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Insurance Facts
Life Insurance Facts

Health & Dental Insurance Facts


  Life Insurance is a safe and economical way to cover your final expenses.

    According to the National Funeral Directors Association, the average full-service adult funeral cost $7,570 in 1999.

  Your life insurance benefit can be used to cover education expenses.

    When your children or grandchildren are away at college or university, it is during this busy time that expenses skyrocket. You may have saved money for your child's education but will it be enough? The average current cost of tuition at a Canadian university when a child lives away from home is about $32,000. These costs continue to be on the rise.

  Re-examine your policies every 2 to 3 year to ensure that all of your family and business needs are covered and you are indexing those needs to inflation.

    In Ontario, the average total amount of Life insurance coverage owned by a household is $210,600. Almost 17.5 million Canadians own life insurance.

  What to do when your beneficiary has to make a life insurance claim?

    When your beneficiary contacts us, we will guide them as to what documentation is needed. In general, a claim form will have to be completed and other information including Proof of Death will need to be forwarded to the insurer. All of the arrangements can be made by calling 1-800-387-0048.

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  None of us likes to think about the possibility of becoming ill. But, if an accident or illness were to happen it could cost you and your family your entire savings.

    Here are some recent statistics relating to the frequency of serious illness amongst Canadians.

9 in 10 will develop Back Problems
2 in 5 will develop High Cholesterol
1 in 13 will develop Diabetes
1 in 13 will develop Cancer
1 in 20 will develop Bronchitis
1 in 30 will develop Osteoarthritis
1 in 50 will develop Epilepsy
1 in 100 will develop Alzheimer's
1 in 500 will develop Heart Disease
1 in 1,000 will develop Multiple Sclerosis
7 in 10,000 will develop AIDS
1 in 10,000 will develop Parkinson's
7 in 100,000 will develop ALS

  Health insurance benefits provided by your Government will only cover basic medical needs - like a trip to the doctor or hospital.

    You'll have to pay for prescription drugs, dental care and eyeglasses on your own. The Canadian family spends an average of close to $1,210 a year on prescription drugs. This is a lot of money but some Canadians, especially people with chronic illnesses and some elderly people, spend even more.

  Every year you could pay thousands in unexpected medical and dental expenses if you don't have a health plan.

    You could use up your savings on private care, because your Government Health Insurance Plan, unfortunately, offers only limited coverage for home nursing care and in-home assistance. Here's a quick overview of the limited coverage provided by your Government Health Insurance Plan when it comes to home care:

Waiting Period Waiting list can be lengthy.
Amount of Coverage Very limited in some cases.
Chronic Conditions Limited Coverage.
Plan of Care
Written description of the services appropriate to your needs
Ease of Contact
Immediate access to professionals who will correctly assess your needs
Can be difficult.
Cognitive Impairments Limited coverage.

  If you are self-employed or operate a small business, your health plan could literally pay for itself.

    If you're self-employed or an employee of your own business, health and dental premiums may be a non-taxable benefit and a tax deductible expense. For others, the premiums may qualify as a medical expense and create a tax credit.

Here's how:  
Health and Dental Plan Annual Premium: $800
Tax deduction assuming 40% marginal rate                               -$320
Total Net Cost                                                                       $480
Saved Annual Expenses(paid through health & dental plan)
Prescription Drug costs -$80
Dental costs -$150
Contact lenses -$100
Chiropractor/Registered Massage Therapist                               -$150
Total Expenses -$480
Your Cost $0

  Even if you only claim a few things a year, the purpose of health insurance is to ensure your family's financial security by protecting you in the event of an unforeseen illness.

    At December 31, 2003, 25.5 million people in Canada bought Extended Health Care coverage and 17.3 million bought Dental Care coverage to protect themselves and their family against financial loss.

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