Canadian Health Insurance Company Info

Getting all of your insurance needs from one Canadian health insurance company can save you money.

Canadian Health Insurance Company Info

Almost every Canadian health insurance company offers multi-policy discounts. This means insuring your home, car and life with the same company will be cheaper than having a policy with three different companies.

When you construct your long term financial plan, don't forget about life insurance. Life insurance can be one of the most important components of a good solid plan.

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Life insurance is cheap and easily attainable when you are young and healthy. But, as you get older the costs increase and qualification becomes more difficult.

A well-rounded long-term financial plan involves a method to reduce debts, build an emergency fund, life and disability insurance coverage and developing a regular habit of saving.

Your First Policy With a Canadian Health Insurance Company

Most people do not even think about life, health or disability insurance until they buy their first home or have their first child. These additional responsibilities make people think about what might happen if their family was suddenly left to fend for themselves.

The bank that holds your mortgage will generally offer you a bit of insurance coverage. Just enough to pay off your mortgage in case you die suddenly.

This mortgage insurance is also known as creditor insurance and can cover both spouses, since both are responsible for the mortgage. The mortgage company will often offer this coverage to one or both borrowers.

The mortgage company will also offer to bundle Mortgage Life Insurance with Critical Illness and/or Disability Insurance.

This takes some pressure off your loved ones, knowing they will not have mortgage payments to worry about, if something happens to you or your spouse.

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In many cases, this insurance covers both spouses, since both are responsible for the mortgage. Sometimes only one spouse is covered. But aside from your mortgage, there are still many other expenses and financial obligations that need to be covered.

The problem with waiting until you buy a home is that your premiums will be much higher since you are older and your health may not be what it used to be.

The best time to buy life insurance is when you first get married. In fact, the best time to review your insurance needs is at every major life event:

  • New job
  • Getting married
  • New home purchase
  • New baby
  • Job changes
  • Investment property purchase
  • Second/vacation property purchase
  • Getting Divorced
At every major life event it is really important to review and evaluate your insurance needs.

When you are young, life insurance premiums charged by your Canadian health insurance company are low. Your immediate need for insurance may not seem large, but you have an opportunity to lock in a low payment and potentially purchase a whole life insurance policy or universal life insurance policy with very affordable premiums.

You are young enough to lock in a low monthly premium. Plus, without mortgage payments and dependents, you will likely have more disposable income and be able to afford whole life insurance premiums.

Your premiums are locked in, so by the time you do have additional expenses, you will probably have a higher salary as well. This will make the premiums seem much lower than they appeared when you first bought the policy.

Disability Coverage

When you look into life insurance, don't forget about disability coverage. Your Canadian health insurance company can provide this type of policy, as well.

It is just as likely, if not more so, that you will have an accident or illness that leaves you unable to work, than one that kills you. Just about every person in Canada will be off work for at least three months at one time, sometime before they reach of the age of 65.

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Read your policy very carefully. Many insurance companies will include several exceptions. This reduces the chances of them having to pay out.

Certain illnesses or accidents occurring under certain circumstances may not be covered. Make sure you review and understand the policy thoroughly.

Who Needs Health Insurance?

Aside from life and disability coverage, you should also look into health insurance. Many people wonder if they need the services of a Canadian health insurance company since they are covered by government insurance.

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Unfortunately, government insurance does not cover everything. Relying strictly on that coverage can leave you with many financial burdens.

Government coverage also varies from one province to another. Some provinces only have federal coverage which is quite bare. This means even more medical expenses you have to pay out of your own pocket.

Many employers, with 40 employees or more, will often provide employee health and dental benefits to full-time employees, with coverage from a Canadian health insurance company. This coverage will differ with each plan and employer. Often these plans are offered with two or three tiers, where you pay more and receive more coverage.

If your employer doesn't offer these benefits, or if you are self-employed, then you might have to purchase private health and dental insurance from a Canadian health insurance company. Individual insurance can be costly, and is based on your health spending each year. It will therefore increase if you have unforeseen health expenses.

The best option for health and dental coverage for people who are self-employed is to join a group health plan. Without the extended coverage offered by employers, you will have to cover the costs of prescription drugs, vision care and dental expenses.

This can add up to quite a chunk of change, especially when you get older. It is no secret that the condition of your eyes and teeth worsen with age and without regular check-ups!

Businesses with 40 employees of less who don't offer health insurance coverage to employees could benefit significantly by offering this to employees. Benefits will encourage employee loyalty and decrease employee turnover.

Many employers offer a slew of health benefits to full-time employees. These cover just about every health expense you will ever encounter. But, if you are only employed part time or self-employed, you do not receive any benefits at all.

Without the extended coverage offered by employers, you will have to cover the costs of prescription drugs, vision care and dental expenses.

This can add up to quite a chunk of change, especially when you get older. It is no secret that the condition of your eyes and teeth worsen with age.

The Consequences of Misfortune

What about if you become seriously injured or ill? Will you be able to afford in home care? Will you be able to get by on just one income? What about all of the medical supplies and medications?

Or worse, what if something happens to your child? You will want to look after him, but can you afford to take an extended leave of absence from work? Many disability insurance policies cover children.

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A Canadian health insurance company can provide you with an income while you are off work, and cover the additional medical expenses you may incur.

Being seriously ill or disabled does not mean you can stay in the hospital until you are well enough to return to work. Most people that are unable to work at their regular job can still do many things for themselves.

They are just not able to perform the duties their job requires. Some people are not able to perform the duties of any job.

Additionally, even if you do recover to the point of returning to your regular job, your job may no longer be available. The company might not be able to keep your position vacant. This could mean several more months without an income until you can find another job.

Statistics Canada states that:

  • Nine out of ten people will injure their back or develop chronic back problems
  • Two out of five will suffer health problems related to high cholesterol
  • One out of every thirteen are affected by diabetes
  • One of thirteen people will get cancer
Nobody plans to become ill or disabled. But, being prepared for the worst with a good life, health and disability policy from a Canadian health insurance company can relieve much of the financial stress if a tragedy does strike your family.

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