Life insurance is a contract between the insured and an insurance company, where the insured pay regular premiums, and in return, the insurer provides a death benefit to your beneficiaries upon death.

Life insurance provides financial security to your loved ones by covering expenses such as mortgage payments, funeral costs, debts, and income replacement.

You pay premiums (monthly or annually), and if you pass away while the policy is active, your beneficiaries receive a lump sum (death benefit).

• Term Life Insurance – Covers you for a set period (e.g., 10, 20, or 30 years) and pays out only if you die during that term.
• Whole Life Insurance – Permanent coverage with a cash value component that grows over time.
• Universal Life Insurance – A flexible policy that allows you to adjust premiums and benefits while also accumulating cash value.
• Variable Life Insurance – Includes investment options, allowing the cash value to grow based on market performance.

If you need affordable coverage for a specific period (e.g., until your mortgage is paid off or kids graduate), term life is best. If you want lifetime coverage and cash value benefits, consider whole or universal life insurance.

Premiums depend on factors like your age, health, lifestyle, policy type, and coverage amount.

Most policies offer a grace period (usually 30 days). If you fail to pay within this period, the policy may lapse.

You can name a spouse, children, family members, a trust, or even a charity.

Yes, you can update your beneficiary designation at any time.

If no contingent (backup) beneficiary is named, the death benefit may go to your estate, which could complicate distribution.

Mortgage insurance and life insurance both provide financial protection, but they serve different purposes. Call us for More info.

They need to submit a death certificate and a claim form to the insurance company.

Typically, it takes a few weeks to a couple of months, depending on processing times.

In most cases, life insurance death benefits are tax-free. However, if the payout goes into an estate, estate taxes may apply.

They need to submit a death certificate and a claim form to the insurance company.

Typically, it takes a few weeks to a couple of months, depending on processing times.

In most cases, life insurance death benefits are tax-free. However, if the payout goes into an estate, estate taxes may apply.

Super Visa insurance is a medical insurance policy required by the Government of Canada for parents and grandparents applying for a Super Visa. It covers healthcare, hospitalization, and repatriation in case of medical emergencies.

Since visitors on a Super Visa are not covered by Canada’s public healthcare system, this insurance ensures they have coverage for medical expenses while in Canada.

The policy must be valid for at least one year from the date of entry into Canada.

The insurance must provide at least $100,000 CAD in emergency medical coverage.

Yes, if your Super Visa application is denied or if the insured person does not travel to Canada, you may request a refund (subject to the insurance provider’s terms and conditions).

Coverage typically includes:

• Emergency medical care
• Hospitalization
• Doctor visits
• Prescription medications
• Ambulance services
• Repatriation (return to home country in case of serious illness or death)

Some plans do cover stable pre-existing conditions, but it depends on the provider and the individual’s health condition. Always check the policy details.

No, it generally covers only emergency medical expenses, not regular check-ups or elective procedures.

Most policies are issued for one year at a time, but they can be renewed annually.

The cost depends on several factors, including:

• Age of the insured person
• Coverage amount ($100,000, $150,000, etc.)
• Duration of coverage
• Medical history (pre-existing conditions)

Typical costs range from $800 to $2,500 CAD per year per person.

Some insurance providers offer monthly payment plans, but many require full payment upfront.

Yes, but ensure there is no gap in coverage, as continuous coverage is required for the Super Visa.

To file a claim, you will need:

• Your policy number
• Medical reports
• Receipts for medical expenses

You should contact your insurance provider immediately after receiving medical treatment.

You must renew or extend your insurance policy before it expires to maintain coverage.

Some providers offer partial refunds if you return home early and have not made any claims.

Yes, the insurance must specifically meet Super Visa requirements and be from a Canadian insurance provider.

No, the policy must be issued by a Canadian insurance company.

You can cancel the insurance and request a refund, provided you have not used the coverage.

You can purchase from:

• Canadian insurance companies
• Licensed insurance brokers