Frequently Asked
Questions

Mortgage insurance is based on your loan amount. To estimate how much you’ll pay for mortgage insurance, you’ll first need to calculate your loan-to-value (LTV) ratio. To do this, divide your loan amount by your property value. You’ll then multiply this by your PMI percentage, which your lender can provide.PMI percentages can range from 0.22% on the low end up to 2.25% on the high end—you can use these percentages if you don’t have your PMI percentage from your lender.

You might have to pay both mortgage insurance and homeowners insurance—but while they might sound similar, they’re actually quite different.Mortgage insurance: protects the lender if a borrower defaults on their loan.Homeowners insurance: protects the homeowner in case of damage to your house or belongings.

While homeowners were previously allowed to deduct mortgage insurance premiums from their taxes in some cases, this deduction expired following the 2021 tax year.

If you’re getting a conventional mortgage and your down payment is less than 20%, you’ll likely have to pay for PMI. But if you’re able to put at least 20% down, you can avoid mortgage insurance.For FHA loans, mortgage insurance is unavoidable.

Disability insurance is important because it helps protect your income and financial stability in the event that you cannot work due to a disability.

If you become disabled and are unable to work, disability insurance pays you a portion of your income as a benefit. The specific terms and conditions of the policy determine the benefit amount and duration.

Disability insurance typically covers both short-term and long-term disabilities, including illnesses, injuries, chronic conditions, and mental health disorders that prevent you from working.

Employer-provided disability insurance may not always be sufficient to cover your income replacement needs. It is recommended to evaluate your employer's coverage and consider supplementing it with an individual disability insurance policy.

It is a very common practice to modify your disability policy during your life because your coverage amount is linked with your annual income and job status. However, to increase your insurance coverage you have to provide evidence of good physical and mental health

Depending on your income and the nature of your job, your representative can find you a solution of getting a non-taxable monthly benefit of between $400 and $10,000. Besides, you can choose the range of your benefit period anywhere from 2 years, 5 years, or till Age 70 

Yes, self-employed individuals can and should consider purchasing disability insurance. It can provide crucial income protection in case they are unable to work due to a disability.

The amount of disability insurance coverage you need depends on various factors, including your income, living expenses, financial obligations, and desired level of protection. It is advisable to assess your needs and consult with an insurance professional to determine an appropriate coverage amount.

The elimination period, also known as the waiting period, is the duration you must wait after becoming disabled before your disability insurance benefits begin. Common elimination periods are 0, 30, 60, or 120 Days

Disability insurance is a type of insurance that provides income replacement if you become unable to work due to a disabling illness or injury.

Pre-existing medical conditions may impact your ability to secure disability insurance or influence the terms and premiums of the policy. It is advisable to discuss your specific situation with insurance providers to understand your options.

Disability insurance coverage can last for a specified period, such as a few years or until retirement age, depending on the policy terms you choose.

The cost of disability insurance varies based on factors such as your age, occupation, health condition, coverage amount, and the elimination period. It is recommended to obtain quotes from different insurance providers to compare premiums.

If you become disabled and need to file a claim, you should contact your insurance provider or agent to initiate the claims process. You will typically need to provide medical documentation and other relevant information to support your claim.

Health insurance covers medical, surgical and dental expenses of the insured individual. Moreover, it will compensate for costs suffered from injury or illness.

Only certified representatives can sell health insurance. They are highly experienced and knowledgeable to assess your needs and recommend the best product for you.

You are eligible, if:Your age is between 18 and 64You are insured by provincial health insurance planSatisfy the medical underwriting criteria

Normally a health insurance plan covers health care, medications, diagnosis, medical and dental surgeries. Depending upon the type of your insurance policy, a good private insurance plan can provide coverage for the following:Emergency servicesMedical CheckupsMedical and screening testsSpecialized investigations like CAT-SCAN, etcDreaded diseasesMaternity benefitsIn-hospital medical treatmentOTC and prescription medicationsEye examinationsEyewearDental care and surgeryPhysiotherapyHearing aidsMedical equipmentAmbulance servicesParamedical services

The premium is calculated based on:Your ageYour sexYour coverage type

You will be denied or offered a plan with limited health benefits in case you have existing medical conditions. Some companies require individuals to complete a medical examination. Moreover, you will also have to meet the age requirements of the insurance company to successfully purchase health insurance.

Yes, you can upgrade your health coverage plan. Simply contact your insurance representative and update your form today.

To apply for a claim, you need to fill out forms that apply to your coverage and send us a completed form along with all the supporting documents. Call us at +1-855-500-8999 to get information and necessary documents to submit a claim.

Life insurance, simply put, is insurance that will pay out a death benefit (lump sum of money) to a beneficiary (person you name who you want the money to go to) upon the death of the life insured. The cost of life insurance varies based on a number of factors, such as, the age of the insured, smoking status, current health, and expected life expectancy. In exchange of premiums paid (monthly or annual payment made to insurance company), the insurer guarantees to pay a set amount of money to your beneficiary if you pass away during the life of the policy.

10 Day Right To ExaminePlease take the time to read your policy and completed medical questionnaire (if applicable) prior to your departure date. If you have any questions or you are unsure about your coverage, you must contact us at +1-519-404-5041 prior to your departure date.You have the right to cancel this policy within 10 days from the date you purchased your insurance. For refunds after 10 days, please refer to the Can My Premium Be Refunded? section at the beginning of this document.

If my policy provides comprehensive coverage what is the refund process?Refunds are available up to your departure date as long as there is no risk to the policy. Refunds will also be issued if a supplier cancels or alters service and all of your non-refundable prepaid travel arrangements insured by us are refunded without penalty.If my policy provides coverage only for emergency medical benefits what is the refund process?If outside above guidelines, a partial refund of premium is available if you have a minimum of four (4) unused days of coverage.If there is a claim on my policy what is the refund process?No refund of premium will be made in the event that a claim has been paid, incurred or reported under this policy.How do I request a refund? If your insurance was purchased through an agency or broker, your refund must be requested through your issuing agent. If your insurance was purchased directly through Travel Guard Canada, you must request your refund in writing.We cannot accept refund requests over the phone.

Life insurance is a cash payment that can be used to cover any expenses that you leave your family behind with.MortgagesFuture education expenses for your kidsLiving expenses for your family to maintain current lifestyleChild care expenses if you have young childrenFinal expenses (burial, estate taxes, etc)In short, life insurance covers off so many things, many people have different level of coverage they will need during different periods of time, some with an expiry date and some that are permanent needs. This is why you should discuss with your advisor the different life events that will bring on different needs and what applies to you.

It's impossible to say, because the kind of coverage that’s right for you depends on your circumstances and financial goals. But, as stated it is highly recommended that you look at creating a plan that utilizes a combination of both. Term offers the greatest coverage (death benefit) for the lowest initial premium and is a great solution for people with temporary needs or a limited budget. Permanent insurance on the other hand, may make more sense if you anticipate a need for lifelong protection, or if the option of accumulating tax-deferred cash values is attractive to you. Often, a combination of term and permanent insurance is the right answer.

An annual plan allows you to take any number of trips outside your Canadian home province or territory of residence that do not exceed your selected trip duration. Benefit limits are per insured per each trip, unless otherwise indicated. If your trip outside Canada is longer than your selected trip duration then you must top-up your coverage with us. If you do not top-up then you will not have coverage for any claim during your trip regardless of when the cause for claim arises. You have the option to have the policy start date be the date of purchase or any date into the future up to a maximum of 120 days.

No. You must top-up your annual plan with us.

Determining how much life insurance you need requires an examination of your current and future financial obligations, along with the resources your family could tap.Your future obligations are a combination of what it would cost to help your surviving family members meet immediate and ongoing needs like funeral costs, taxes, food, clothing, utilities, mortgage payments, and your future obligations like college and retirement funding.The resources that your surviving family members could draw on to meet those obligations include your spouse’s or partner’s income, savings and investments, other income producing assets, and any life insurance you might already own.The difference between the two—your financial obligations minus the resources your family has to meet those obligations—is the approximate amount of additional life insurance you need. If this sounds confusing, you’re not alone. That’s why most people turn to a qualified insurance professional when they want to figure out how much insurance they need.But if you don’t feel you’re ready to speak with an agent or want a preliminary sense of your needs before meeting with an agent, visit our Life Insurance Needs Calculator. It will walk you through the various questions you need to ask yourself and provide you with a rough estimate of how much life insurance you need to protect your family.

Many policies contain a provision that allows a terminally ill person to collect a significant portion of his or her policy’s death benefit while still alive. The money can be used to get family finances in order, pay for uncovered medical expenses, or simply do certain things for your family or friends while you still can. It’s important to note that the amount taken out while still living is subtracted from the death benefit payments your beneficiaries receive, along with an interest charge for early payment of benefits.

Think twice before you do, because in many situations it may not be to your advantage. Before dropping any in-force policy, consider:If your health status has changed over the years, you may no longer be insurable at standard rates.Your present policy may have a lower premium rate than is required on a new policy of the same type, if only because you’re older.If you replace one cash-value policy with another, the cash value of the new policy may be relatively small for several years and may never be as large as that of the original one.You will be subject to a new contestability period.You should ask insurance agents for a detailed listing of cost breakdowns of both policies, including premiums, cash-surrender value, and death benefits. Compare these along with the features offered by both policies. If you decide to surrender or reduce the value of the policy you now own and replace it with other insurance, be sure that:The agent making the proposal puts it in writing.You pass any required medical examination.Your new policy is in force before you cancel the old one.

To locate a qualified insurance agent or other financial professional, seek recommendations from friends, or professionals like your lawyer or accountant.Ask about the person’s experience and background and make sure he or she specializes in the service and products you need. You also may want to ask the person if he or she has received any special certifications such as Chartered Life Underwriter (CLU) or Chartered Financial Consultant (ChFC). These designations mean the person has taken advanced courses and may have specialized training and knowledge from which you could benefit.Above all, you want to select an agent or advisor who listens well and will take the time to understand your unique goals and desires. You can also use our Agent Locator to get started.

Super Visa Insurance is a specific type of insurance designed for individuals who are applying for the Super Visa program in Canada. The Super Visa allows parents and grandparents of Canadian citizens or permanent residents to visit Canada for an extended period, up to two years, with the possibility of multiple entries

Applicants must provide proof that they have purchased Canadian health insurance for a minimum of $100,000 in coverage and that it is valid for 1 year. In addition the coverage must be continuous and allowing the applicant to return to their home country as many times as needed within the year

The Canadian insurance companies are governed by the regulations in Canada, and the government perhaps feels safer that any claims will be paid for by a company they can regulate. The government doesn’t want to be the one to have to pay any claims, or sue a company that doesn’t pay out a claim.

Yes, this is true that you need to get the insurance from the CIA only as they are the ones who are going to cover all the aspects and supply you entire services relating to all medical facilities. It is also important as the process of claim as they can verify Canadian medical expenses faster.

Yes, you will get the remaining amount of fund back, but partial fund will not be provided if a claim has been submitted or is pending.

Yes You will get the full premium refund from insurance company.All You have to provide proof of the rejection of your super visa application in order to process the cancellation request.

Deductible is the amount of money that must be paid out of pocket before an insurer will pay any expenses. Deductible amount also affects the actual price of the insurance policy. The higher deductible you choose, the lower the actual price of the policy will be. However, it is not recommended to go over a $1,000 deductible since you may end up paying most of your medical

This all depends on the amount of risk you can take for example if you buy $1000 deductible it means you will pay first 1000 each time during claim, over and above policy will pay where as if you pick zero deductible the covered condition all amount will be covered by insurance policy.

Yes, the monthly payment plan option is also now available.

Pre-existing are the medical condition which can be illness, sickness, injury whether diagnosed or not by doctor. Pre-existing is the health condition which existed before buying the super visa insurance. Condition may have received consultation or not it does not matter. Yes you can buy the super visa insurance which will cover the pre-existing conditions as long as they are stable with the definition of insurance companies, Stable means no change in symptoms, dosage, treatment, medical test recommended not completed again term of condition need to be read as it varies from insurance company to company. Stable period can be 90 days to one year.

Yes, you will get the remaining amount of fund back minus the administration fee that can vary from company to company, if you have not submit ant claim on that policy.

To apply for benefits under this policy, you will need to send a completed claim form (with all original bills attached) to the insurer. Please take care in filling out the form, as any missing information may cause delay.

In case of Emergency you have to notify your insurance company as soon as possible of any emergency medical treatment or hospitalization. Your insurer will provide you with assistance, suggest the best options on where to get help, as well as arrange direct billing where possible. Failure to do so could result in decreasing your insurance benefit. Every insurance company has a toll free emergency phone number to call from Canada and collect call numbers to call from anywhere else. The phone numbers are always included in the policy.

Super Visa Insurance is a mandatory requirement for obtaining a Super Visa. It provides emergency medical coverage for the duration of the visit and helps ensure that the visitor will not be a burden on the Canadian healthcare system.

Any individual applying for the Super Visa program is required to have Super Visa Insurance. This includes parents and grandparents of Canadian citizens or permanent residents who wish to visit Canada for an extended period

The cost of Super Visa Insurance varies depending on several factors such as the age of the applicant, duration of coverage, and the coverage amount. It is advisable to obtain quotes from different insurance providers and compare the coverage and premiums to make an informed decision

Yes, you can extend Super Visa Insurance while in Canada if you wish to extend your stay beyond the initial coverage period. Contact your insurance provider well in advance of the policy expiration date to discuss the extension process and requirements.  It is important to note that the above information is general, and specific terms and conditions may vary it's recommended to reach us at 1-855-500-8999  or send us email at info@lifeadvice.ca

It depends how old you are when you retire. You must move your money out of your RRSP by December 31 of the year you turn 71. After that, you can convert your savings to another registered account like a registered retirement income fund (RRIF), purchase an annuity, or withdraw your funds. 

Depending on how your registered accounts are set up, they may be treated differently when you die.In general, at the time of death, the owner of the RRSP is deemed to have cashed out their RRSP assets.However, let's say you've named your spouse as the beneficiary of your RRSP. In this case, your RRSP can be rolled over to your spouse after your death. This roll-over would be tax-deferred, meaning your spouse won't have to pay taxes until they withdraw funds. Keep in mind that your spouse does not require additional RRSP contribution room when the rollover happens. Talk to a Sun Life advisor to learn more.

Your child will receive the full value of your RRSP funds. But the entire value of the RRSP will also be included as taxable income in the final tax return that will be filed when you die. Please note that generally, your estate is responsible for the associated tax liability. Speak to a lawyer or tax professional to better plan for your situation

There is no way to transfer your RRSP account to someone else. You also can’t transfer money from your RRSP to someone else’s RRSP.

Critical illness insurance, also known as dread disease policy or critical illness cover is an insurance service in which insurance policyholder is provided with complete fix payment in case, he/she is diagnosed with one of the particular diseases listed within the insurance policy.

Critical illness assurance will play a significant role in shielding and maintaining your financial and physical health. It will lessen the financial strain of paying for the costly medical treatment of the illness. Moreover, it will make sure that your family can maintain good life quality during your critical illness period.

Commonly a critical illness insurance plan pays for the following medical conditions:CancerHeart attackStrokeKidney failureComaBlindnessDeafnessParalysisSevere burnsAlzheimer's diseaseParkinson’s disease

There is a huge difference between life insurance and critical illness insurance. Term or permanent life insurance is a benefit that will be paid to your family and beneficiaries after your death. On the other hand, in critical illness insurance, you will be the one to receive reimbursements for critical illness, not your family or beneficiaries. Furthermore, illness does not need to be terminal to collect benefits.

Your public health insurance policy only covers the basic and specific medical expenses. Conversely, critical illness insurance will help you pay for extraordinary and costly medical expenditures. Moreover, critical illness insurance provides you the independence of using the money for both medical and non-medical objectives.

Disability and Critical illness insurances are two entirely different insurance plans having different prerequisites and benefits. They are not related to each other. Therefore, critical illness insurance benefits will not affect disability insurance reimbursements.

Call us at +1-855-500-8999, we will send you the information and supporting documents to make a claim. Keep in mind that claims must be submitted within 60 days of an illness diagnosis.

Travel insurance offers protection against unexpected events that can happen before or during traveling. Traveling insurance will cover both minor and major accidents. Generally, basic insurance plans cover emergency medical costs, whereas, an all-inclusive policy normally covers flight delays, trip cancellation, baggage lost, and more. Keep in mind that most of the companies will not cover the risks listed on the Government of Canada’s travel advisory site.

There are several important reasons to buy travel insurance. Your Canadian health insurance plan and provincial health plan will not cover your medical bills outside Canada. A comprehensive travel insurance policy will provide safety against travel-related tragedies and unforeseen medical costs.

Usually, travelers are encouraged to get travel insurance to cover themselves from the following risks:Sickness, accidental injury or death of you, your family member or traveling partnerCancellation, interruption or delay in the trip because of bad weatherStolen, delayed or lost luggageStrikes or unpredicted events that can cause complete termination of travel activities.

It all depends on the seriousness and stability of your illness. Some illnesses are covered easily, while others need 3-6 months stability period.

Trip cancellation or trip protection is a benefit that provides reimbursement for travel expenses if your trip is canceled before departure and because of a covered risk.

One trip insurance plan is designed and offered to tourists who are preparing and planning to go on a trip and need an insurance policy that will cover cancellation and medical expenses for that particular trip only.Multi-trip insurance plans are available for travel enthusiasts who go on frequent journeys and need a policy that will cover their insurance claims for as many trips as they wish within a specific period.

Depending on the covered risk, you need to complete the relevant claim form and send us with necessary supporting documents. Call us at +1-855-500-8999, we will send you relevant information and supporting documents to make a claim

If you are traveling, you can extend your coverage before its termination date. Call us at +1-855-500-8999, our representative will assist you in extending your coverage.

Life insurance, simply put, is insurance that will pay out a death benefit (lump sum of money) to a beneficiary (person you name who you want the money to go to) upon the death of the life insured. The cost of life insurance varies based on a number of factors, such as, the age of the insured, smoking status, current health, and expected life expectancy. In exchange of premiums paid (monthly or annual payment made to insurance company), the insurer guarantees to pay a set amount of money to your beneficiary if you pass away during the life of the policy.

10 Day Right To ExaminePlease take the time to read your policy and completed medical questionnaire (if applicable) prior to your departure date. If you have any questions or you are unsure about your coverage, you must contact us at +1-519-404-5041 prior to your departure date.You have the right to cancel this policy within 10 days from the date you purchased your insurance. For refunds after 10 days, please refer to the Can My Premium Be Refunded? section at the beginning of this document.

If my policy provides comprehensive coverage what is the refund process?Refunds are available up to your departure date as long as there is no risk to the policy. Refunds will also be issued if a supplier cancels or alters service and all of your non-refundable prepaid travel arrangements insured by us are refunded without penalty.If my policy provides coverage only for emergency medical benefits what is the refund process?If outside above guidelines, a partial refund of premium is available if you have a minimum of four (4) unused days of coverage.If there is a claim on my policy what is the refund process?No refund of premium will be made in the event that a claim has been paid, incurred or reported under this policy.How do I request a refund? If your insurance was purchased through an agency or broker, your refund must be requested through your issuing agent. If your insurance was purchased directly through Travel Guard Canada, you must request your refund in writing.We cannot accept refund requests over the phone.

Life insurance is a cash payment that can be used to cover any expenses that you leave your family behind with.MortgagesFuture education expenses for your kidsLiving expenses for your family to maintain current lifestyleChild care expenses if you have young childrenFinal expenses (burial, estate taxes, etc)In short, life insurance covers off so many things, many people have different level of coverage they will need during different periods of time, some with an expiry date and some that are permanent needs. This is why you should discuss with your advisor the different life events that will bring on different needs and what applies to you.

It's impossible to say, because the kind of coverage that’s right for you depends on your circumstances and financial goals. But, as stated it is highly recommended that you look at creating a plan that utilizes a combination of both. Term offers the greatest coverage (death benefit) for the lowest initial premium and is a great solution for people with temporary needs or a limited budget. Permanent insurance on the other hand, may make more sense if you anticipate a need for lifelong protection, or if the option of accumulating tax-deferred cash values is attractive to you. Often, a combination of term and permanent insurance is the right answer.

An annual plan allows you to take any number of trips outside your Canadian home province or territory of residence that do not exceed your selected trip duration. Benefit limits are per insured per each trip, unless otherwise indicated. If your trip outside Canada is longer than your selected trip duration then you must top-up your coverage with us. If you do not top-up then you will not have coverage for any claim during your trip regardless of when the cause for claim arises. You have the option to have the policy start date be the date of purchase or any date into the future up to a maximum of 120 days.

No. You must top-up your annual plan with us.

Determining how much life insurance you need requires an examination of your current and future financial obligations, along with the resources your family could tap.Your future obligations are a combination of what it would cost to help your surviving family members meet immediate and ongoing needs like funeral costs, taxes, food, clothing, utilities, mortgage payments, and your future obligations like college and retirement funding.The resources that your surviving family members could draw on to meet those obligations include your spouse’s or partner’s income, savings and investments, other income producing assets, and any life insurance you might already own.The difference between the two—your financial obligations minus the resources your family has to meet those obligations—is the approximate amount of additional life insurance you need. If this sounds confusing, you’re not alone. That’s why most people turn to a qualified insurance professional when they want to figure out how much insurance they need.But if you don’t feel you’re ready to speak with an agent or want a preliminary sense of your needs before meeting with an agent, visit our Life Insurance Needs Calculator. It will walk you through the various questions you need to ask yourself and provide you with a rough estimate of how much life insurance you need to protect your family.

Many policies contain a provision that allows a terminally ill person to collect a significant portion of his or her policy’s death benefit while still alive. The money can be used to get family finances in order, pay for uncovered medical expenses, or simply do certain things for your family or friends while you still can. It’s important to note that the amount taken out while still living is subtracted from the death benefit payments your beneficiaries receive, along with an interest charge for early payment of benefits.

Think twice before you do, because in many situations it may not be to your advantage. Before dropping any in-force policy, consider:If your health status has changed over the years, you may no longer be insurable at standard rates.Your present policy may have a lower premium rate than is required on a new policy of the same type, if only because you’re older.If you replace one cash-value policy with another, the cash value of the new policy may be relatively small for several years and may never be as large as that of the original one.You will be subject to a new contestability period.You should ask insurance agents for a detailed listing of cost breakdowns of both policies, including premiums, cash-surrender value, and death benefits. Compare these along with the features offered by both policies. If you decide to surrender or reduce the value of the policy you now own and replace it with other insurance, be sure that:The agent making the proposal puts it in writing.You pass any required medical examination.Your new policy is in force before you cancel the old one.

To locate a qualified insurance agent or other financial professional, seek recommendations from friends, or professionals like your lawyer or accountant.Ask about the person’s experience and background and make sure he or she specializes in the service and products you need. You also may want to ask the person if he or she has received any special certifications such as Chartered Life Underwriter (CLU) or Chartered Financial Consultant (ChFC). These designations mean the person has taken advanced courses and may have specialized training and knowledge from which you could benefit.Above all, you want to select an agent or advisor who listens well and will take the time to understand your unique goals and desires. You can also use our Agent Locator to get started.