Insurance & Financial Experience for your peace of mind.Burial Insurance
This is one of those things that no one wants to think about, but those who have survived the death of loved one, unprepared, realize the piece of mind that burial insurance provides.
So why not be prepared? When the time comes, those who are closest to you; those who would be the most overcome with grief will be the ones left to fulfill your last wishes, the likes of which will come at a price.
Burial insurance secures the financial burden for your loved ones, and puts a plan in place that will alleviate the heartache and the guess work involved in struggling to fulfill your last wishes under difficult circumstances.
It also gives you the piece of mind that you when you go, it will be in the way YOU want to go.
A burial insurance policy telegraphs your last wishes to those left behind and secures the funding to make it happen the way you want it to.
Your final expense burial insurance money will be delivered to your named beneficiaries within 15 days of your doctor‘s confirmation of your death, avoiding the long waiting and costs of probate.
Health & Dental Insurance
Health & Dental insurance is insurance that pays for medical and dental expenses. Health & Dental Insurance is often used more broadly to include insurance covering disability or long-term nursing or custodial care needs. In Ontario and all of Canada's provinces and territories there are government-sponsored primary-care social insurance programs this government-sponsored program covers only basic medical care. To supplement and offer more specialized programs private insurance companies offer more specialized programs to be purchased on a group basis (e.g., by a firm to cover its employees) or purchased by individual consumers. In each case, the covered groups or individuals pay premiums to help protect themselves from high or unexpected healthcare expenses.
By estimating the overall risk of healthcare expenses, a routine finance structure (such as a monthly premium) can be developed, ensuring that money is available to pay for the healthcare benefits specified in the insurance agreement.
At MagnaLife Financial we have the experience and ability to find the insurance product that will fit your needs and current station in life.
Life Insurance
Life insurance or life assurance is a contract between the policy owner and the insurer, where the insurer agrees to pay a sum of money upon the occurrence of the insured individual's or individuals' death or other event, such as terminal illness or critical illness. In return, the policy owner agrees to pay a stipulated amount called a premium at regular intervals or in lump sums. There may be designs in some countries where bills and death expenses plus catering for after funeral expenses should be included in Policy Premium. In the United States, the predominant form simply specifies a lump sum to be paid on the insured's demise.
As with most insurance policies, life insurance is a contract between the insurer and the policy owner whereby a benefit is paid to the designated beneficiaries if an insured event occurs which is covered by the policy.
The value for the policyholder is derived, not from an actual claim event, rather it is the value derived from the 'peace of mind' experienced by the policyholder, due to the negating of adverse financial consequences caused by the death of the Life Assured.
Registered Savings Plans
Registered Savings Plans including RESP and or RRSP are accounts that provide tax benefits for saving for retirement in Canada. RRSP refers to a provision in the Income Tax Act that allows a person to shelter financial property from income taxes.
Guaranteed Life Income - Segregated Funds (Variable Annuities)
Variable annuities have features of both life insurance and investment products.
Travel Insurance (Don't Leave Home Without it!)
Travel insurance is insurance that is intended to cover medical expenses and financial (such as money invested in nonrefundable pre-payments) and other losses incurred while traveling, either within one's own country, or internationally.
Temporary travel insurance can usually be arranged at the time of the booking of a trip to cover exactly the duration of that trip, or a more extensive, continuous insurance can be purchased from travel insurance companies, travel agents or directly from travel suppliers such as cruiselines or tour operators. However, travel insurance purchased from travel suppliers tends to be less inclusive than insurance offered by insurance companies.
Travel insurance often offers coverage for a variety of travelers. Student travel, business travel, leisure travel, adventure travel, cruise travel, and international travel are all various options that can be insured.
Critical Illness Insurance
Critical illness insurance is an insurance product, where the insurer is contracted to typically make a lump sum cash payment if the policyholder is diagnosed with one of the critical illnesses listed in the insurance policy.
The policy may also be structured to pay out regular income and the payout may also be on the policyholder undergoing a surgical procedure, for example, having a heart bypass operation.
The policy may require the policyholder to survive a minimum number of days (the survival period) from when the illness was first diagnosed. The survival period used varies from company to company, however, 28 days and 30 days are the most common survival periods used.
The contract terms contain specific rules that define when a diagnosis of a critical illness is considered valid. It may state that the diagnosis need be made by a physician who specialises in that illness or condition, or it may name specific tests, e.g. EKG changes of a myocardial infarction, that confirm the diagnosis.
MagnaLife Financial has vetted a number of Critical Illness products offered by a myriad of companies. We are confident that we can find a product to fit your need. At MagnaLife Financial we are confident that we have the Insurance and Financial experience for your peace of mind.
Individual Disability Insurance
Individual disability insurance, often called disability income insurance, is a form of insurance that insures the beneficiary's earned income against the risk that disability will make working (and therefore earning) impossible. It includes paid sick leave, short-term disability benefits, and long-term disability benefits.
MagnaLife Financial has analyzed a variety of disability insurance programs and is confident we have found a product to fit virtually any need.