you pay your premiums can be withdrawn before

You can find out more about whole life insurance by getting in touch with Canadian LIC.

When does whole life insurance make sense?

Applying for whole life insurance sometimes can be an expensive option as you will have to pay the premiums throughout your life. However, in some instances, whole life insurance can be beneficial.

  • If you have a child with special needs, taking up whole life insurance will ensure that he or she will have plenty of financial resources throughout life no matter what.
  • If you have millions of dollars in estate taxes, then you can use whole life insurance to preserve money when it’s passed on to your family members.
  • If all your tax-sheltered accounts have maxed out, and you still want to save more for your retirement, then a whole life insurance policy can be used as a saving vehicle. It has a cash component that will only build up over the course of time.

In the mentioned scenarios, whole life insurance may look like a good option but we advise you to get in touch with financial advisors for a better decision based on your requirements. Contact Canadian LIC and schedule an appointment today.

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The above information is only meant to be informative. It comes from Canadian LIC’s own opinions, which can change at any time. This material is not meant to be financial or legal advice, and it should not be interpreted as such. If someone decides to act on the information on this page, Canadian LIC is not responsible for what happens. Every attempt is made to provide accurate and up-to-date information on Canadian LIC. Some of the terms, conditions, limitations, exclusions, termination, and other parts of the policies mentioned above may not be included, which may be important to the policy choice. For full details, please refer to the actual policy documents. If there is any disagreement, the language in the actual policy documents will be used. All rights reserved.

Please let us know if there is anything that should be updated, removed, or corrected from this article. Send an email to [email protected] or [email protected]

Why Get Term Life Insurance

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Why Get Term Life Insurance

By Candian LIC, May 17, 2021, 8 Minutes

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Sometimes insurance policies can seem out of reach if you are struggling with funds. Take a look at Term Life Insurance for an insurance policy that suits your budget and lifestyle.

What is Term Life Insurance?

Known to be easy to understand and affordable, Term insurance is a plan that keeps your insurance costs the same for a set amount of time (known as the term.) You can renew it at the end of one term to start a new term. If you pass away while your policy is still in effect, the payment will go, tax-free, to your beneficiaries. You can convert this coverage to permanent insurance if you want to, without worrying about health, lifestyle, or occupation changes.

Benefits of Term Life Insurance

  • Affordable: This is an affordable, less expensive policy than most other types of insurance as it only gives coverage for a set term. It is a great policy for young families with a mortgage, car loans, or college fees, and for anyone who has financial burdens. A Term Life Insurance policy will allow you to have insurance without causing you financial strain.
  • Fixed Terms: Having a fixed term makes it easier to budget and save money. Premiums won’t change and are fixed for the set term. Term insurance has coverage for a predetermined (fixed) time (term.)
  • Flexible Options: Endless options are available with Term Life Insurance. You get to choose the length of term, which can be from 10 year to Age 65. Using a term policy, you can lock in rates for a short period of time if you need help with something like tuition fees of your child in case of your death
  • Easy to understand: Term Life Insurance is known to be simple enough for everyone to understand. It’s an easy and affordable way to provide your family with financial security if something happens to you. Comparing rates is easy. All you have to decide on is the length of term, coverage amount, and the company. You are covered for the term by paying the premium.

Things To Know Before Buying Term Life Insurance

Term life insurance is a policy that pays a death benefit to beneficiaries if the policyholder passes away within a certain period of time or before a certain age is reached. For example, your coverage can be for a fixed time period, or until you reach the age of 85.

Term Insurance is an easy-to-understand and affordable way to keep your family’s financial situation secure if anything ever happens to you. When you buy a Term Life Insurance policy, you need to decide on three things. You need to decide on the company you prefer, your preferred length of term, and the amount of coverage. You will be covered for the term by paying the premium.

Your Family Can Use The Funds For:

  • Pay any outstanding debts
  • Get rid of any guarantees
  • Supplement lost income
  • Children’s education
  • Help with partner’s retirement plan

Some things you should know before buying Term Life Insurance

Amount of Coverage: Reviewing your financial goals and figuring out the amount of coverage you need, will help guide you to the right policy. Although working with an Insurance Advisor is recommended, you can add up debts, tuition, and mortgage, subtract what you would pay, and the difference would be the estimated needed coverage.

Length of Term: You can choose a fixed term, allowing you to easily budget, and save more of, your money. You can choose anywhere from 10 to 30 years of coverage or you can pick a term of coverage as per your need which will cover you for the selected term

Look Around: You will need to search for the right insurance for you. As with most life insurance policies, your health and other factors play a big role in coverage. Rates will also vary from company to company. An insurance agent can help you find what you need.

Being Healthy: Although most insurance applications take weeks, and you have to fill out documents, have an exam, and give information if you are healthy, the process can move along quicker. If you don’t have any health conditions, you may be able to have an agent use online applications to approve you quicker than usual. Even if you do have to wait several weeks, you can still get temporary coverage.

Term Life Insurance is usually more affordable than other plans because it only covers a set term and doesn’t build up cash value. For those who may be struggling financially, Term Life Insurance can give you insurance security without stressing your bank account.

Why You Must Invest In Term Life Insurance

If you are looking for affordable life insurance, perhaps you should consider Term Life Insurance. It is set up to keep your family financially stable if you pass away. Paying for such a policy is worth the peace of mind it will bring to you and your family.

What is Term Life Insurance?

Term Life Insurance is a very simple plan designed to give death benefits if the policyholder passes away during the plan’s term. This type of plan is a great choice for those who want to secure stability for the family after the policy holder’s death. Term Life Insurance usually has high coverage with affordable premiums. The coverage is set for a certain length of time, usually 10 to 50 years, and once the policyholder passes, the beneficiaries will have a payout from the policy.

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How does It Work?

The insurance company will pay your beneficiaries the amount you agreed on if you pass away during the policy’s term. You agree to pay a monthly premium to the insurance company for the duration of the term.

Reasons to Consider Term Life Insurance

  • Financial Relief: Term Life Insurance gives financial relief to the family, especially if the policyholder was the sole bread-winner. For anyone who brings in earnings for a family, this type of policy makes sure the needs of the family are taken care of. The policy covers many of the everyday expenses after death, by providing a complete sum to make life a bit easier financially at this difficult time.
  • Low Premiums: Term Life Insurance doesn’t have any maturity benefits so it can offer high-coverage and affordable premiums
  • Additional Benefits: As with most insurance policies, there are additional benefits with this insurance policy. Term Life Insurance has what is called Riders, that you can choose. Riders can be accidental coverage, coverage for critical illness, or premium return. They make sure you get full benefits for an affordable price.
  • Future Security: Financial obligations can be hard to meet when the person who does the earning passes away. By getting a Term Life Insurance policy, your family will be able to meet financial obligations and the insurance makes sure any children of the family will get a good education. The policy will ensure the family has a comfortable life without any money issues.
  • Debt Assistance: Most people have some type of loan. Any proceeds from the Term Life Insurance will go towards paying off your loans so your family will not be stuck with those burdens.

With Term Life Insurance, you can rest easy knowing your family will be financially secure if anything should ever happen to you. Ask about this type of insurance policy today.

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The above information is only meant to be informative. It comes from Canadian LIC’s own opinions, which can change at any time. This material is not meant to be financial or legal advice, and it should not be interpreted as such. If someone decides to act on the information on this page, Canadian LIC is not responsible for what happens. Every attempt is made to provide accurate and up-to-date information on Canadian LIC. Some of the terms, conditions, limitations, exclusions, termination, and other parts of the policies mentioned above may not be included, which may be important to the policy choice. For full details, please refer to the actual policy documents. If there is any disagreement, the language in the actual policy documents will be used. All rights reserved.

Please let us know if there is anything that should be updated, removed, or corrected from this article. Send an email to [email protected] or [email protected]

Why Choose an RESP

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Why Choose an RESP

By Candian LIC, April 30, 2021, 3 Minutes

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When you decide to help your children achieve their dreams for a successful future,  finances play a major part. One way to support your children’s future financially is opening and contributing to, an RESP.

What is an RESP?

If you are new to investments, an RESP, or Registered Education Savings Plan, is tax-deferred, government-assisted, investment plan designed to help save for a child’s future education. Parents open an RESP for their children’s post-secondary education, but you can still open one for yourself or other adults.

Reasons To Get An RESP

  • Length of Time the RESP can stay open: An RESP account can be open until child is 35 year old so your child does not need to go to post-secondary education right after high school. If your child decides to cancel going to post-secondary education, the financial institution can have the money returned. The contributors will have the money given back in this situation. If there were any grants, they would be returned to the government and not redeemed.
  • Anyone can contribute: Anyone can put contributions into the RESP once it it opened, such as grandparents, parents, godparents, uncles and aunts. Tax benefits are available for all RESP contributors.
  • Options for investing: You can choose options like risk tolerance or time horizon, speak to your provider to learn about different options such as stocks, bonds and mutual funds.
  • Educational Assistance Payments: When the child’s enrolment in post-secondary education is confirmed, he or she can begin getting Educational Assistance Payments, or EAPs. EAPs come from the RESP plan, drawn from investment earnings and grant money. Tax on EAPs are payable by the student only. Both the student or the parent can withdraw the money, but the person who is named beneficiary can receive the EAPs.
  • Tax-free: No tax is paid on investment earnings as long as nothing is removed from the RESP. Once the money is taken out, the child will get taxed on any interest accumulated on the RESP.
  • Government grants: There are federal government grants added to lower-income families RESPs, and you may be eligible for a provincial grant.

The student will need proof of acceptance from a post-secondary education institution. Once the student has needed documents, money will then be released to pay towards post-secondary fees, costs and education.

Choosing an RESP will give you peace of mind and security, knowing your children’s future education has a good start. An RESP will give them the best start to a successful future.

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The above information is only meant to be informative. It comes from Canadian LIC’s own opinions, which can change at any time. This material is not meant to be financial or legal advice, and it should not be interpreted as such. If someone decides to act on the information on this page, Canadian LIC is not responsible for what happens. Every attempt is made to provide accurate and up-to-date information on Canadian LIC. Some of the terms, conditions, limitations, exclusions, termination, and other parts of the policies mentioned above may not be included, which may be important to the policy choice. For full details, please refer to the actual policy documents. If there is any disagreement, the language in the actual policy documents will be used. All rights reserved.

Please let us know if there is anything that should be updated, removed, or corrected from this article. Send an email to [email protected] or [email protected]

Top 40 Under 40

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Top 40 Under 40

By Candian LIC, April 21, 2021, 4 Minutes

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This new age and young corporation is poised to set new standards of customer service, compliance, and team recognition through product knowledge, technology and sustainability. The Top 100 Magazine recently had the pleasure of speaking with this talented and dynamic couple. The conversation was both exhilarating and visionary.

What brought about the formation of the Company?

Since Harpreet had been in the business since 2010, and my Canadian education and skills were directed towards technology platforms and business modelling, we decided it was time to set off on our own.

Consequently, Canadian L.I.C. was founded in 2018 and deals with some of the biggest names in the business such as Manulife, BMO, RBC, IA Financial Group, Equitable, and Foresters, to name a few. The brokerage provides financial advice and insurance as well as investments and asset management solutions for individuals, families, and businesses. Solutions offered by the brokerage use individual insurance and investment products in addition to combinations of them to secure and grow clients’ portfolios as well as to protect their livelihoods.

Elaborate on your company’s current portfolio of clients?

The company’s visionary approach to clients intricately engages with them over their life cycle and phases of needs. Often commencing with young married couples, the company facilitates setting up their mortgage protection plans.  Then, once they have children, needs analysis and solutions extend to education plans and life insurance policies. Further on in the life cycle, the focus shifts to retirement and assisting the couple with both long-term and short-term goals and what is needed to achieve them. A client’s business environment not only encompasses estate planning by the brokerage, but the team of experts also work with client’s attorneys on buy-sell agreements and other similar matters. Whether individuals, families, or businesses, Canadian L.I.C. clients are guided every step of the way.

What motivated you as founders?

The combination of skills between Harpreet and I, firmly lead us to believe that setting up a Brokerage was the right step. Whereas I had skills in business modelling, leadership, strategy, technology, team building and scalability; Harpreet had exemplary Industry product knowledge, related skills in sales and advisory services, and an award-winning performance and recognition background spanning ten years. Together, it was the right mix to commence a new age Corporation through innovative business models.

Tell us more about your work life balance

Both of us had a comfortable partnership in business and our personal environments, taking it in turns to give the required family time to our children while pursuing our advanced Canadian education and certifications. We excelled in our individual career tracks before finally deciding that the time was right to consolidate our skills and commence the Brokerage.

What is your Winning Edge?

Harpreet’s recognition in the industry kept her on the competitive edge of awards such as Million Dollar Round Table (MDRT), while my leadership and visionary talents have the company already competing for the Top 6 Producers in Ontario with a current ranking of #5* despite being a young brokerage founded only two years ago.

We both know that product knowledge and needs analysis with consultative selling is the key to team success with technology being a critical enabler for quality, consistency, and scalability. Much of our resources are deployed in making this happen in the organization’s daily work environment.We both know that product knowledge and needs analysis with consultative selling is the key to team success with technology being a critical enabler for quality, consistency, and scalability. Much of our resources are deployed in making this happen in the organization’s daily work environment.

In furtherance, we have enhanced our motivational and life goal aspirations by becoming a LICENSEE to Grant Cardone’s repository of infinite tips to a successful career.  Motivational and directional speakers such as Grant Cardone are one of the many methodologies that Canadian L.I.C. embodies in their work culture. This and the strong will to excel sets Canadian L.I.C. apart from other brokerages. The company’s DNA is built around putting all the moving parts together in an innovative people and technology package with product knowledge and motivation as the nucleus. A compelling business outlook indeed!

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What are your future Plans?

The company intends to obtain licenses for other provinces and extend its footprints across Canada. COVID slowed down these plans in the short term, but the next few years will see the Brokerage progress on a national scale.

*Data provided by MGA, one of the contests run by a leading insurance company

Contact:

Pushpinder Puri, CEO │Harpreet Puri, CEO, FA

Canadian Leading Insurance Company, Inc.

2969 Bovaird Drive E., Unit 2

Brampton, ON L6S 0C6

Website

www.canadianlic.com

www.pushpinderpuri.com

www.harpreetpuri.com

Facebook:  www.facebook.com/CanadianLICinc

LinkedIn: www.linkedin.com/in/candianlicinc/

LinkedIn: www.linkedin.com/in/harpreetpuricanadianlic/

YouTube: https://www.youtube.com/channel/UC3-Pe7_cA73lhVkFKThksLg   

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The above information is only meant to be informative. It comes from Canadian LIC’s own opinions, which can change at any time. This material is not meant to be financial or legal advice, and it should not be interpreted as such. If someone decides to act on the information on this page, Canadian LIC is not responsible for what happens. Every attempt is made to provide accurate and up-to-date information on Canadian LIC. Some of the terms, conditions, limitations, exclusions, termination, and other parts of the policies mentioned above may not be included, which may be important to the policy choice. For full details, please refer to the actual policy documents. If there is any disagreement, the language in the actual policy documents will be used. All rights reserved.

Please let us know if there is anything that should be updated, removed, or corrected from this article. Send an email to [email protected] or [email protected]

What is Disability Insurance?

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What is Disability Insurance?

By Candian LIC, April 16, 2021, 8 Minutes

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When you are the one who provides for a family, you probably wonder what would happen if you ever were injured and unable to work. This could be the insurance policy you are looking for. Disability Insurance can be very helpful if you need financial security during times of injury and healing.

What is Disability Insurance?

Disability insurance is an insurance policy, also known as Disability Income Insurance or Income Protection Insurance. Disability Insurance is designed to assist you and your family in being financially secure if you are ever injured or disabled. Disability insurance provides income replacement until you are healed enough to go back to work. It replaces a portion of your paycheque using a percentage of your usual income. The disability can be caused by either accident or illness. You and your loved ones will get assistance from the insurance payments until you can work again, or until the coverage term ends. You can work your policy so your payments come weekly or monthly.

Why Get Disability Insurance?

Anyone who is the sole provider of income, or If you have a regular income, you should consider getting disability insurance. Almost everyone has rent or mortgage to pay or support immediate or extended family members. You need to have coverage if you sustain an injury or get an illness that prevents you from working.

Several factors affect the cost of Disability Insurance. Benefits and premiums are affected by the following factors: gender, age, family health history, physical condition, and occupation. If you have other coverage, Disability Insurance payments may be reduced to offset the other benefits.

What Does Disability Insurance Cover?

There are many reasons to have disability insurance, accident, or illness.

Four Types of Disability Insurance

  • Own occupation means you are unable to perform duties of your own job
  • Any occupation is set up so benefits can only be paid if you are unable to do any part of the job for which you are trained and qualified.
  • Short-term disability insurance gives coverage for up to two years or for temporary issues and injuries. This is the type of insurance you should get when you recover and go back to work.
  • Long Term is where the insurance provides benefits and coverage for long-standing issues or injuries that will last months to years, or until you reach 65 years of age.

This insurance will make sure you will not lose income due to your inability to work, allowing you the time you need to get back on your feet. You will be able to pay bills, buy food, and cover household expenses.

Take care of your finances with disability insurance

If an accident has temporarily or permanently kept you from working, you can receive a tax-free monthly benefit if you have disability insurance coverage. This plan helps pay your monthly expenses. You also have the freedom to personalize your disability insurance coverage by adding extra benefits at a cost.

How does disability insurance coverage work?

Now that we know what disability insurance coverage is let us understand how this insurance policy works. In the unfortunate event, you become disabled; you must file a disability claim. After the filing is complete, you have to wait for the claim to be approved. Once approved, there is a waiting period; the waiting period is the start date of the benefit, including the number of days from the date you became disabled. This waiting period can be anywhere from 30 days to a year. Your monthly benefit would begin after the waiting period has been achieved.

Types of disability insurance:

  • Short-term disability insurance If you are suffering from an illness or injury, the coverage is provided for up to six months. Additionally, the waiting period is typically shorter than long-term disability.
  • Long-term disability insurance Sometimes life does not go according to plan; a severe injury or illness can prevent you from working for a prolonged period or permanently. A long-term disability plan protects you and your loved ones financially.

Reasons to purchase disability insurance:

  • Tax-free benefit If your company provides disability insurance, you usually don’t pay for it. The amount that you receive is tax-free, as you have already paid taxes on it.
  • Regular option coverage and occupation option coverage Disability insurance often comes with two types of coverage, regular coverage and occupation coverage. When you opt for occupation coverage, you are covered if you can no longer perform the job, you were doing when you got sick or injured. If you believe you can do any job for a regular occupation, you will not need much help with your bills.

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Significant impact on your finances

Have you considered what would happen to you and your family if you became sick or had a workplace accident? This is where disability Insurance comes into the picture. This type of coverage can get you some amount to help you and your family cover expenses in the event of your inability to work. Many individuals do not understand what a disability insurance policy offers; before purchasing a disability insurance coverage, you must:

  • Identify if you need short-term or long-term disability coverage.
  • Find out how much of my salary the disability insurance coverage covers.
  • Know if the insurance is covering my job.

Are you the sole income earner for your family? Do your parents depend on your income? If the answer is yes, you need to purchase a disability insurance policy. The unpredictability of life is petrifying, as one unfortunate event can leave you and your loved ones financially unstable. If you cannot work due to a severe injury or illness, owning disability insurance can help pay for expenses like utilities, school tuition, mortgage, food, and car payments. This insurance plan replaces a portion of your income if you are unable to carry out your work. Back injuries, heart diseases, and cancer are the majority of long-term disability claims.

Contact our expert insurance advisors today!

Don`t take a chance on life and own disability insurance coverage today. At Canadian LIC, our professional insurance advisors are experienced and have the patience to explain thoroughly why disability insurance is essential. To find out more details or to schedule a consultation, call us at 416 543 9000 today. We will be more than happy to address your queries.

Things To Know About Disability Insurance

If you have ever found yourself wondering what you would do if you became injured and unable to work, you may want to take a look at Disability Insurance. This is a great policy if you want to have peace of mind for your and your family’s future.

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What is Disability Insurance?

Disability Insurance is a policy for you and your loved ones to be protected financially if you are disabled. Disability can be from illness or injury. The insurance provides income replacement until you are able to go back to work, if possible. It supplements your paycheque by using a percentage of your income.

Why should I get it?

If you have a family or other financial obligations like a mortgage or rent, you will want to have financial security if you are suddenly unable to work due to illness or injury.

Factors that Affect the Cost of Disability Insurance

  • Smoking: This is often the cause of paying higher premiums for disability insurance. If you don’t smoke, you have more chances to get affordable premiums and other health benefits.
  • Age: This is a major cost-determining factor. The younger you are the more you get the policy, the less costly it will be. There is less of a chance of becoming disabled while you are young.
  • Occupation: A skilled tradesman or manual labourer will have a higher cost for disability insurance than a person with a desk job having a high income.
  • Health: If you are healthy, with no critical illness, you will pay a low cost for disability insurance.

Types of Disability Insurance

Own Occupation: Benefits paid if you can’t perform complete duties of your own position at your job full time.

Any Occupation: Benefits paid if you are not able to do any part of the position or job for which you qualified.

Long Term: Benefits paid for disability issues that will last anywhere from a month to years, or the policyholder is 65-years-old.

Short Term: Benefits paid for temporary issues or those that last for up to two years. These are issues you will recover from and will be able to go back to work.

Having Disability Insurance is just another way of taking care of your family. Ask your insurance broker for more information on Disability Insurance today.

Do I really need a disability insurance?

Our team at Canadian LIC can help with the paperwork, all you have to do is apply. We will provide you with all details and you can choose a suitable plan. Contact us and schedule an appointment today. We look forward to seeing you.

Generally, if your employer has group employee disability insurance, then you won’t have to worry about applying for a new one. You can reap the benefits. (We advise you to check the benefits for the existing plan that you’re part of). If you want to shop around, you should know a bit about disability insurance.

There are two types; the first is short-term disability insurance, here the coverage is up to 6 months when you’re sick or injured. It is the general type of disability insurance that employers offer but depending on the employer it can be different. If are not a part of a short term disability insurance then you may be eligible for Employment Insurance (EI) sickness benefits with the requirements being:

  • When you have used all of your sick leaves
  • You have worked enough hours

The second type of disability insurance is long-term disability insurance which offers coverage of up to 2 years. It also replaces 60-70% of your normal income. It should be noted that the benefits of short-term disability insurance are not included in this type of plan.

How does disability insurance work?

Here’s a summary of how disability insurance works. It will give you a better idea of the entire process. Please have a look:

  • Choose the amount you want. You can also add optional benefits to customize your coverage policy
  • Pay your monthly insurance premiums
  • If you have become disabled, then file a claim
  • Once the formalities are completed, you will receive your monthly payments (once the waiting period ends). The waiting period can be explained as the number of days from the date you’re disabled until the benefits start date.
  • Your monthly payments stop when you return to work or your benefit period ends

Your monthly benefit would be approximately 2/3 rd of your income (this is with respect to your gross employment). The waiting period is for 10 days and the benefits that you get are completely tax-free. We can customize your insurance plan to meet your requirements. Call Canadian LIC today and speak with our team members, we will be glad to assist you.

Eligibility for the Canada Education Savings Grant

  • In order to be eligible for the grant, parents or grandparents must contribute to a child’s RESP prior to the end of the calendar year in which the child turns 15 years
  • The child must be a Canadian resident
  • It is important the child must have a valid Social Insurance Number
  • There must be a RESP account in the child’s name
  • It is important that you request the government for the matching contributions

The Government of Canada helps and contributes towards your effort to save. It deposits substantial grants directly into your RESP.

How Disability insurance can help you out during unemployment?

Benefits of opting for disability insurance

  • Disability insurance will help you provide your family with financial security if you are unable to work due to an accident or illness.
  • Disability insurance will help you cover most of your expenses
  • It replaces a part of your income when you are unable to work
  • It also reduces your burden and also helps you save on taxes

Providing you the financial security when you need it the most
Accidents and illness are unfortunate and can happen to any of us. It is always best to stay financially secure and safe at all times by investing in the right disability insurance. You can choose from a range of disability insurance. Most of the disability insurances provides cover for senses and speech issues, such as vision and hearing loss, asthma, neurological disorders, mental disorders, depression and anxiety. For more information about how disability insurance can help you or to invest in a disability plan, please get in touch with us now. Our team is here to help you with all your requirements.

Long-term disability insurance
Long-term disability insurance provides cover in the event of an accident or a fall. It does not provide insurance for work-related accidents that are covered by workers’ compensation insurance. Long-term disability insurance ensures that an employee receives a part of their income if they cannot work due to a disabling injury.

The above information is only meant to be informative. It comes from Canadian LIC’s own opinions, which can change at any time. This material is not meant to be financial or legal advice, and it should not be interpreted as such. If someone decides to act on the information on this page, Canadian LIC is not responsible for what happens. Every attempt is made to provide accurate and up-to-date information on Canadian LIC. Some of the terms, conditions, limitations, exclusions, termination, and other parts of the policies mentioned above may not be included, which may be important to the policy choice. For full details, please refer to the actual policy documents. If there is any disagreement, the language in the actual policy documents will be used. All rights reserved.

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