Archive for 2010

Buy Drug, Dental and Health Insurance Online in Canada

Buying health insurance online just got easier in Alberta

If you are without employer benefits or are self employed without a health and dental plan, you know how expensive paying for your medical bills out of pocket can be. Even though the Alberta health care system covers many of your major medical expenses, there are still lots of costs that come directly from your pocket.

Prescription drugs, dental care, extended medical service, and even ambulance rides could cost you thousands per year. Wouldn’t it be comforting to know you have a health, drug and dental plan in place to protect you and your family from unforeseen medical costs that could break your budget?

Life Guard Insurance and Manulife Financial have partnered together to offer you the most flexible and cost effective drug, dental and health insurance online plan in Canada today. And you can quickly and easily quote costs and apply for coverage online. Shop for the insurance you need now, and if you choose, start your plan immediately by applying online. You can even pay the premiums from your credit card and earn valuable reward points each month.

Manulife offers two highly customizable products through its CoverMe Health & Dental insurance plans: Flexcare and Followme.

Flexcare

Flexcare is designed to offer flexible choice in your plan design. Choose from a plan focused mainly of prescription drugs, dental care, extended health care or a combination of all three.  Once you have chosen the type of health, drug or dental insurance you want to focus on, then you can choose from either basic coverage or the enhanced plan. There are also valuable add-ons you can choose from to customize your coverage even more to meet your needs.

Plans can be designed for single people, couples or whole families. The online quoting system will allow you to add members of your family to the plan and generate a comprehensive quote. You can combine add-ons and basic plan designs until you have made the perfect plan that both meets your insurance needs and your monthly budget.

Here is a brief description of the core plans you can choose from, the Add-Ons that can be included and the Stand-Alone medical plans you can also buy with Flexcare:

Core Plans

Flexcare Core Plans let you choose between dental coverage, drug coverage or a combination of both. With each Core Plan you’ll also receive generous coverage for registered specialists, travel emergencies, accidental death and dismemberment and more. Your provincial plan doesn’t cover all this!

If you are 65 years of age or over, you are likely to have special health priorities. That is why Flexcare health plan coverage is adjusted to reflect your needs.

DrugPlus^TM

DentalPlus^TM

ComboPlus^TM

Add-Ons

These coverage options are only available with a Flexcare Core plan. They allow you to customize your Flexcare DrugPlus, DentalPlus or ComboPlus plan to create your own “One-Of-A-Kind” coverage.

Extended Health Care

Hospital

Vision

Travel

Accidental Death and Dismemberment

Catastrophic

Stand-Alones

With Flexcare Stand-Alone coverage, you don’t need a Core plan. You can select one or more Stand-Alones to create your own “One-Of-A-Kind” Flexcare health plan.

If you are 65 years of age or over, you are likely to have special health priorities. That is why Flexcare health plan coverage is adjusted to reflect your needs.

Hospital

Catastrophic

To find out how each Core Plan, Add-On or Stand-Alone plan works, please visit Life Guard Insurance’s Manulife portal for information, quotes and the ability to buy online, now.

FollowMe Health

FollowMe Health is designed to offer uninterrupted health and dental coverage for you and your family when your employment and group benefits end. If you apply within 60 days of your loss of group health and dental benefits, you will qualify without having to complete a medical questionnaire. And with four levels of protection to choose from, you can select the plan that best meets your specific needs. Choose from four FollowMe Health plan designs:

Basic

Enhanced

Enhanced Plus

Premiere

Learn more about how these plans can meet your continuing health and dental insurance needs and choose the one that fits your budget. Go online now for a quote and to purchase coverage in Alberta now.

Life Guard Insurance for Health Insurance Online

If you would like more information about your insurance needs, including health, drug and dental plans, feel free to contact Life Guard Insurance. We are ready and willing to answer your insurance enquiries in Canada.

The article was written by Mitch Reynolds+. If you found this article interesting or it made you think, please feel free to share your comments below. Liking us on Facebook, giving us a +1 on Google or Tweeting this article about health insurance online would also be very much appreciated.

Buy Drug, Dental and Health Insurance Online in Alberta

Buying health insurance online just got easier in Alberta

If you are without employer benefits or are self employed without a health and dental plan, you know how expensive paying for your medical bills out of pocket can be. Even though the Alberta health care system covers many of your major medical expenses, there are still lots of costs that come directly from your pocket.

Prescription drugs, dental care, extended medical service, and even ambulance rides could cost you thousands per year. Wouldn’t it be comforting to know you have a health, drug and dental plan in place to protect you and your family from unforeseen medical costs that could break your budget?

Life Guard Insurance and Manulife Financial have partnered together to offer you the most flexible and cost effective drug, dental and health insurance online plan in Alberta today. And you can quickly and easily quote costs and apply for coverage online. Shop for the insurance you need now, and if you choose, start your plan immediately by applying online. You can even pay the premiums from your credit card and earn valuable reward points each month.

Manulife offers two highly customizable products through its CoverMe Health & Dental insurance plans: Flexcare and Followme.

Flexcare

Flexcare is designed to offer flexible choice in your plan design. Choose from a plan focused mainly of prescription drugs, dental care, extended health care or a combination of all three.  Once you have chosen the type of health, drug or dental insurance you want to focus on, then you can choose from either basic coverage or the enhanced plan. There are also valuable add-ons you can choose from to customize your coverage even more to meet your needs.

Plans can be designed for single people, couples or whole families. The online quoting system will allow you to add members of your family to the plan and generate a comprehensive quote. You can combine add-ons and basic plan designs until you have made the perfect plan that both meets your insurance needs and your monthly budget.

Here is a brief description of the core plans you can choose from, the Add-Ons that can be included and the Stand-Alone medical plans you can also buy with Flexcare:

Core Plans

Flexcare Core Plans let you choose between dental coverage, drug coverage or a combination of both. With each Core Plan you’ll also receive generous coverage for registered specialists, travel emergencies, accidental death and dismemberment and more. Your provincial plan doesn’t cover all this!

If you are 65 years of age or over, you are likely to have special health priorities. That is why Flexcare health plan coverage is adjusted to reflect your needs.

DrugPlus^TM

DentalPlus^TM

ComboPlus^TM

Add-Ons

These coverage options are only available with a Flexcare Core plan. They allow you to customize your Flexcare DrugPlus, DentalPlus or ComboPlus plan to create your own “One-Of-A-Kind” coverage.

Extended Health Care

Hospital

Vision

Travel

Accidental Death and Dismemberment

Catastrophic

Stand-Alones

With Flexcare Stand-Alone coverage, you don’t need a Core plan. You can select one or more Stand-Alones to create your own “One-Of-A-Kind” Flexcare health plan.

If you are 65 years of age or over, you are likely to have special health priorities. That is why Flexcare health plan coverage is adjusted to reflect your needs.

Hospital

Catastrophic

To find out how each Core Plan, Add-On or Stand-Alone plan works, please visit Life Guard Insurance’s Manulife portal for information, quotes and the ability to buy online, now.

FollowMe Health

FollowMe Health is designed to offer uninterrupted health and dental coverage for you and your family when your employment and group benefits end. If you apply within 60 days of your loss of group health and dental benefits, you will qualify without having to complete a medical questionnaire. And with four levels of protection to choose from, you can select the plan that best meets your specific needs. Choose from four FollowMe Health plan designs:

Basic

Enhanced

Enhanced Plus

Premiere

Learn more about how these plans can meet your continuing health and dental insurance needs and choose the one that fits your budget. Go online now for a quote and to purchase coverage in Alberta now.

Life Guard Insurance for Health Insurance Online

If you would like more information about your insurance needs, including health, drug and dental plans, feel free to contact Life Guard Insurance. We are ready and willing to answer your insurance enquiries in Alberta.

The article was written by Mitch Reynolds+. If you found this article interesting or it made you think, please feel free to share your comments below. Liking us on Facebook, giving us a +1 on Google or Tweeting this article about health insurance online would also be very much appreciated.

Simplified Critical Illness Insurance

Buy simplified critical illness insurance online in Canada now!

Surviving a critical illness can be very challenging, physically, emotionally and financially. We all could use some help when such a tragedy strikes out lives. Critical illness insurance was designed to take the financial worries and pressure out of your life while you are trying to recover from something major in your life, like cancer or heart disease.

In Canada, Alberta, Life Guard Insurance and Manulife Financial have partnered together to offer you a simple and easy way to get the critical illness insurance you need. Lifecheque Basic is Manulife’s simplified critical illness insurance product. Premiums are very low, you get coverage for the most common major conditions, medical qualification is simple, and you can now buy the plan quickly and easily online.

Lifecheque Basic Critical Illness Insurance– How it works

Manulife’s Lifecheque Basic is the best simplified critical illness insurance policy in Canada today. Most other forms of simplified critical illness insurance offer only three covered conditions, however Lifecheque Basic offers 5: Cancer, Heart Attack, Stroke, Bypass Surgery and Aortic Surgery. If you were diagnosed with any of these conditions (some early stage cancers that are not critical to your health are not covered), 30 days after diagnosis you would be paid out a lump sum, tax free benefit from your critical illness insurance plan. These 5 covered conditions account for over 85% of all critical illness insurance claims in Canada today.

Your Lifecheque Basic critical illness insurance plan comes in three benefit amounts: $25,000, $50,000 or $75,000 of coverage. You choose the amount that is right for you. You also have the option of having just the basic coverage or buying the Return of Premium rider with your plan. This would allow you to get back 100% of the entire premium you invested into the plan when you reach your 75^th birthday, so long as you have never had a claim on your policy and have kept it in force continuously until that time.

Medical qualification is so simple. All you need to do is make a declaration of good health today and you have never had a major critical illness in your past. Once you have the plan, regardless of your future health conditions, Manulife can never cancel your critical illness insurance policy until it ends at age 75, so long as you pay your premiums. This gives you the security you are continuously insured throughout your life. Of course, you can choose to cancel the plan at any time if you wish.

Premiums are very affordable. Lifecheque Basic has competitive prices that fit easily into anyone’s’ budget. For example, a 40 year old man could buy $50,000 of critical illness insurance for $22 per month (non-smoker). A 35 year old woman non-smoker, buying $75,000 of coverage with return of premium would only be $36.75 per month. You can access the complete premium rate guide for Lifecheque Basic critical illness insurance from Life Guard Insurance’s website.

As a bonus, Lifecheque Basic also gives you a special health care service called Health Service Navigator at no extra cost. Health Service Navigator gives you and your whole family access to a resource with quick and easy answers to all your health care questions and support services.  One simple phone call and you will be connected to a medical coordination service that will help you navigate the Alberta provincial health care system, to find the resources and help you need. Also, if you need a second opinion about your diagnosis, Health Service Navigator will help you get it from a world-class hospital.

Be sure to check out our page on Lifecheque Basic Simplified Critical Illness Insurance, where you can download the comprehensive Manulife brochure and premium rate guide. If you are interested in getting an online quote, and maybe purchasing your coverage online now, please click here.

If you have any other questions or concerns about critical illness insurance, feel free to contact us at Life Guard Insurance.

The article was written by Mitch Reynolds+. If you found this article interesting or it made you think, please feel free to share your comments below. Liking us on Facebook, giving us a +1 on Google or Tweeting this article about simplified critical illness insurance would also be very much appreciated.

Simplified Critical Illness Insurance

Buy simplified critical illness insurance online in Alberta now!

Surviving a critical illness can be very challenging, physically, emotionally and financially. We all could use some help when such a tragedy strikes out lives. Critical illness insurance was designed to take the financial worries and pressure out of your life while you are trying to recover from something major in your life, like cancer or heart disease.

In Alberta, Alberta, Life Guard Insurance and Manulife Financial have partnered together to offer you a simple and easy way to get the critical illness insurance you need. Lifecheque Basic is Manulife’s simplified critical illness insurance product. Premiums are very low, you get coverage for the most common major conditions, medical qualification is simple, and you can now buy the plan quickly and easily online.

Lifecheque Basic Critical Illness Insurance– How it works

Manulife’s Lifecheque Basic is the best simplified critical illness insurance policy in Canada today. Most other forms of simplified critical illness insurance offer only three covered conditions, however Lifecheque Basic offers 5: Cancer, Heart Attack, Stroke, Bypass Surgery and Aortic Surgery. If you were diagnosed with any of these conditions (some early stage cancers that are not critical to your health are not covered), 30 days after diagnosis you would be paid out a lump sum, tax free benefit from your critical illness insurance plan. These 5 covered conditions account for over 85% of all critical illness insurance claims in Canada today.

Your Lifecheque Basic critical illness insurance plan comes in three benefit amounts: $25,000, $50,000 or $75,000 of coverage. You choose the amount that is right for you. You also have the option of having just the basic coverage or buying the Return of Premium rider with your plan. This would allow you to get back 100% of the entire premium you invested into the plan when you reach your 75^th birthday, so long as you have never had a claim on your policy and have kept it in force continuously until that time.

Medical qualification is so simple. All you need to do is make a declaration of good health today and you have never had a major critical illness in your past. Once you have the plan, regardless of your future health conditions, Manulife can never cancel your critical illness insurance policy until it ends at age 75, so long as you pay your premiums. This gives you the security you are continuously insured throughout your life. Of course, you can choose to cancel the plan at any time if you wish.

Premiums are very affordable. Lifecheque Basic has competitive prices that fit easily into anyone’s’ budget. For example, a 40 year old man could buy $50,000 of critical illness insurance for $22 per month (non-smoker). A 35 year old woman non-smoker, buying $75,000 of coverage with return of premium would only be $36.75 per month. You can access the complete premium rate guide for Lifecheque Basic critical illness insurance from Life Guard Insurance’s website.

As a bonus, Lifecheque Basic also gives you a special health care service called Health Service Navigator at no extra cost. Health Service Navigator gives you and your whole family access to a resource with quick and easy answers to all your health care questions and support services.  One simple phone call and you will be connected to a medical coordination service that will help you navigate the Alberta provincial health care system, to find the resources and help you need. Also, if you need a second opinion about your diagnosis, Health Service Navigator will help you get it from a world-class hospital.

Be sure to check out our page on Lifecheque Basic Simplified Critical Illness Insurance, where you can download the comprehensive Manulife brochure and premium rate guide. If you are interested in getting an online quote, and maybe purchasing your coverage online now, please click here.

If you have any other questions or concerns about critical illness insurance, feel free to contact us at Life Guard Insurance.

The article was written by Mitch Reynolds+. If you found this article interesting or it made you think, please feel free to share your comments below. Liking us on Facebook, giving us a +1 on Google or Tweeting this article about simplified critical illness insurance would also be very much appreciated.

Buying Travel Insurance Online in Canada Just Got Easier

Life Guard offers Manulife Travel Insurance Online – Quick and Easy

If you are planning a trip out of Canada, like a winter get away to Mexico or a European vacation or just down to the US, you need to make sure you are properly insured for medical expenses, trip interruption costs and lost luggage. Getting travel insurance put in place should be as easy as one, two three online. And now it is.

Life Guard Insurance has partnered with Manulife Financial to offer you the most convenient online shopping experience for travel insurance in Canada. You can shop Manulife’s full suite of travel insurance options online, compare prices, and select the plan that is best for you and meets your budget.

Plan options include:

• Single Trip Emergency Medical

• Single Trip All-Inclusive Coverage

• Single Trip Travel Canada Emergency Medical (for out-of-province trips but not out of Canada)

• Quick Trip Plan (for less than 17 days travel)

• Quick Trip Travel Canada Plan

• Emergency Medical Top-Up

• Trip Cancellation/Interruption

• Multi-Trip Emergency Medical

• Multi-Trip All Inclusive Coverage

As well as Travel Insurance for Alberta and Canada residents travelling abroad or out-of-province, Manulife also offers a Visitor To Canada package to help insure those family members and friends coming to Canada who do not have travel insurance from their own country. The Visitor to Canada Plans can be designed in three different ways:

• Visitor to Canada Single Trip Emergency Medical

• Visitor to Canada Multi-Trip Emergency Medical

• Top-up to Visitor to Canada Multi-Trip coverage

In order to qualify for the Visitor to Canada Plans, you must be older than one month and less than age 85, have no terminal or serious health conditions where a doctor has advised you not to travel, using oxygen or requiring kidney dialysis. Besides that, you can quickly and easily be covered through this online application process.

If you are a student travelling out of Canada to study abroad, or studying out of your province of residence, Manulife has discounted plans for you. Also, if you are a foreign student coming to Canada to study, you can purchase an International Student travel insurance package for medical expenses while in Canada.

Life Guard Insurance makes it easy to Travel Insurance Online

All together, it is easy and convenient to get the travel insurance you need now, and buy it online in Canada. You can access Life Guard Insurance’s Travel Insurance online portal to Manulife by clicking on this link. To find out more about Manulife’s travel insurance, visit the Life Guard Insurance webpage describing Manulife’s travel insurance options.

Also, feel free to contact us at Life Guard Insurance for more information regarding travel insurance.

The article was written by Mitch Reynolds+. If you found this article interesting or it made you think, please feel free to share your comments below. Liking us on Facebook, giving us a +1 on Google or Tweeting this article about travel insurance online would also be very much appreciated.

Buying Travel Insurance Online in Alberta Just Got Easier

Life Guard offers Manulife Travel Insurance Online – Quick and Easy

If you are planning a trip out of Canada, like a winter get away to Mexico or a European vacation or just down to the US, you need to make sure you are properly insured for medical expenses, trip interruption costs and lost luggage. Getting travel insurance put in place should be as easy as one, two three online. And now it is.

Life Guard Insurance has partnered with Manulife Financial to offer you the most convenient online shopping experience for travel insurance in Alberta. You can shop Manulife’s full suite of travel insurance options online, compare prices, and select the plan that is best for you and meets your budget.

Plan options include:

• Single Trip Emergency Medical

• Single Trip All-Inclusive Coverage

• Single Trip Travel Canada Emergency Medical (for out-of-province trips but not out of Canada)

• Quick Trip Plan (for less than 17 days travel)

• Quick Trip Travel Canada Plan

• Emergency Medical Top-Up

• Trip Cancellation/Interruption

• Multi-Trip Emergency Medical

• Multi-Trip All Inclusive Coverage

As well as Travel Insurance for Alberta and Alberta residents travelling abroad or out-of-province, Manulife also offers a Visitor To Canada package to help insure those family members and friends coming to Canada who do not have travel insurance from their own country. The Visitor to Canada Plans can be designed in three different ways:

• Visitor to Canada Single Trip Emergency Medical

• Visitor to Canada Multi-Trip Emergency Medical

• Top-up to Visitor to Canada Multi-Trip coverage

In order to qualify for the Visitor to Canada Plans, you must be older than one month and less than age 85, have no terminal or serious health conditions where a doctor has advised you not to travel, using oxygen or requiring kidney dialysis. Besides that, you can quickly and easily be covered through this online application process.

If you are a student travelling out of Canada to study abroad, or studying out of your province of residence, Manulife has discounted plans for you. Also, if you are a foreign student coming to Canada to study, you can purchase an International Student travel insurance package for medical expenses while in Canada.

Life Guard Insurance makes it easy to Travel Insurance Online

All together, it is easy and convenient to get the travel insurance you need now, and buy it online in Alberta. You can access Life Guard Insurance’s Travel Insurance online portal to Manulife by clicking on this link. To find out more about Manulife’s travel insurance, visit the Life Guard Insurance webpage describing Manulife’s travel insurance options.

Also, feel free to contact us at Life Guard Insurance for more information regarding travel insurance.

The article was written by Mitch Reynolds+. If you found this article interesting or it made you think, please feel free to share your comments below. Liking us on Facebook, giving us a +1 on Google or Tweeting this article about travel insurance online would also be very much appreciated.

Joint Life insurance Plans for Alberta Clients

Getting joint life insurance can be an easy way to save cost on your total insurance premiums. A joint insurance plan covers two or more people’s lives with only one death benefit payout. Depending on how you set up the insurance you could save anywhere from 15% to over 50% in your monthly or annual insurance premiums.

Before you decide that getting a joint life insurance policy is right for you, this article will explore the pros and cons of buying group insurance. Also discussed here will be the most common uses for the two types of joint life insurance: Joint first-to-Die and Joint Last-to-Die policies.

The Advantages of Buying a Joint Life Insurance Policy

1. Premium savings on a joint life insurance policy

If you buy a joint life insurance policy, the insurance company is only liable to pay out one death benefit, even if it is insuring two or more lives. The single payout does reduce the cost considerably on some policies, and can save you a lot of money over the many years you will pay the premium on a life insurance contract. Here is how an insurance company calculates the rates for a joint life insurance plan: A) If it is joint first-to-die life insurance, they will combine the two lives (typically a husband and wife) and come up with one older male client. If the couple were 35 and 33 respectively, the joint policy would be like buying a life insurance contract for a 40 year old man. B) If it is a joint last-to-die policy, the age calculation is for a younger man. Let’s take a husband and wife aged 55 and 54, the joint age would be like buying a policy on a 42 year old man. As you can see, the joint last to die would mean a big savings in premium because the joint age is so much less than the current age of the couple, meaning a much reduced premium cost.

2. Survivor’s right to buy insurance without medical evidence

If one person in a joint life insurance contract dies, the death benefit is paid to the survivor, and then the contract ends. So what about the survivor? Do they still need to keep a life insurance contract? And if so, they are much older now and might have some health conditions making it harder to qualify for life insurance. The good news is that the survivor under these policies has the right to buy their own insurance contract equal to the face amount of life insurance they used to own in the joint policy, without providing medical evidence to qualify for the insurance. Most insurance companies allow you to make this purchase within 30 days of the joint policy being paid out, while a few others are allowing this purchase for 60 days from the end of the joint contract.

3. Double payout for a “common disaster”

A common disaster is insurance industry terminology for both people who are insured under a joint life insurance contract dying within a very short time of one another or from the same event, like a car accident. If both people on the contract died together, or one died shortly after the other, the insurance company assumes that one of the two would have exercised their right to buy an equal amount of life insurance had they lived. Therefore, the insurance company pays out double the original death benefit to the beneficiaries.

The Disadvantages of Buying a Joint Life Insurance Policy

1. Marriage or partnership breakdown can carve up a policy

When a married couple or business partnership purchases a joint life insurance policy for risk protection needs, there is a major problem if the union is dissolved. For most insurance companies, the joint life insurance policy will need to be divided between the two parties (ex-spouses). Each can keep half the insurance, but the full amount of coverage they had before is not given to each person. The cost will go up for having two separate policies vs. a joint policy, and if they need to top up their life insurance individually, they will need to qualify medically for additional coverage, plus pay the higher premium as a now older person for the top-up amount.

2. Premium savings on joint first-to-die can be minimal

One of the biggest reasons people buy joint first-to-die life insurance is to save premium vs. two separate policies. Very often the cost of two separate policies can be very close to the cost of a joint first-to-die plan. If the additional cost is only around 10% higher, you can easily be justify the expense by knowing each person has their individual life insurance plan which they own, and will continue on, uninterrupted, if their partner were to die. No reissue of a new policy at older ages, paying higher premiums. No division of the policy in a marriage break-down. Much cleaner and more flexible when unfortunate events happen.

3. No flexibility in coverage amounts with joint life insurance

Very often the amount of total life insurance needed for each person, like a husband and wife, is not the same. If one person is a higher income earner, they will probably need much more life insurance. With a joint policy, both people must have exactly the same amount of coverage. This results in the higher amount of need being the default amount of insurance for the other partner/spouse. If this insurance contract was broken up into two separate policies, and the correct amount of insurance is bought on each person, the total premium could be much less than a joint life insurance plan which is over-insuring one person.

Common Uses of Joint First-to-Die Life Insurance

Most commonly joint first-to-die life insurance is for pure risk protection of a married couple or business partnership. The most common type of insurance is term life insurance for immediate risk protection, vs. long-term estate or investment planning. Once the term need is over, like paying off the mortgage or raising children, the life insurance will probably be dropped.  It is not very common for permanent joint first-to-dielife insurance policies to be sold, as the long-term purpose for permanent life insurance is for creating equity as well as immediate risk protection. Usually couples or business partners buy separate policies so each person controls their own cash values and can ultimately accumulate more long-term growth.

Common Uses of joint Last-to-Die Life Insurance

Joint last-to-die life insurance is almost exclusively used for estate planning needs. It generates a large amount of tax free cash at the passing of the last person. In a marriage relationship, the spousal role-over clause in the tax act allows for all capital gains and taxable assets to pass to the surviving spouse and remain tax sheltered until his/her death. Upon the final death, the entire estate and all taxable assets are assessed by the Canadian Revenue Agency (CRA). In order to preserve the estate and possibly create a legacy for the next generation or used for charitable giving, joint last-to-die life insurance is a very useful and cost effective way to provide large amounts of cash flow for the estate. The most common types of policies for the permanent life insurance need of joint last-to-die policies is universal life insurance or whole life insurance. When comparing cost vs. benefit, a joint last-to-die policy can give you the highest guaranteed rate of return for your money in Canada today. The only thing is the payout is not for you – it is for your beneficiaries and your estate.

If you would like more information on whether or not joint life insurance is right for your situation, please feel free to contact us at Life Guard Insurance.

The article was written by Mitch Reynolds+. If you found this article interesting or it made you think, please feel free to share your comments below. Liking us on Facebook, giving us a +1 on Google or Tweeting this article about joint life insurance would also be very much appreciated.

Mental Health and Buying Insurance

If you or anyone you know has ever been through a mental health issue like depression, anxiety, burn-out or a more severe psychosis, you know how damaging it can be. The impact is not limited only to the person experiencing the problems, but also extends to friends and family who are trying to help and get caught up in the unhealthy environment.

This article will briefly touch on how some very common mental health issues could affect your ability to qualify for different types of insurance. There are different risks associated with a certain disease and the type of risk you are insuring against (i.e. life insurance vs. disability insurance coverage). Hopefully this article will shed light on some of the issues.

Getting Life Insurance with a Mental Illness

When applying for life insurance, the insurance company is typically looking for healthy candidates to insure. If you have recently been diagnosed with a major illness, like cancer, heart disease, diabetes, etc. you cannot qualify for life insurance anymore. So what about a mental illness? These can come on very suddenly in a person’s life and last for many years, if not the rest of their life. Can you still qualify for life insurance if you have a condition like depression, anxiety, nervous breakdown or other similar diseases? The answer is really dependant on your current situation.

If your diagnosis is very recent, you will most probably be postponed for life insurance coverage for about one year. This is due to the insurance company wanting to see how well you have responded to treatments and medication after a sufficient period of time. A condition like depression can quickly worsen and lead to some very serious negative outcomes, including suicide. Anxiety that is poorly managed can lead to terrible panic attacks, phobias, and other very unhealthy behaviours. Uncontrolled mental illnesses that are not treated or managed can lead to very unhealthy lifestyle choices. Even if the person was fit and healthy before their mental illness, they could easily become addicted to food, alcohol, drugs and other things. An insurance company will not want to take on this type of risk, as the chances of things going badly in the person’s life are too great.

On the flip side, if you are able to properly manage your disease, the outcome very often is living a normal healthy life. An insurance company looks for certain positive behaviours and activities that would lead them to believe you are dealing well with your mental health issues. Did you seek treatment, counselling or the help of your doctor? Did you take medication when appropriate, and have you responded well to the medication? Are you continuing to get ongoing treatment that is helping, and is your doctor on top of your mental condition? Do you see the doctor regularly to check in with your life and ability to cope with your stress levels? If these questions are answered positively, then yes you can get insurance. With a few years of good control of a mental health issue where you are functioning normally (with or without medication) you can expect to get your insurance with standard rates. Most insurance companies will not offer preferred rates to you if you are on medication, but you can qualify for a standard policy, like an average healthy Canadian.

Getting Disability Insurance with a Mental Illness

Disability insurance is a whole different type of risk protection, and the underwriting will be very different. With life insurance, the concern is whether or not your life expectancy is shortened or are you going to live as long as an average Canadian. Disability insurance is focused on the likelihood you will be able to work, and perform your job. Here a mental illness can be a serious problem for qualifying for the insurance.

The fastest growing disability insurance claim in the workforce today is mental health issues. Stress related issues like burn-out, nervous breakdown, anxiety and depression can very quickly make a person unable to work. These sorts of mental illnesses cost the employer and insurance companies billions of dollars each year in lost productivity and claims. The insurance company will take a mental health issue very seriously.

Here is what the insurance company will be looking for when underwriting a mental illness:

1. Have you recently been hospitalized for your mental illness?
2. Have you lost time from work in the last 5 years because of your mental illness?
3. Are you on medication, and if so, how has it been working for you?
4. Do you require ongoing counselling and support to function, or are you living a normal life without extra support?
5. How stressful is the type of work you do, and was it your job that contributed to you developing the mental illness?

All these questions and more would be answer in the insurance company’s underwriting investigation of your application. A doctor’s report would be ordered from your family doctor and if you have ever seen a psychiatrist or psychologist, a report from them would also be required to assess your case.

The best possible outcome would be you are managing your illness very well, and there is no likelihood of serious trouble, hospitalization, or any other break-down. In this case you could get a standard policy. If your doctors feel that you are still struggling with you condition and more therapy and/or medication is needed, you could either be declined your insurance or be offered coverage with an exclusion for mental health claims (no disability benefits would be paid if you went off work for a mental health issue).

It is best to apply for disability insurance when you are stable, and any serious problems you have experienced are behind you and life has returned to normal.

Getting Critical Illness Insurance with a Mental Illness

Very much like the previous two scenarios, getting a critical illness policy when you suffer from a mental illness all depends on your current prognosis. Critical illness insurance is concerned with the risk of you getting cancer, heart attack, stroke, bypass surgery, and a whole host of other serious illnesses and injuries.

A very strong relationship between cardio vascular diseases (heart attack, stroke, bypass surgery, etc.) and stress exists. Stress in a person’s life can become unmanageable, leading to physical symptoms. While you are still unstable and dealing with a mental health condition, you would be declined for critical illness insurance. The risks are too great that you could begin to suffer from physical symptoms related to an uncontrolled mental illness. Also, as stated before, a mental illness could lead to addictive or destructive behaviour, also worsening the health of a previously fit individual.

If you are controlling your mental illness and living a normal life, then you should qualify for critical illness insurance. There might be a small rating of 25 – 50% more premium than the average person since the risks of stress related chronic illnesses would still exists for you. This would still be a good offer considering what you have been through and what you will be dealing with for possibly the rest of your life.

Mental Health and Buying Insurance in Canada

In summary, mental illness and mental health issues are very common. Insurance companies see these cases all the time and have a great deal of experience underwriting insurance for people who are suffering from and managing a mental illness. Just like any other illness, you can’t get the insurance while you are in the middle of a crisis. You can’t get the insurance when you have recently been in hospital or had a major event related to your mental illness. You need to be at a healthy and stable place in your life when you apply. You need to be in control of your life and your illness with a secure, if not bright, future ahead. We all know anything can happen to us at any time, and that is why we buy insurance. Your mental illness should not increase your risks when you apply, but should in effect be neutralized through treatment and control.

If you thought you were uninsurable because of a mental illness, it never hurts to get some professional advice. You can speak with us at Life Guard Insurance in the strictest confidence to see whether or not you could qualify for insurance and risk protection.

The article was written by Mitch Reynolds+. If you found this article interesting or it made you think, please feel free to share your comments below. Liking us on Facebook, giving us a +1 on Google or Tweeting this article about mental health and buying insurance would also be very much appreciated.

Mental Health and Buying Insurance

If you or anyone you know has ever been through a mental health issue like depression, anxiety, burn-out or a more severe psychosis, you know how damaging it can be. The impact is not limited only to the person experiencing the problems, but also extends to friends and family who are trying to help and get caught up in the unhealthy environment.

This article will briefly touch on how some very common mental health issues could affect your ability to qualify for different types of insurance. There are different risks associated with a certain disease and the type of risk you are insuring against (i.e. life insurance vs. disability insurance coverage). Hopefully this article will shed light on some of the issues.

Getting Life Insurance with a Mental Illness

When applying for life insurance, the insurance company is typically looking for healthy candidates to insure. If you have recently been diagnosed with a major illness, like cancer, heart disease, diabetes, etc. you cannot qualify for life insurance anymore. So what about a mental illness? These can come on very suddenly in a person’s life and last for many years, if not the rest of their life. Can you still qualify for life insurance if you have a condition like depression, anxiety, nervous breakdown or other similar diseases? The answer is really dependant on your current situation.

If your diagnosis is very recent, you will most probably be postponed for life insurance coverage for about one year. This is due to the insurance company wanting to see how well you have responded to treatments and medication after a sufficient period of time. A condition like depression can quickly worsen and lead to some very serious negative outcomes, including suicide. Anxiety that is poorly managed can lead to terrible panic attacks, phobias, and other very unhealthy behaviours. Uncontrolled mental illnesses that are not treated or managed can lead to very unhealthy lifestyle choices. Even if the person was fit and healthy before their mental illness, they could easily become addicted to food, alcohol, drugs and other things. An insurance company will not want to take on this type of risk, as the chances of things going badly in the person’s life are too great.

On the flip side, if you are able to properly manage your disease, the outcome very often is living a normal healthy life. An insurance company looks for certain positive behaviours and activities that would lead them to believe you are dealing well with your mental health issues. Did you seek treatment, counselling or the help of your doctor? Did you take medication when appropriate, and have you responded well to the medication? Are you continuing to get ongoing treatment that is helping, and is your doctor on top of your mental condition? Do you see the doctor regularly to check in with your life and ability to cope with your stress levels? If these questions are answered positively, then yes you can get insurance. With a few years of good control of a mental health issue where you are functioning normally (with or without medication) you can expect to get your insurance with standard rates. Most insurance companies will not offer preferred rates to you if you are on medication, but you can qualify for a standard policy, like an average healthy Canadian.

Getting Disability Insurance with a Mental Illness

Disability insurance is a whole different type of risk protection, and the underwriting will be very different. With life insurance, the concern is whether or not your life expectancy is shortened or are you going to live as long as an average Canadian. Disability insurance is focused on the likelihood you will be able to work, and perform your job. Here a mental illness can be a serious problem for qualifying for the insurance.

The fastest growing disability insurance claim in the workforce today is mental health issues. Stress related issues like burn-out, nervous breakdown, anxiety and depression can very quickly make a person unable to work. These sorts of mental illnesses cost the employer and insurance companies billions of dollars each year in lost productivity and claims. The insurance company will take a mental health issue very seriously.

Here is what the insurance company will be looking for when underwriting a mental illness:

1. Have you recently been hospitalized for your mental illness?
2. Have you lost time from work in the last 5 years because of your mental illness?
3. Are you on medication, and if so, how has it been working for you?
4. Do you require ongoing counselling and support to function, or are you living a normal life without extra support?
5. How stressful is the type of work you do, and was it your job that contributed to you developing the mental illness?

All these questions and more would be answer in the insurance company’s underwriting investigation of your application. A doctor’s report would be ordered from your family doctor and if you have ever seen a psychiatrist or psychologist, a report from them would also be required to assess your case.

The best possible outcome would be you are managing your illness very well, and there is no likelihood of serious trouble, hospitalization, or any other break-down. In this case you could get a standard policy. If your doctors feel that you are still struggling with you condition and more therapy and/or medication is needed, you could either be declined your insurance or be offered coverage with an exclusion for mental health claims (no disability benefits would be paid if you went off work for a mental health issue).

It is best to apply for disability insurance when you are stable, and any serious problems you have experienced are behind you and life has returned to normal.

Getting Critical Illness Insurance with a Mental Illness

Very much like the previous two scenarios, getting a critical illness policy when you suffer from a mental illness all depends on your current prognosis. Critical illness insurance is concerned with the risk of you getting cancer, heart attack, stroke, bypass surgery, and a whole host of other serious illnesses and injuries.

A very strong relationship between cardio vascular diseases (heart attack, stroke, bypass surgery, etc.) and stress exists. Stress in a person’s life can become unmanageable, leading to physical symptoms. While you are still unstable and dealing with a mental health condition, you would be declined for critical illness insurance. The risks are too great that you could begin to suffer from physical symptoms related to an uncontrolled mental illness. Also, as stated before, a mental illness could lead to addictive or destructive behaviour, also worsening the health of a previously fit individual.

If you are controlling your mental illness and living a normal life, then you should qualify for critical illness insurance. There might be a small rating of 25 – 50% more premium than the average person since the risks of stress related chronic illnesses would still exists for you. This would still be a good offer considering what you have been through and what you will be dealing with for possibly the rest of your life.

Mental Health and Buying Insurance in Canada

In summary, mental illness and mental health issues are very common. Insurance companies see these cases all the time and have a great deal of experience underwriting insurance for people who are suffering from and managing a mental illness. Just like any other illness, you can’t get the insurance while you are in the middle of a crisis. You can’t get the insurance when you have recently been in hospital or had a major event related to your mental illness. You need to be at a healthy and stable place in your life when you apply. You need to be in control of your life and your illness with a secure, if not bright, future ahead. We all know anything can happen to us at any time, and that is why we buy insurance. Your mental illness should not increase your risks when you apply, but should in effect be neutralized through treatment and control.

If you thought you were uninsurable because of a mental illness, it never hurts to get some professional advice. You can speak with us at Life Guard Insurance in the strictest confidence to see whether or not you could qualify for insurance and risk protection.

The article was written by Mitch Reynolds+. If you found this article interesting or it made you think, please feel free to share your comments below. Liking us on Facebook, giving us a +1 on Google or Tweeting this article about mental health and buying insurance would also be very much appreciated.