IFSC - Products

	Life Insurance
	Critical illness Insurance
	Mortgage Insurance
	Medical Plans
	RESP
	Travel Insurance
	RRSP
	Disability Income
	Long Term Care Insurance

LIFE INSURANCE

There are several types of life insurance, and each is designed to meet a different set of needs. Some policies are best suited for short term needs such as mortgage protection, replacing the income lost due to the death of an income earner, saving for the education of children etc.

Other policies will accumulate a cash value after a number of years. When you have sufficient cash value, you can borrow money from your policy or use the cash value as collateral for a loan.

To determine the amount and type of insurance that will best meet your specific needs, we strongly recommend contacting any of our advisors, brokers or agents at 416-834-4404 or 1-877-529-4372.

Click here to run free online Life Insurance quotes

Term Insurance

Term Insurance is a low-cost, straight forward insurance product designed primarily for short term needs such as mortgage and debt coverage, final expenses and also provides funds for children’s education. The initial premiums are very competitive but renewal premiums increase at every coverage anniversary thereby making term insurance expensive in the long run. Most Term Insurance plans offer renewable and convertible features. The most commonly purchased term products are Term-10 and Term-20.

Longer term insurance is also available with level pay periods and coverage periods of 65, 75 or to age 100.

Term to age 100 often called T-100 may sound as if it is a term insurance plan, but it is in fact a permanent insurance solution. Term to 100 provides coverage at the same premium through to age 100, with no increase in price. The premiums are payable as long as the insured person lives.

Universal Life

Universal Life Insurance is also a permanent insurance plan. It has evolved over the last 30 years, and is now the preferred tool in most instances for wealthier Canadians. As a quick summary, universal life insurance policies provide insurance protection while also enabling the policyholders to save some money. Such policies generally have cash values. A policyholder may borrow money against the cash value or surrender (turn in) the policy for its cash value. Any amount borrowed against the cash value, plus interest, is subtracted from the face value if the insured person dies before the loan is repaid.

Our associates, brokers, advisors and agents will describe its chief elements, explain the features by which one product is differentiated from another and mention some of the situations where Universal Life is often utilized. They will also explain the concept of quick pay and cash values in UL plans.

CRITICAL ILLNESS INSURANCE:

Statistics show that most of us are ten times more likely to suffer a life threatening illness and survive than to die before age 75. Take a moment to reflect on the people you know or may have heard of such as friends, athletes, associates, or even family members who may have suffered a heart attack or other heart diseases, stroke, TIA, cancer, MS, or even unexpected death. Surely, they could not predict that such an event would happen, but all too often they miss the opportunity to plan adequately for the financial aftermath that follows such a diagnosis.

Being diagnosed with a serious and critical illness can be a devastating event, not just for you but also for your family and friends. Even when the person is ill, current bills still have to be paid, not to mention the additional expenses that go along with a critical illness (prescription drugs, specialized feeding for the sick, day care for the kids, transportation of family members who will be visiting the sick person, etc)

Whether it is cancer, heart disease, multiple sclerosis, stroke etc, it is hard to predict who will be diagnosed with a critical illness. Unfortunately, illnesses know no age. That is why it makes sense to get insurance coverage for kids too when they are healthy because you never know what tomorrow will bring.

This is a good reason to get CRITICAL ILLNESS INSURANCE.

Critical Illness Insurance provides a lump sum payment ranging between $10,000 and $2,000,000 upon the diagnosis of a serious illness to help you on your road to recovery. There is no stipulation on how you use the money. You can use it to:

Pay off debts or mortgages
Supplement income
Pay for medical treatments not offered in Canada
Get quicker treatment outside of Canada
Take an extended vacation anywhere in the world ; Do whatever you want

A typical critical illness insurance covers most of the following illnesses:

	Cancer		Benign Brain Tumor
	Heart Attack		Major Organ Transplant
	Coronary Bypass Surgery		Paralysis
	Stroke		Loss of Limbs
	Multiple Sclerosis		Coma
	Coronary Angioplasty		Parkinson’s Disease
	Heart Valve Replacement		Alzheimer’s Disease
	Occupational HIV Injury		Motor Neuron Disease
	Aorta Surgery		Severe Burns
	Blindness		Loss of Speech
	Deafness		Access to Best Doctors
	Kidney Failure		Loss of Independent Existence

If you would like a FREE quote with no obligations and at no cost whatsoever or if you have any questions, call 1-877-529-4372 or 416-834-4404 and one of our brokers will answer your questions promptly.

MORTGAGE INSURANCE :

Most people take the time to shop around for their mortgages — looking for the best interest rates and terms. However, they do not do the same for their mortgage insurance. They simply accept the coverage offered by their lender.

The fact is that you may get better coverage at a lower cost by having your own personal mortgage insurance policy. See the FACTS below

		Your Individual Mortgage Insurance	Mortgage Insurance from the Banks
1	What amount is paid at death?	100% of the insured amount	Only the balance of the mortgage
2	Does your insurance coverage stay level?	Yes	No, the bank decreases it every month
3	Who owns the insurance?	You	The Bank/Lender
4	Who gets the death benefit?	Your chosen beneficiary	The Bank/Lender
5	Will you lose your insurance if you sold your house?	No it stays!	Yes. You lose it when you sell your house or change lender
6	Do you get your money back?	Yes (with some plans)	NO. Never!!
7	When is approval for coverage done?	Before the policy is issued	The bank will UNDERWRITE your coverage at CLAIM TIME! That’s why some claims are never paid! Beware!

When a “mortgage specialist”, who is not life licensed, from the bank recommends Bank mortgage life insurance are they really acting with their client’s best interests in mind?

As “Insurance Brokers” we go to lengths to ensure a well-designed life insurance portfolio is recommended to each of our clients in order to fulfill our professional and fiduciary responsibilities. We offer you comparative products from different insurance companies so you can make an informed decision.

If you want a no-obligation quote to see if an individual mortgage insurance policy suits your circumstances, give us a call at 1-877-529-4372 or 416-834-4404 and one of our brokers, agents or advisors will assist you promptly.

MEDICAL PLANS

This health insurance coverage takes care of the expenses that OHIP does not cover such as- prescription drugs, dental care, private and semi-private hospital room accommodation, prescription glasses, travel insurance and other Extended Health Care benefits etc.

These expenses may be paid out of your pocket if you have no private medical insurance plan or if you have just lost your group insurance coverage at work.

We all deserve some peace of mind when it comes to our health.

Click here to apply for the Medical Plan that suits you.

REGISTERED EDUCATION SAVINGS PLAN (RESP):

This is a special plan to help you with saving for your and your children’s post-secondary education. The money in the RESP will be invested in safe portfolios and will attract a minimum of 20% grant from the Canadian government up to an approved government maximum. An RESP allows the growth income earned on contributions to remain tax deferred until the nominee enters a college or university program and the money is withdrawn.

Saving for education has become very important as tuition costs are currently approximately $4,000 per year and when cost of residence with meals ($6000), books, computers, travel and pocket money are all considered the total can reach up to $16,000 per year.

Starting to save early (with any amount) will help ease the burden of a student's debt load.

If you are interested in more information about setting up an RESP plan for yourself or a for your nominee (could be your child, grandchild, nephew, niece, uncle, aunt, spouse etc), give us a call at 1-877-529-4372 or 416-834-4404 and one of our brokers will assist you.

TRAVEL INSURANCE:

Out of Province Travel

Visitors to Canada Insurance

This insurance provides from $25,000 up to $150,000 coverage of the eligible emergency medical expenses that a visitor to Canada incurs while visiting Canada. It is also available for new immigrants who have not been covered by OHIP.

The visitors-to-Canada insurance also provides coverage for side-trips outside Canada. This essential coverage comes with a full range of benefits including round-the-clock services to ensure you are not out-of-pocket for your eligible expenses. Coverage is also available if the holder undertakes side-trips outside Canada.

Who can apply for Visitors to Canada Insurance?

Visitors to Canada
Canadians who are not eligible for benefits under OHIP
Persons who are in Canada on a work or student visa
New immigrants who are awaiting OHIP coverage

When you travel to Canada, or have relatives and friends visiting Canada, please contact us at 416-834-4404 or 1-877-529-4372, Monday to Friday, 9:00 AM to 5:00 PM EST; and Weekends 12 Noon to 4.00 PM EST to assist you choose the plan that is right for you.

Click here to Apply for Travel Insurance

RRSP (Registered Retirement Savings Plans)

A Registered Retirement Savings Plan (RRSP) is one of the best investments that can be made in saving for retirement. They are tax deductible deposits made in a registered investment plan. Most common plans are GIC, Bonds, Mutual Funds and Segregated Funds.

Some advantages of RRSPs include :

Tax Deductability
Tax Sheltered and compounding growth.

Although mutual funds are a very popular form of investment, they may not be appropriate for every client. Other options available may be of particular interest to clients who are very risk shy and are conservative investors.

For those clients who desire some form of guarantees on their investments, there are choices aside from mutual funds and GICs! That choice is SEGREGATED FUNDS (often called Seg. Funds )

If you buy RRSPs from a bank or a mutual fund company, you might end up losing your money in a market downturn because the bank or mutual fund companies do not provide guarantees on their RRSPs.

RRSPs from Insurance companies are called Seg Funds. They come with important guarantees on your deposit at maturity and at death regardless of what happens in the markets and the funds.

Segregated Funds

Segregated funds, often referred to as "Seg" funds, offer a similar range of pooled investment options (conservative, balanced, modest growth, aggressive growth etc.), but within what is technically an insurance product.

Segregated funds take the advantages of mutual funds and combine them with insurance features, guaranteeing minimum 75% to 100% of your investment at maturity and at death before maturity.

The bypass of probate fees, executor fees and legal fees are also very attractive features of a Seg. Fund. This means that the investor will not have to worry about their heirs having to endure delays at the death of the investor or suffer losses due to a down market.

Seg Funds may also offer potential creditor protection.

For the risk shy investor, the deposit and death benefit guarantee as well as the maturity guarantee are very attractive and powerful features of a segregated fund contract. They can provide protection from market volatility upon maturity or upon death.

This also means that the investors may not worry about their heirs having to endure delays or suffer losses due to a down market.

As at this moment, only insurance-licensed advisors are approved by law to sell segregated funds.

If you would like more information about Seg.Funds and how they can complement your financial planning process, please give us a call at 1-877-529-4372 or 416-834-4404 and one of our advisors, agents or brokers will answer your questions promptly.

Disability Income

Your most important asset is your ability to work and earn an income. Your entire lifestyle is dependent on your income. The chance of becoming disabled due to injury or illness during your working years is very high.

Have you considered how you would maintain your lifestyle if you got injured or suffered an illness that prevented you from working even for a few months?

While no one likes to think about becoming ill or being injured you can’t afford to ignore the possibility.

What is Disability Income (DI)?

Disability Income Protection, commonly known as Disability Insurance and Loss of Income benefit, provides financial security should an accident or an illness occur that prevents you from working and earning a living.

A Disability Income Benefit provides you with a portion of your income should you be disabled as a result of Injury or Illness and unable to work and earn a living. There are different different definitions ( own occupation, regular occupation, any occupation ) Elimination Periods (EP), (length of time to wait before benefits begin), and different Benefit Periods (BP), (length of time benefits will be payable), that will allow you to choose the plan that best suits your needs.

THINGS TO KNOW ABOUT DISABILITY INSURANCE

As an employee don’t I have Income protection?

You probably have Employment Insurance and Workplace Insurance coverage.

Employment Insurance pays 66.75% of your income for up to 120 days.
Workplace Insurance, known as WSIB or WCB pays up to 85% of your earned Income for up to age 65, if you are hurt at work. It does not pay if you get sick (unless it’s work related).

Unless your company has a group plan, you may have significant holes in your coverage. If you are not covered for loss of Income after 120 days for disabilities you should purchase Long Term Disability benefits to age 65 or to age 70.

You can also purchase “off the job” Injury coverage, with 24-hour Illness coverage

As a self-employed person I write down my income for tax purposes, how can I get Income protection?

There are Disability Plans that allow you the option of using gross revenue to calculate benefits. With such a coverage, Proof of Income is only required in the event of a claim if your benefit is more than $1000 monthly. Otherwise no proof of income is required.

How do I protect my Income?

Some Disability Insurance plans will cover up to 75% of your gross verifiable Income. In some cases they may also use Gross Business income to determine your eligibility amount.

What sort of coverage should I get?

That depends on how much you have put aside to cover emergencies. And what other income protection you have.

Apart from the TYPE of plan, there are THREE other considerations that affect price.

Elimination periods – How long you wait until coverage commences after a disability, Injury coverage can be 1st day, or 15, 30, 60,90 or 120 day. If you are going to be off work tomorrow it’s likely as a result of an accident, if you don’t have 60 days Income in reserve, we recommend 1st day coverage.
Benefit Periods – How long benefits are payable, after a claim commences, you can get 2 year, 5 year, 10 year, to age 65 or to age 70. You can add a Sickness disability if you qualify. You can select a 2 year, 5 year, 10 year, to age 65 or to age 70 Illness benefit period.
Policy Definitions differ by product. The cheapest is not always the best, and neither is the most expensive always the best. You should understand the key policy definitions explained before you buy a policy.

We are here to help. Give us a call at 416-834-4404 or 1-877-529-4372 and our brokers, agents or advisors would guide you through the available choices of Disability Income Insurance.

What about Injury Only coverage?

Many self employed prefer Injury only coverage because of cost or are required to carry an alternative to a workplace Injury plan by their General Contractor, or their company with whom they are contracted as an independent operator. Some Accident Disability Plans provide 1st day Injury coverage, with Injury benefits payable to age 70. Coverage is either 24-hour, or you can select non-occupational Injury coverage if you carry a workplace Injury Insurance Plan.

If you would like to see a FREE quote, give us a call at 1-877-529-4372 or 416-834-4404 and one of our brokers will provide you a quote according to your personal situation.

Long Term Care Insurance

Long Term Care Insurance provides the insured with the financial resources to take control of their future health and personal care services. It provides a flexible range of benefits and features to choose from, so that the insured persons can customize a plan for their specific needs.

Long Term Care Insurance pays a daily benefit if the insured:

Loses the ability to care for him/herself, due to cognitive impairment or a condition that results in the inability to perform two (2) or more Activities of Daily Living.
Requires the services of a Long Term Care Facility or Home Care provided by a professional assistance at home

INDEMNITY :

The product pricing and details of this coverage and any other coverage on this website, may vary and/or change as per the underwriting insurance companies discretion and are not guaranteed. IFSC only represents the said underwriting insurance companies’ coverage(s) and in no way is IFSC responsible for the actions or errors that may occur from such said underwriting insurance companies. Further, the product pricing and information supplied is not intended to nor should be understood to make any recommendations as to the suitability of any and all products shown in this website. We strive to maintain the accuracy with all the information provided on this website; but we can not and do not guarantee the validity or accuracy of any of the information provided or displayed.

Furthermore, the information you obtain at this site is not, nor is it intended to replace professional advice from a licensed insurance advisor, agent or broker. We strongly recommend contacting any of our advisors, brokers or agents at 416-834-4404 or 1-877-529-4372.