While the decision to take out insurance goes without saying, that of insuring a child, especially at a young age, is much more emotional because the collateral damage caused by bereavement affects the whole family.
Here are several reasons why life insurance for children is suggested:
By insuring your children, you may be able to ensure their future insurability at a low cost and thus provide them with a solid foundation for their financial future.
Some insurances allow you to add Critical illness insurance
Life insurance is a way to protect your family, it is the lifeline that can save the hopes and dreams of your loved ones when you are no longer there to take care of them.
No one can predict the future, but protecting your family today with the right mix of insurance products will give you the security you need if death changes everything.
The death benefit of a life insurance policy can prevent your loved ones from drawing on their savings, liquidating their investments or even selling their house to cover unforeseen expenses such as:
By insuring your children, you may be able to ensure their future insurability at a low cost and thus provide them with a solid foundation for their financial future
In addition: The life insurance capital is tax-free and available very quickly
Give your family a gift when they need it most
Disability Insurance ( also known as salary Insurance) replaces your income following an accident or illness that renders you unable to work. It allows you to maintain an acceptable standard of living and offers complete coverage for all workers, both self-employed and salaried. This monthly benefit is tax-free to help maintain your lifestyle
While the decision to insure oneself is obvious, the decision to insure a child, especially a young child, is much more emotional because the collateral damage caused by bereavement affects the entire family.
Health Insurance – CHILD
Critical illness Insurance
Drugs not covered
Home care
Travel
Purchase of adapted equipment
Home reorganization
Accommodation for outside care
Domestic help at home
Specific care abroad
Choosing critical illness insurance gives you and your family the protection you need when you need it most.
You are 5 times more likely to develop a critical illness in your lifetime than you are to die before the age 65.
Health care insurance replaces group insurance or when taken in addition to your basic coverage, health care insurance reimburses health care expenses not covered by government plans such as the RAMQ ( dental expenses, vision care, etc.)
Note that it is mandatory to subscribe to the RAMQ government program or to a group insurance to be eligible for health care insurance.
If you are buying a home, there are a thousand things to think about.
Whether it’s finding the best mortgage rate or deciding on the colors for your décor, you have choices to make and it’s good to know that you have options to protect your mortgage and your family’s finances from the unexpected.
While you know you will need insurance, it is important to understand the various types of coverage and the various types of insurance policies.
Mortgage insurance protects your mortgage payments if you become seriously ill or die prematurely. It’s a smart way to ensure the financial security of your loved ones.
Loss of independence insurance provides you with the additional support you may need to continue living at home despite a change in your health, loss of mobility, illness, or accident.
This coverage fills an important gap in health insurance by covering certain home care and home adaptation expenses, such as meal preparation, housekeeping, transportation, and home adaptation.
Overhead expense insurance will allow you to pay for all the company’s expenses in the event of illness or disability without worrying about the financial problems that a work stoppage would cause.
Overhead expenses include your company’s administrative, commercial and salary.
This is a great opportunity to consider the tastes and needs of those who will have to live through your departure.
Whatever your decision and the formula you choose, it is important to discuss with your loved ones and let them know your funeral wishes.
Do not leave this choice to your family who will already be very emotional following your death.
Did you know that debt insurance does not affect the amount you are entitled to for your disability benefits, but it does provide an additional amount for payments such as;
Delays of:
Debts to governments, fixed payment
According to a recent BMO survey, 46% of Quebecers have less than $10,000 in savings to deal with unexpected events, for an average of $18,600: this is much less than the rest of Canada ($35,200).
Source: La Presse, March 04, 2015, Job loss and cold sweats by Isabelle Ducas.
Would a few missed days of work affect your budget ?
Are paramedical expenses not covered by RAMQ or your group insurance provided for ?
In a study of recreational and sports trauma victims who visited the emergence room of the Enfant-Jésus Hospital in Quebec City, the percentage of CTCCs among reported head injuries was 34.6% in downhill or freestyle skiing, 32.5% in snowboarding and 40% in field hockey.
Source: Institut national de santé publique du Québec, 2004. Recreational and sports injuries : portrait of emergency room visits at the enfant-Jésus Hospital in Quebec City from July 1997 to June 2001
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Diane Alarie Financial services offers a series of thought-oriented scenarios to help you ask the right questions.
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