Life Insurance

Why is life insurance important?

Life insurance is important, as it protects your family and lets you leave them a non-taxable amount at the time of death. It is also used to cover your mortgage and your personal loans, such as your car loan. Your individual life insurance follows you when you retire and you are no longer insured by your employer.

 life insurance through Stuart Insurance vs. mortgage insurance from a bank ?

On paper, mortgage insurance and life insurance seem similar. Both are meant to protect your loved ones if you die. But here’s the difference: life insurance gives your beneficiaries the freedom to use the payout in whatever way they need most — from covering the mortgage to paying tuition, tackling debt, or simply keeping day-to-day life on track. And it usually does so at a lower cost and with fewer strings attached.

Mortgage insurance, by contrast, is sold mainly through banks and comes with big catches. The payout goes straight to the bank — not your family. Once your mortgage is paid off or if you default, your coverage disappears. To top it off, mortgage insurance premiums are often higher, less flexible, and rarely reflect your individual health or age.

Health and disability insurance

Health and disability insurance products protect you in case of illness or accident. The purpose of this insurance is to cover loss of income and additional expenses incurred due to an illness or accident (extended care, prosthesis, medications, etc.). Based on the coverage chosen, you could receive a lump sum, monthly payments or reimbursement of certain expenses.

At iA Financial Group, we offer three categories of health and disability insurance:

• Disability and income insurance
• Critical illness insurance
• Accident insurance

The importance of having health and disability insurance

The unexpected can happen at any time. Whether you suffer an accident, an illness or any other reason for disability, the consequences can be difficult emotionally as well as financially.

If something were to happen, knowing that you’re covered by health and disability insurance can help you focus on your recovery, without worrying about your financial situation. You’ll have the peace of mind you need to recover!

3 types of insurance designed for your needs

Disability and income insurance

This insurance provides monthly benefit payments in case of disability. Some products provide income replacement, while others cover your loan repayments.

The ideal solution if:

• You don’t have disability insurance through your employer and you want to protect your income in case of disability
• You want insurance that would help you cover your monthly loan payments or rent

Critical illness insurance

If you were to be diagnosed with a critical illness that’s covered by your policy, this insurance provides tax-free financial assistance that can be used as you see fit. It means you can maintain your standard of living and focus on the most important thing: your recovery.

The ideal solution if:

• You want to protect your family’s financial health and be able to focus on your recovery.

Accident insurance

This insurance can provide a lump-sum payment or cover certain accident-related expenses. Some options may also provide a monthly payment to cover your financial commitments.

The ideal solution if:

• You aren’t able to work due to an accident and need some help to cover unexpected expenses during your recovery.

Critical Illness

Why is Critical Illness coverage important?

Life can be unpredictable, and when it comes to your health, it’s essential to be prepared. That’s where critical illness insurance comes in—a safety net designed to provide financial support if you’re diagnosed with a serious illness covered by your policy. Think of it as a backup plan that steps in when life throws you a curveball. Common conditions covered include cancer, heart attacks, strokes, and multiple sclerosis. The idea is simple: if the unexpected happens, you receive a lump-sum payment to help with medical bills, recovery costs, or even everyday expenses while you focus on getting better.

Top 3 Reasons to get Critical Illness Insurance:

Financial Security:

Medical treatments and recovery can be expensive. Critical illness insurance provides a tax-free lump sum to help cover these costs, whether it’s for your medical bills, rehabilitation, or just keeping up with household expenses while you’re on the mend.

Income Protection:

If you need time off work to recover, this insurance can help replace your lost income, ensuring that your financial stability—and that of your family—remains intact during a challenging time.

Peace of Mind:

There’s a lot to worry about when you’re dealing with a serious illness, but having financial support in place can ease some of that burden, letting you focus on what’s most important—your recovery.

When Should You Consider Critical Illness Coverage?

The best time to think about critical illness insurance is when you start earning an income and taking on financial responsibilities. But it’s particularly important to consider if:

• You have dependents who rely on your income.
• You have significant debts, like a mortgage.
• You want to safeguard your financial future in case of a health crisis.
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Advantages of Getting Coverage Early:

As with most things in your pursuit of financial wellness, starting early is a game changer! Here’s why taking out a critical illness insurance policy as soon as you can is worth it:

• Lower premiums: The younger and healthier you are, the less you’ll pay.
• Protection for now and later: You’re covered for conditions that might arise both now and in the future.
• Better odds: Many serious illnesses occur later in life, often after age 65, so getting covered early means you’re protected as you age.

What Are Your Critical Illness Insurance Options?

Critical illness insurance isn’t one-size-fits-all. You can choose from various options, including the duration of coverage (e.g., Term 25, Term 75, Term 100) and the number of conditions covered (anywhere from four to over 25). Many policies are also convertible, renewable, and come with optional riders to tailor the coverage to your needs. And the good news is, you can find providers offering this coverage all across Canada.

You plan today, we secure tomorrow.