It is important to discuss the different insurances handled by “The Canada Life Assurance Company”. Therefore, we shall talk about the five different insurance services of the Canada Life Assurance Company. They are; Life Insurance, Creditor Insurance, Critical Illness Insurance, Disability Insurance and Health And Dental Insurance.
Below are the top five insurance services covered by the Canada Life Assurance Company in details:
Table of Contents
1. Life Insurance
First, you need to understand the concept of the life insurance. If you have the life insurance, you and whomever you choose, will get a one-time, tax-free payment when you die. But, this will only be effective if you are consistent with the payment of your premiums.
Life insurance comes in various forms which can also consist of your financial plan. However, Canada Life Assurance Company have 2 basic types of life insurance coverage: term and permanent. Let us look at their distinguishing features.
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Term Insurance
- Temporary coverage
- Lower cost
- Fixed payments
- Option to convert to permanent
Permanent Insurance
- Lifetime coverage
- Higher cost
- Flexible payments
- Opportunity to build cash value
The Cost Of Life Insurance
In this aspect, your choice of coverage will influence the cost of the life insurance. Nevertheless, it is factual that the permanent insurance cost more than the term insurance. Asides this, there are other factors that play a vital role on the cost of life insurance. They are:
- Age
- Health
- Gender
- Occupation
2. Creditor Insurance
The importance of creditor insurance is to ensure that, in the absence of a mortgage, personal loan, line of credit, or credit card, that the effects of debt won’t hang on the neck of you and your family should anything happen to you.
Here, your mortgage or loan will be paid for, including your incurred payments should you pass away. This type of insurance is also called credit protection.
What Canada Life does for you in Creditor insurance is that, it handles your huge loan payments and other basic repayments. However, there could be factors that influence the maximum amount, number of payments and other terms of coverage. The lender and loan product are the factors.
In terms of handling claims by Canada Life, your type of coverage play an important role.
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3. Critical Illness Insurance
In a case where you are suffering from a chronic illness, the critical illness insurance takes over by making your tax-free payments. Apparently, not all illnesses are considered under the critical illness insurance. However, some serious illnesses that your insurance may cover are: cancer, heart attack or stroke.
To get this critical illness insurance, simply follow this steps:
- Choose the coverage amount you want.
- Pay your premium.
- File a claim if you’re diagnosed with a critical illness.
- Receive your payment. You may have to wait a set period of time depending on your condition.
4. Disability Insurance
Those who are disabled or handicapped are those who can benefit from this insurance. What it does is to confer on you a tax-free monthly payment which will offset your outstanding bills or stand in for your salary.
Disability here, cuts across all forms including invisible disabilities. As long you are incapable of carrying out a particular task due to an impairment, you are entitled to this insurance.
To get this disability insurance, simply follow this steps:
- Choose the amount you want and add optional benefits to customize your coverage.
- Pay your monthly premium.
- File a claim if you become disabled.
- Receive your monthly payments when the waiting period ends. The waiting period is the number of days from the date you’re disabled until the benefit start date.
- Your payments stop when your benefit period ends or you return to work.
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5. Health And Dental Insurance
There are some health services that are meant to be covered by the government but are not. So, health and dental insurance offers you that benefit for medical costs government healthcare doesn’t cover.
To know how to get it, you have to follow some steps. However, you ought to know that the Canada Life online application is stress free and comprehensive. Some of the questions you would need to answer are:
- Any prescription medications you and anyone else you are applying for use
- Everyone’s medical information, including the date of diagnosis or recovery
- Permission from anyone you are applying for to share the above information with us
- Your banking information for billing and direct deposits to your account
Conclusion
We just concluded with the five different insurance services covered by the Canada Life Assurance Company. They are; Life Insurance, Creditor Insurance, Critical Illness Insurance, Disability Insurance and Health And Dental Insurance.
Nevertheless, you can still carry out more research to get more details concerning the topic.
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