After excitements of the wedding day, newlyweds are so overwhelmed with emotions of making a new home together that insurance concerns sometimes can be completely forgotten. But when two lives come together, there are some legal issues involved and insurance is one of them.
Life Insurance Toronto – 416-822-2698 – www.insurancestoronto.ca
Term Life Insurance – Coupling Your Coverage
Life insurance does not buy live, it buys peace of mind in our uncertain world. For many young couples, the best life insurance type is term life insurance. Term plans are the most affordable and have a set benefit that exists for a certain period of time. These policies offer more coverage for lower premiums. Other products are investment oriented and may not fit in with either the long or short term plans the young couple has for investing their money.
A Word about Joint Plans
Because of the money savings, joint insurance plans seem attractive to young couples. However, complications with joint policies can arise if a marriage falls apart. It doesn’t cost much more to insure each life individually.
Get Health Insurance
You might think that you are young and healthy and do not need insurance. You have to think again. You cannot build your family on a shaky ground. When you are dealing with serious issues or when certain life events occur, such as having a baby or losing your job, you don’t want to worry about money for medical treatments for people you love. Although OHIP covers lots of health care related issues, it doesn’t cover prescription drugs, dental care, vision care and physiotherapy costs. Are you able to address these health care issues promptly?
Long-Term Disability Insurance
You should have at least a minimum amount of long-term disability insurance that protects against lost income in the event you become disabled. As an incentive for people to get back to work as soon as possible after becoming disabled, most disability insurance plans cover up to 70% of salary.
If you are self-employed
Do you know that Ontario has the highest number of self-employed individuals? Over one million! If you are one of them, fortunately, there are a wide variety of health insurance plans to avoid the stress of not having enough funds to cover the cost of health care. Also, self-employed Canadians can access Employment Insurance (EI) Special Benefits. There are four types of EI special benefits: maternity benefits, parental benefits, sickness benefits, and compassionate care benefits.
There are many questions to consider, for example:
- If one of you (or both) already has health insurance, would a join plan be better?
- What are the differences in co-payments, deductibles and benefits?
- How you can get better coverage at a cheaper rate?
- How much life insurance do you need?
- Is getting life insurance through work a good idea?
Please contact me for a free advice about your insurance planning.