Term Insurance is the low-cost, temporary insurance protection. It is generally used to meet a temporary need (example - mortgage protection), those who need a large amount of insurance protection but have limited budgets or Individuals with specific business needs, such as business owners who wish to cover the life of a specific employee that has a set number of years until retirement. It can cover immediate needs or may provide future opportunities to move or convert to permanent life insurance without providing medical proof of health. Term plans may be renewable after 5, 10 or 20 years without supporting medical evidence

1. Level Term Insurance: A level term insurance policy provides a level amount of term insurance coverage for a specific period of time. This type of insurance would be appropriate if the amount of obligation will not change over the term. For example, level term insurance could be used to cover a loan when the principal amount does not change and the client makes interest payments only


2. Increasing Term Insurance: Increasing term insurance provides a death benefit that increases by a specific amount on each policy anniversary. The increased amount may be a fixed percentage or according to another variable like the consumer price index. For instance, an owner that is worried about the tax implications on his property in the event of his death may want to purchase insurance that rises with the value in keeping with increasing tax liability


3. Decreasing Term Insurance: Decreasing term insurance provides life insurance protection that decreases by a specific amount on each policy anniversary. In most decreasing policies, the policy owner pays the same insurance premium for the coverage that reduces over the term of the insurance coverage but the face amount decreases during the time

Permanent life insurance also known as whole life insurance is the protection that is given for the whole life of the insured. It can build equity and have cash value. The premium rates are higher than the term life insurance and are more valuable in the long run.

There are two types of whole life policies:

• Non-Participating Whole Life Insurance: These policies have a guaranteed cash value


• Participating Whole Life Insurance: There are two types of cash values in participating whole life policies Guaranteed cash value and Non-guaranteed cash values. The guaranteed cash values are the ones that depend on your premiums, and the non-guaranteed cash values are the ones that depend on your dividends. The dividends are paid according to the interest rates depending on the Insurance Company's profitability

Universal life insurance is a form of permanent life insurance with some flexibility. Typically it offers flexible amounts of coverage, flexible coverage periods and flexible premiums. With a universal life policy the death benefit can be increased over time based on a certain set percentage. The indexed amount can be based on Consumer Price Index (CPI) or can be a set percentage chosen by the policy holder. This policy contract offers a choice of yearly renewable term (YRT) costs or level cost of insurance (LCOI)

The policy owner can choose a level amount equal to the face amount of the policy or the face amount plus the cash value that has accumulated under the policy. The most flexible component of a universal life policy is the alternatives available for the investment of premium contributions beyond what is used to cover the cost of insurance. This amount forms the cash value of the policy. Some universal life insurance contracts allow the owner to choose how the cash value component will be invested. The choices available can be a Guaranteed Investment Certificate (GIC), money market account, an index fund investment or a segregated fund investment

A universal life insurance policy owner has some choices on the terms of the contract

1. Policy loan: The policy may allow the policyholder to take a loan against the accumulated cash value. If the insured dies while there is still a loan outstanding on the policy, the amount of the loan plus the interest owing will be deducted from the amount of the death benefit paid to the beneficiary


2. Withdraw cash value: The policy owner may also withdraw a portion of the cash value accumulated under the policy. In this case, the owner of the policy may settle for a different plan or replace the amount withdrawn plus interest to achieve the same objectives while the policy was purchased


3. Leverage: The owner of a universal policy may withdraw the cash value and place it in other forms of investments. The policy owner may benefit if these investments generate a higher return than the investment account in the universal life policy

A Registered Education Savings Plan, or RESP, is an investment vehicle available to parents in Canada to save for their children's post-secondary education. The principal advantages of RESPs are the access they provide to the Canada Education Savings Grant (CESG) and as method of generating tax-deferred income

RESP is the term associated with your child's future. You may easily get different plans. Some of you may be comfortable paying the premiums on a monthly basis. There are some people who wish to put into account whenever they have money. You can start earning interest as soon as you start saving. You can secure the education of your child in this way

An RESP is a tax shelter designed to benefit post-secondary students. With an RESP, contributions (comprising the investment's principal) are, or have already been, taxed at the contributor's tax rate, while the investment growth (and CESG) is taxed on withdrawal at the recipient's tax rate. An RESP recipient is typically a post-secondary student; these individuals generally pay little or no federal income tax, owing to tuition and education tax credits. Thus, with the tax-free principal contribution available for withdrawal, CESG, and nearly-tax-free interest, the student will have a good source of income to fund his or her post-secondary education

The Canada Education Savings Grant (CESG) is provided to complement RESP contributions, wherein the government of Canada contributes 20% of the first $2,500 in annual contributions made to an RESP. After changes introduced in the 2007 Canadian federal budget, the government may contribute up to $500 per year to a participating RESP, to a lifetime maximum of $7,200. This income is available upon withdrawal from the RESP by a post-secondary recipient, with a maximum lifetime contribution of $50,000. Any contributions over this amount are subject to taxation

The government grants introduced in 2005, entitled Additional CESG, allowed an additional 10% or 20% for a total of an extra 30 or 40 cents on each dollar of the first $500 contributed to an RESP, depending on the family income of the beneficiary's primary caregiver. An application is made through the promoter of the RESP, which is often a bank, mutual fund company or group RESP provider

• Any savings in the account received from the Canada Education Savings Grant (CESG) or Canada Learning Bond (CLB) will be returned to the Government of Canada
• Any personal savings in the account will be returned to the person who opened the account
• Any interest in both the above savings will be returned to you if the following needs are met:
  1. The person who opened the account is a Canadian resident
  2. The RESP account is older than 10 years
  3. All the beneficiaries are a minimum of 21 years old and are not eligible for EAP ( Educational Assistance Payment)

A registered retirement savings plan (RRSP) is an account designed to help Canadians save for retirement. The money in an RRSP can be used to buy a whole host of investments—mutual funds, ETFs, stocks, bonds, and the like. While the investments are held in your RRSP, you won't have to pay tax on any interest, dividends, or capital gains you earn. This makes the decision to open a RRSP a wise one. Funds are usually held in an RRSP until retirement at which time the contributions may be withdrawn or transferred to other investment plans.

RRSP's are ideal for:

• individuals who do not belong to a pension plan
• individuals whose pension plans are inadequate
• Individuals who want a higher retirement income than their pensions can provide

When the money is withdrawn from an RRSP, it becomes taxable income. If the income is withdrawn at retirement, the investor's tax rate is usually lower in comparison to his/her peak earning years. The maximum annual tax-deductible contributions to RRSP an individual is per mitted to add into his/her plan must be lesser than the following:

• 18% of the previous year's earned income, OR
• The RRSP limit for the year, MINUS
• The previous year's pension adjustment and the current year's past service pension adjustment, PLUS
• The unused RRSP contribution room at the end of the preceding taxation year

RRSPs can be categorized in different types:

1. Group and Individual RRSPs: Group RRSPs provide benefits similar to those offered by individual RRSPs with the exception that the employer, union or professional association administers them as a group plan.
   • Employees contribute through wage deduction matched in whole or partial by the employer, union or association
   • Both the employee and employer contributions are deductible from taxable income
   • Employer contributions are considered additional salary to the employee
2. Managed and self-directed RRSPs: In both types, the plan holder chooses from a variety of investments.
   • Self-directed RRSPs are available through banks, trust companies and investment dealers. All investment decisions are made by the plan holder
   • In a managed RRSP, the holder`s deposit is invested in products held in trust under the plan and no further investment decisions are required by the plan holder
3. Spousal RRSPs: This type of RRSP permits an individual to contribute to an RRSP for his or her spouse (or common –law partner) and claim the deduction so long as the contribution does not exceed the maximum amount available for his/her spouse's own RRSP plan. Since the RRSP is registered under the spouse's name, any withdrawals made from the RRSP will be treated as taxable income for the spouse and not the contributor. However, a contributing spouse may be liable for tax on the withdrawn funds

In addition to using the RRSP as a tool to enjoy saving on your taxable income and save for the future, RRSPs may also be used as a “safety net” for unexpected financial emergencies. However, the early withdrawals will be taxed and counted towards your taxable income for the fiscal year.

1. First Time Home Buyer Plan (HBP): When purchasing or building a home for the first time, the first time Home Buyer's Plan (HBP) allows you to borrow up to $25,000 in a calendar year from your Registered Retirement Savings Plans (RRSPs). You can withdraw a single amount or make a series of withdrawals within the same calendar year. Your RRSP contributions must remain in the RRSP for at least 90 days before you can withdraw them under the Home Buyer's Plan, or they may not be deductible for any year. However, some plans, such as locked-in or group RRSPs, do not allow you to withdraw funds from them. Borrowed funds must be repaid within 15 years to the RRSP, in equal annual installments. Any missed or incomplete payments will be considered income and taxed for that year. If you take advantage of the First Time Home Buyer's Plan, it is mandated that you must buy or build the qualifying home before October 1st of the following year from the year of the withdrawal. For instance, if you withdrawal the qualifying amount from your RRSP in January of 2010, your house must be purchased or built before October 1st of 2011. Excess payments made above the minimum requirement each year will reduce the required payments in future years. Re-payments to one's RRSP will begin two years after the year of withdrawal. As with RRSP contributions, you are allowed to make repayments within the 60 days following the year end. Repaid amounts do not receive a tax deduction and they do not affect your annual RRSP contribution limit. You also have the option of repaying the funds earlier without penalty. Individuals cannot participate in the Home Buyer's Plan if they or their spouse has owned a principal residence and lived in it for five calendar years before the time of withdrawal. This Home Buyer's Plan can only be used once


2. Lifelong learning plan (LLP): The Lifelong Learning Plan (LLP) is a Canada Revenue Agency program that allows you to withdraw up to $20,000 (annual limit of $10,000) from your Registered Retirement Savings Plans (RRSP) to finance full-time training or education for you, your spouse, or common-law partner. However, the LLP cannot be used to finance your children's training or education, or the training or education of your partner's children. ALL of the following conditions must apply:
   • The student must be a full-time student (or a part-time student if he or she meets the disability conditions)
   • The RRSP owner must be a resident of Canada
   • The student has to enroll in a qualifying educational program at a designated educational institution
   • Participation in the Lifelong Learning Plan (LLP) has to be done before the end of the year the student reaches the age of 71 years old.

TFSA is a tax-free saving account, where your contributions and investments are tax-sheltered. It is an ideal solution when you don't want to lock in your funds for a fixed term or interest rate. This means there is no tax applicable on the investment income. This program was started in 2009. Applicants who are more than or of 18 years of age, having a valid social insurance number (SIN), can apply for TFSA. They can set their money aside for future security

Types of TFSAs, offered by the Canadian government:

• Deposit
• Annuity Contract
• Arrangement in Trust

TFSA can be issued by banks, insurance companies, credit unions, and trust companies

NOTE: An applicant who is not a resident of Canada and is determined to be that for various income tax reasons can still have a valid SIN and is allowed to open a TFSA. But any contributions made while as a non-resident will be subjected to 1% tax for every month the contribution stayed in the account. A holder can have more than one TFSA at any time, but the total amount you contribute to all your TFSAs cannot be more than your available TFSA contribution room for that year

• No Tax on Income – Earnings from qualified investments is never taxed
• No Restrictions on Withdrawal – Money from your TFSA account can be withdrawn at any time, for any reason
• Tax-Free Withdrawals – Withdraw your savings from TFSA without paying any interest as your savings are totally tax-free
• Put Back the Withdrew Amount – Once you withdraw the amount, you can always re-contribute in the year or years after you withdraw them
• No Fees – There's no monthly or annual fee applicable with Tax-Free Savings Accounts so you can watch your money grow faster
• Higher Interest Rate – With a higher interest rate of 1.35% p.a., account holders enjoy saving more and making money with their savings. Interest is calculated daily and paid monthly
• Safe & Secure – Deposits are always held in Canadian currency and are insurable under the Canada Deposit Insurance Corporation Act

Maximum Contribution Limit for TFSA

The annual limit of contribution to Tax-Free Savings Accounts is set at $5,500 for 2018. The maximum limits for savings in the TFSA account keeps changing. The maximum contribution limit from 2009 to 2012 was $5,000 and $5,500 respectively. For the years 2015 and 2016 it limit was $10,000 and $5,500 respectively. In case the candidate withdraws the amount from TFSA account, the amount withdrawn is added to your contribution room in the next calendar year

Any applicant who is or above 18 years of age with a valid SIN (social insurance number) is eligible to open a TFSA

A visitor to Canada Insurance can provide peace of mind that coverage will be provided to one's family members or friend's visiting to Canada from an outside country for any unforeseen medical emergency expenses during their visit. Few come as a tourist to explore the country. There are few people with an aim of meeting their relatives staying in this nation. Some people visit the place for business purpose. But, all of them are unprotected without coverage. Human beings are very sensitive to the specific surroundings. As a result, there can be chances of health problems once they visit a different country with varied weather condition. Health care costs in Canada are very expensive. Without emergency hospital and medical insurance, visitors to Canada would be responsible for these high costs, which can create a significant financial burden.

This you can purchase if you are a frequent visitor to Canada. This is suitable for people staying in any country. You can get coverage for many conditions. Some of them are:

• Sickness
• Accidental injury
• Sudden illness

If you have plans to visit Canada our Visitor Health Insurance is one of the good options for you in such situations. If you have purchased this policy, we are liable to provide maximum facilities. We cover various areas. Following is the list of our coverage:

• Medical service: You will get the coverage of emergency medical services. It includes the anesthetic as well as surgical services. You will get the reimbursement of the expenses you have incurred for treatment.
• Hospitalization expenses: When you are ill, you will be hospitalized. Now, the charges of the hospital in a foreign country will be really costly. But, with our visitor's health insurance plan, you can get the coverage expenses within the hospital premises.
• Prescription drugs: After the doctor has examined at a private chamber, he will provide certain drugs for treatment. You can get the coverage of prescription drugs from us.
• Dental emergencies: In Canada, dental expenses are too high. A visitor may not have such potential to pay for such emergencies. But we will provide the coverage for that.

Some insurance companies apprehend the complex needs of International and Canadian student studying abroad. As a result, some of the most comprehensive Student Medical Insurance programs are offered. Insurance plans that available for both International and Canadian students offer the option for the student to purchase coverage for accompanying or extended family members, under a single policy. Some plans provide additional benefits including academic offerings, maternity advantage, annual doctor visits, accidental death and dismemberment and much more.

This coverage begins when at a certain period you are disabled and are unable to earn an income. Most short-term disability proposals pay a proportion of usual earnings, for example, 70 percent up to a definite time span. Normally, this can be around 15, 26 or 52 weeks

This insurance coverage begins when your temporary disability benefits run out. Normally, the objective is to put back 60 to 70 percent of your regular earnings, however, there is always an uppermost dollar sum (e.g., $5000 on a monthly basis). Given this, if you make high revenue, group LTD plans may reinstate below 60 to 70% of your pre-disability revenues up to the age of 70 years.

There is variation in the policies depending on the types of disability e.g. whether the disability benefits are to be received if the insurer cannot perform the duties of his or her occupation or any job. The policy is continued after the person gets recovered from the disability. The benefits could be paid if there is a recurrence of the prior disability or subsequent disability occurs. In simple words, Disability Insurance offers you a simple, affordable way to provide an income should a disability prevent you from working

With such a variety of advancements in medical science, the opportunities of survival and healing from any critical illness like cancer, stroke or coronary heart attacks have improved considerably. The majority of the medical plans have the coverage for the hospital and medical expenses but that might not be enough to pay for the transpiration to the treatment centers, childcare, and others.

Critical Illness insurance provides a lump sum amount that is tax-free if you come across any illness which is covered by the insurance. The lump sum will be received as a cash payment and not as a reimbursement of the costs. Thus it is up to you how you want to spend the money. You can use the Critical Illness Insurance money to pay for private nursing, any medical equipment or even to pay off your mortgage.

Under Critical Illness Insurance Policy, there is a condition, under which you must survive a number of pre-decided days in order to avail the benefit. In simple words, according to some policies, you may have to survive 30 days after your disease has been diagnosed in order to claim the lump sum. It is known as the minimum survival period. You can consider new medical treatments and medications not covered by private or government health insurance plan.

A few illnesses that are covered by Critical Illness Insurance:

The insured additionally has the selection to pay a further fee and acquire a complete refund of all premiums paid at a predetermined point if no claims have occurred. Most Critical Illness coverage products provide access to the Best Doctors carrier on all their critical illness products. This service affords the patron with get entry to a carrier that directs them to the top North American doctors primarily based on their illness and books them in at reduced fee for appropriate treatment. Critical illness insurance in Canada gives assist paying charges associated with life altering ailments. If you grow to be ill with an illness covered by your insurance and survive the waiting period, you acquire a lump sum tax free.

A Travel insurance is an absolute necessity these days. A travel insurance plan provides assurance that any unexpected medical emergency costs are covered so you can travel worry-free. If you're heading to another province or country your full provincial healthcare plan won't go with you. That means, if you experience a medical emergency away from home, you'll be left to arrange for care and pay for it too.

Features:

• Emergency Medical Expenses: Covers medical costs incurred due to illness or accident including medically necessary and prescribed emergency evacuation. It covers out-patient, in-patient, medical aid, therapies and diagnostic tests as described in the policy.
• Emergency Medical Evacuation: Evacuation to the home country is covered up to the medical sum insured.
• Repatriation of remains: Covers the funeral expenses or expenses of repatriating the remains back to your home country, in case of death of the insured overseas.
• Emergency Dental Expenses: Covers acute anesthetic treatment of natural teeth.
• Hospital Expenses: Pays a daily allowance as stated in the policy in the event of hospitalisation either due to sickness or accidents.
• Accidental Death and Permanent Total Disability Common Carrier: The company will pay the sum insured specified in the schedule in addition to the sum insured specified under the Personal Accident section, If the insured sustains Accidental bodily injury during the course of the journey while travelling in a common carrier such as rail, tram or airplane; and such bodily injury results in death or permanent total disability.
• Flight delay: Compensation if the aircraft is delayed for more than 12 hours than the original scheduled departure time.
• Loss of Passport: Expenses incurred in obtaining a fresh new passport.
• Loss of Checked Baggage: Compensation for the permanent loss of checked-in-baggage.
• Financial Emergency Assistance: Insurance cover is provided in the event of the insured person getting into a financial emergency due to theft, robbery of his/her travel funds. A fixed sum is paid as emergency assistance up to the limits specified under the policy.
• Hotel Accommodation: Pays for the cost of hotel accommodation, if the insured person sustains bodily injury or sickness which directly and independently of all other causes results in the hospital stays as an in-patient and misses flight back to the country of residence.
• Hijack Distress Allowance: Insurance cover is provided in the event of the hijack of the air or sea common carrier in which the insured person is travelling whilst on the trip abroad during the period of insurance. An allowance will be paid for each day of the hijack up to the limits specified under the policy.

Health & Dental Insurance Protect yourself from medical expenses not covered by provincial health insurance. We have many choices to cover prescription drugs, dental care and so much more. We offer a wide variety of health and dental insurance plans for both individuals and families. We are ready to assist employers in designing a plan that caters to your company's individual needs while helping employees manage their health and wellness concerns.

You and your family can have access to the Health and Dental protection you need. The Health and Dental Plan is specially designed for those who are not covered by a group plan

Flexible and affordable, the Health and Dental plan offers four levels of increasing, comprehensive coverage for:

• Prescription Drugs
• Dental Services
• Vision care and Hospital benefits

Our Drug and Dental plan also includes benefits like

• Vision Care
• Extended Health Care
• Home Care and much more

And the Dental plan does not require completion of a medical assessment