Life – this type of policy will provide the beneficiaries with substantial amount of money in case of premature death of the Insured. This is unilateral contract, meaning the Insurer cannot cancel the contract until the premiums are paid by Insured.
Term Insurance – provides coverage expires at certain period of time, typically 10,15,20 years.
Whole life – coverage + savings up to 100 years, or the whole life.
Universal life – coverage + investment + savings, the Insured has an option to control the investments.
Critical Illness – can protect the Insured and the family members to fight with the severe illnesses, like stroke, cancer, heart attack, paralysis , up to 27 other decreases. A large , tax free cash amount from the Insurance company will be paid to the Insured after 30 days of diagnostic .
Disability – monthly income replacement up to 68% of the income earned by the Insured in case of an injury, illness, that prevents Insured from working.These benefits come in the form of monthly payments and are tax free.
LTC – long term care, provides the Insured in payments for medical care in case of loose 2 of5 daily activities functions, like transportation of the body, eating, bathing, washing, or cognitive impairment.
A&S – accident and sickness, provides protection and partial , or full repayment for medical and dental expenses.
Exists as: extended health care, travel assistance, dental plans, prescription drugs, accidental death and dismemberment.
Business Insurance – available for:
Exists in the form of:
1) life insurance on a partner
2) disability plans, buy-outs
3) buy-sell agreements
4) cross purchase agreements
5) key person policy
Travel insurance – those plans cover for the medical expenses, accidents, including hospital bills, medications, transportation, and 24/7 emergency travel assistance when you are abroad. Available for the visitors to Canada,and new immigrants before OHIP coverage.