KNOW YOUR INSURANCE
Term Life Insurance
What is Term Insurance?
Term insurance is a type of life insurance that protects you for a given period of time or a specified term of years. It is extremely beneficial for anyone that has a mortgage to pay on their home, runs a business, wants to protect their income, or has dependents. Term insurance is the most cost-effective way of putting coverage in place.
MILIFE INSURANCE & INVESTMENT INC. is an insurance brokerage that is contracted with all the major insurance companies. This allows MILIFE INSURANCE & INVESTMENT INC. Insurance and Investments to have access to the best products and rates in the market. There are various term insurance options in the marketplace. It is important to understand the options available and which term makes the most sense for you.
Permanent Life Insurance
What is Permanent Life Insurance?
Permanent life insurance is a type of life insurance that stays in place for your whole life. Depending on the type of permanent coverage you decide to put in place, it may grow in value over time with tax advantages.
There are several types of permanent insurance policies that protect your assets and your family when you pass away. Your beneficiary – the person or entity that receives the benefit – will get the full amount upon your death, tax-free.
Life insurance is not mandatory in Canada but is the single most important asset to own. At MILIFE INSURANCE & INVESTMENT INC., we will assist you in finding the best solution for you and your family based on your financial needs and affordability.
Disability Insurance
What is Disability Insurance?
Disability insurance is for individuals who are looking to protect themselves and their families against an unexpected injury or illness that leaves them unable to work and earn an income. When you have disability insurance in place and become disabled due to injury or illness, you receive up to 70% of your gross income. This benefit is paid out on a monthly basis and, depending on how it has been set-up, can keep paying out to the age of 65.
Most individuals are covered by WSIB (Workplace Safety & Insurance Board) but this only covers you during work hours (excluding lunch breaks) whereas individual plans cover you 24/7.
Having disability insurance is important for anyone that works or is self-employed, especially those individuals working in hazardous jobs such as construction, truck driving, and any other occupations that are high risk.
Critical Illness Insurance
What is Critical Illness Insurance?
Critical illness insurance is one of the most important coverages that you should own today. This form of insurance provides a lump-sum, tax-free benefit payment anywhere from $25,000 and up, should you become seriously ill or get diagnosed with a critical illness such as cancer, heart-attack, and stroke.
Benefits of Critical Illness Insurance
- Works as income replacement and can reimburse the income loss during an ailment
- Gives you peace of mind and allows you to focus on treatment instead of stressing about providing the bread and butter for your family
- Tax-free insurance policy
Some critical illness options have a return of premium option available. With this option, if you don’t claim your coverage, you are eligible to get 100% of your premium back.
There are various options in the marketplace available today, but not all coverages are the same. Let a MILIFE INSURANCE & INVESTMENT INC. broker put together a quote and show you the differences in the products available.
Mortgage Insurance
What is Mortgage Insurance?
Buying a home is one of the biggest investments in a person’s life and special care is required to avoid loss. Mortgage insurance is an insurance policy that protects a mortgage lender or titleholder if the borrower defaults on payments, dies, or is otherwise unable to meet the contractual obligations of the mortgage.
Mortgage insurance can be purchased from the lender or as a stand-alone coverage. Stand-alone coverage offered through a MILIFE INSURANCE & INVESTMENT INC. tends to offer rates up to 40% cheaper than what is offered from the lender. Before you purchase mortgage insurance, make sure you compare the various coverages offered so that you make an informed choice.
Health & Dental Insurance (Individual & Group Benefits)
What is Health and Dental Insurance?
Health and dental coverage is the most common insurance plan provided in Ontario. It pays for us to get our prescriptions, health services, and it also covers us for dental issues we may have such as cleaning, scaling, and topical treatments. It includes travel insurance and vision care as well.
Dental treatment is very expensive in Canada; it can significantly disturb your budget if you don’t have a good health and dental insurance plan. MILIFE INSURANCE & INVESTMENT INC. offers outstanding health and dental plans to ensure our clients and their families have access to better hospitals equipped with advanced facilities. Both individual and family coverage plans are available.
Travel Insurance
What is Travel Insurance?
Travel insurance is your best companion when you travel abroad or domestically as it protects you in the case of an emergency. Your Canadian insurance is not valid outside Canada. And, your provincial or territorial health plan may cover a very small portion of the costs if you get sick or are injured while abroad, if anything at all.
Hospitals and clinics in some countries have been known to refuse to treat patients who become ill or who have had an accident if they don’t have adequate travel health insurance or the money to pay their bills. You could face years of debt paying off the costs of treatment for an illness or accident you suffered abroad. The Government of Canada will not pay your medical bills.
Benefits of Travel Insurance
- Complete support in a medical emergency
- It includes dental and health treatment plans
- Enjoy a stress-free stay
- Peace of mind
- Low cost options
- Multi-trip options available for frequent travelers
- 24-hour customer support
- Specialized benefits for you and your dependents
- Custom travel options and riders for the “Adventure Seeker”
- Trip cancellation and trip interruption options
- Baggage loss options available
Contact a MILIFE broker to learn about your travel insurance options today.
Investments
What Types of Investments Can We Help You With?
Creating a strong financial plan could be what allows you to retire when you want and have the money when you need it. MILIFE advisors can help you with a wide range of investment vehicles that allow you to prepare for what the future has in store.
Registered Retirement Savings Plan (RRSP)
The purpose of this plan is to help employees under the age of 71 with their savings. This plan offers tax benefits and allows for a refund after deducting all the contributions from the payable income.
Tax-Free Saving Account (TFSA)
A TFSA is an account that does not apply a tax penalty and allows you to withdraw money from it whenever you want, tax-free. Anyone above the age of 18 can apply for this plan and it can be used for any purpose.
Locked-In Retirement Account (LIRA)
Unlike a pension, a LIRA is an investment account designed to hold locked-in pension funds under a person’s name so they can manage investments. With LIRA, you get more control over your investments and are able to transfer all funds in the same account instead of managing plans with different employers.
Non-Registered Saving Plan
A non-registered saving plan is also known as a personal savings account. As the policyholder, you can expand your business and get more return than through other bank accounts. This plan is for people who would like to continue to save for a project or retirement and have reached their RRSP and TFSA contribution limits.
Locked-In Retirement Account (LIRA)
Unlike a pension, a LIRA is an investment account designed to hold locked-in pension funds under a person’s name so they can manage investments. With LIRA, you get more control over your investments and are able to transfer all funds in the same account instead of managing plans with different employers.
Contact a MILIFE broker to learn about non-Medical & simplified insurance options.
Loan Insurance
What is Loan Insurance?
Loan insurance helps you when uncertain circumstances such as a job loss, injury, or an accident arise. It ensures protection of your monthly loan payments and prevents further financial loss. To be qualified for loan insurance, you need to be between the ages of 18 – 59, work at least 21 hours per week, and require a loan for a mortgage, renovation, rent, student loan, or credit card purposes.
At MILIFE INSURANCE & INVESTMENT INC., we always recommend for our clients to check eligibility criteria and ask for help from our advisors if you find it difficult to choose an option. We are here to help and simplify your life in any way possible.
Group Insurance
What is Group Insurance?
Group insurance is a type of insurance that covers a group of people, for example the employees of a particular employer. Group benefits are often offered by employers as part of their compensation packages. Government insurance programs are one option, but they fail to fulfill the needs of small businesses. MILIFE INSURANCE & INVESTMENT INC. offers appealing group benefit plans for entrepreneurs and business owners.
Benefits for Employees
- Apply for benefits without a complex process
- Reliable coverage but policy at a lower cost
- An opportunity to share the cost with the employer to maximize the benefit
- Quick and effective claims for services
- Reasonable and customary limits on dispensing fees
Benefits for Employers
- Competitive and affordable rates
- Excellent administrative support
- Boost after-tax compensation and receive more money back
- Peace of mind knowing your employees are protected
- Simple, cost-effective, and tax-efficient plans based on the size of your business and your plan members’ needs
- Customizable so you can meet your plan members’ and organization’s needs
Contact a MILIFE broker to learn about your group insurance options.
Non-Medical & Simplified Insurance
What is Non-Medical & Simplified Life Insurance?
Non-medical life insurance is a kind of life insurance that does not require a medical examination by a doctor. It’s known to be simple, easy, and fast. With non-medical life insurance or simplified insurance, you are guaranteed a fast response with no hassles. This type of coverage is great for those that have had medical issues, participate in extreme hobbies, or have lifestyle habits that could make traditional coverage not available to them.
Benefits of Non-Medical Life Insurance
- Higher coverage options
- Affordable and comprehensive plans
- No need for medical exams
- Peace of mind
- Easy application process
- Over the phone appointments or applications
- Lenient on travel and hazardous sports or lifestyles
- No declined, postponed, or rated questions
- No family history questions - up to $25,000 coverage - up to $750,000 coverage
- No financial underwriting
- Anyone 18-80 years old can apply
- Payments start in the second month
Contact a MILIFE broker to learn about non-Medical & simplified insurance options.
