Life insurance after PR in Toronto - Question

[AK84]

Hello,

Can anyone suggest best company to get personal Life Insurance plan for Family?

My wife and I both are PR and live in Toronto. Also, Please suggest the importance to keep life insurance plan as we have already OHIP Health card?

Please advise your experience.

Thanks,

AK84

 

[canuck78]

Life insurance is very different than ohip services which cover the costs of doctors visits, hospital stays, etc. Life insurance is insurance to compensate families after death. Maybe you are talking about extended health benefits?

 

[Steevy]

Hello,

Can anyone suggest best company to get personal Life Insurance plan for Family?

My wife and I both are PR and live in Toronto. Also, Please suggest the importance to keep life insurance plan as we have already OHIP Health card?

Please advise your experience.

Thanks,

AK84

Agreed with a previous comment. Life Insurance is quite different from an extended health insurance plan that offers additional coverage for services that are not covered by your provincial insurance (OHIP) i.e. prescription drugs, vision care, dental (if you select that option), etc.

Life insurance is a safe bet that will compensate a family member (up to the coverage amount you select to have) for a loss of an insured person. There are a few different type of life insurance that you can get - term life, whole life, etc.

Also, there other types of insurance such as critical illness and disability insurance, which work as an income protection.

To understand your options better, you might want to do some research online and/or talk with an insurance advisor, which is free. You can get started here - Life Insurance in Canada

 

[AK84]

Life insurance is very different than ohip services which cover the costs of doctors visits, hospital stays, etc. Life insurance is insurance to compensate families after death. Maybe you are talking about extended health benefits?

Yes, i am talking about extended health benefit which cover life after death or accidental coverage

 

[canuck78]

Yes, i am talking about extended health benefit which cover life after death or accidental coverage

OHIP doesn't cover those things. You'll have to look at your policy and decide whether you want to also take out insurance that is not related to your employer. If you leave this employer you may have to purchase your own insurance and at that point your premiums may be much higher if you are older or have a medical problem. These are all individual decisions based on your family composition, debt load, etc.

 

[kprs_ind]

AK84,

If you are looking to cover yourself for extended health benefits, you need to do a Financial Needs Analysis before buying one. It will provide a holistic view of your needs and it can be planned. Let me know if you need more info.

Thanks!