Life insurance is a contract by which an insurance company undertakes to pay, at the time of the death of the insured, a lump sum of money to a beneficiary chosen by the subscriber in return for the premiums paid. This amount will be paid in full to the beneficiary, tax-free.
THE IMPORTANCE OF LIFE INSURANCE
Life insurance is a great way to maintain the standard of living of our loved ones following the death of the insured. It allows, among other things, to :
This insurance provides protection for a limited period of time to release you from certain temporary financial obligations over 5, 10 or 20 years.
These policies are called T5, T10 and T20 respectively, with the "T" standing for "term". Term life insurance is usually renewable at prices that increase from period to period.
It protects your family and your estate permanently, regardless of whether your health condition deteriorates. This insurance applies until death and is ideal for people who want to leave a legacy. Premiums are usually fixed, and some policies have premiums that are only payable for a certain number of years, such as 10 or 15 years.
Insurance for permanent needs usually has commuted values. A commuted value (or cash surrender value) is the amount of money you receive when you terminate your insurance, usually with tax consequences. It is occasionally possible to borrow against this commuted value. But be careful! This is a loan that you will have to pay back with interest, otherwise your insurance will eventually end.
Today, one in three Canadians will be diagnosed with a critical illness in their lifetime. Critical illness insurance allows the insured to receive a tax-free lump sum payment if they are diagnosed with a critical illness covered by the insurance policy they have purchased. Cancer and cardiovascular disease are generally covered by this type of insurance. Be aware that you do not have to die of the disease to receive the benefit: this insurance is not life insurance and does not replace it.
The importance of critical illness insurance
This type of insurance allows you to have time to rest, while keeping your mind off financial concerns and focusing 100% on your recovery.
What critical illness insurance allows
This insurance allows the insured to receive monthly benefits based on his or her income to compensate for the loss of salary following an accident or illness that renders the insured disabled.
The importance of disability insurance
Disability insurance allows the insured to focus full-time on recovery, without financial worries.
What disability insurance allows
Long-term care insurance provides monthly benefits to cover the costs of loss of independence resulting in the inability to perform certain tasks of daily living on one's own.
There are many possible causes: chronic illness, cognitive impairment, such as dementia or other age-related conditions, that would prevent you from performing certain everyday activities without assistance. This insurance can be used, for example, to cover the cost of a stay in a specialized facility or to cover certain home care costs.
The importance of long-term care insurance
You can't predict the future. However, this insurance can offer you a better quality of life and peace of mind if you require long-term care.
What long-term care insurance allows
This insurance provides for the unexpected in the event of illness or accidental injury by covering medical and other related costs.
This insurance covers your mortgage payments in the event of disability or death. Whether you are single or married, with or without children, it is important to protect yourself and your loved ones.
The importance of mortgage loan insurance
Taking out mortgage loan insurance that meets your needs is certainly the best way to avoid many surprises and to avoid increasing the financial burden on your loved ones in the event of death or disability. There's no need to wait for your mortgage renewal!
What mortgage default insurance allows
Loan balance or credit insurance is a contract whereby a benefit is paid to the insured in order to repay the balance of his loans in the event of his death or to see, within certain limits, to the periodic payments of his debts in the event of disability.
The share redemption insurance allows the beneficiary(ies) to obtain liquidity in order to redeem the shares of a co-shareholder in a corporation, in the event of the latter's disability or death.
A pre-arranged funeral* is a contract established during a person's lifetime to determine in advance the funeral and burial services to be provided at the time of death.
The importance of pre-arranged funerals
A death necessarily generates several decisions for those who must organize the funeral of a loved one. Establishing a pre-arrangement contract will certainly alleviate the responsibility of our loved ones in the event of death.
What the funeral pre-arrangement allows
* MICA does not distribute funeral pre-arrangements. Through our partner, MICA advisors are able to refer their clients to this partner, who will handle this aspect.
Life insurance is a contract by which an insurance company undertakes to pay, at the time of the death of the insured, a lump sum of money to a beneficiary chosen by the subscriber in return for the premiums paid. This amount will be paid in full to the beneficiary, tax-free.
Life insurance is a great way to ensure that our loved ones' standard of living is maintained following the death of the insured.
This insurance provides protection for a limited period of time to release you from certain temporary financial obligations over 5, 10 or 20 years.
These policies are called T5, T10 and T20 respectively, with the "T" standing for "term". Term life insurance is usually renewable at prices that increase from period to period.
It protects your family and your estate permanently, regardless of whether your health condition deteriorates. This insurance applies until death and is ideal for people who want to leave a legacy. Premiums are usually fixed, and some policies have premiums that are only payable for a certain number of years, such as 10 or 15 years.
Insurance for permanent needs usually has cash values. A cash surrender value is the amount of money you get when you terminate your insurance, usually with tax consequences. It is sometimes possible to borrow against this cash value. But be careful! This is a loan that you will have to pay back with interest, otherwise your insurance will eventually end.
This insurance combines both an insurance and an investment portion. This means you can pay premiums that are higher than the cost of insurance and accumulate the surplus in your tax-sheltered accumulation fund, as long as you do not withdraw the amounts. You can then choose to invest the money in several different types of investments, such as segregated funds, or pay the cost of insurance. With this type of life insurance, you are not required to pay a premium each year, but you must ensure that there is enough money in the fund to cover your premiums.
This insurance covers your mortgage payments in the event of disability or death. Whether you are single or married, with or without children, it is important to protect yourself and your loved ones.
Taking out mortgage loan insurance that meets your needs is certainly the best way to avoid many surprises and to avoid increasing the financial burden on your loved ones in the event of death or disability. There's no need to wait for your mortgage renewal!
Today, one in three Canadians will be diagnosed with a critical illness in their lifetime.Critical illness insurance allows the insured to receive a tax-free lump sum payment if they are diagnosed with a critical illness covered by the insurance policy they have purchased. Cancer and cardiovascular disease are generally covered by this type of insurance. Please note that you do not have to die of the illness to receive the benefit: this insurance is not life insurance and does not replace it.
This type of insurance allows you to have time to rest, while keeping your mind off financial concerns and focusing 100% on your recovery.
This insurance allows the insured to receive monthly benefits based on his or her income to compensate for the loss of salary following an accident or illness that renders the insured disabled.
Disability insurance allows the insured to focus full-time on recovery without financial worries.
This insurance provides for the unexpected in the event of illness or accidental injury by covering medical and other related costs.
This insurance provides for the unexpected in the event of illness or accidental injury by covering medical and other related costs.
Loan balance or credit insurance is a contract whereby a benefit is paid to the insured in order to repay the balance of his loans in the event of his death or to see, within certain limits, to the periodic payments of his debts in the event of disability.
Travel insurance* provides coverage in case of medical emergency, hospitalization abroad or repatriation. It is also available as a multi-risk package - including cancellation insurance and baggage insurance - to cover all unexpected events before and during a stay abroad.
Hospitalization costs abroad are often expensive and are not always covered by the Quebec health insurance plan (RAMQ). It is therefore essential that you be well protected during short stays outside the country.
It is also called "Snowbird". This travel insurance offers special protection for long-term stays. It takes into account the medical history of each insured, covers emergency hospital expenses and repatriation to Quebec, if necessary.
* MICA does not distribute travel insurance. MICA consultants are able to refer their clients to our partner, who will take care of this aspect.
* This coverage must be purchased with the help of a advisor specialized in medical underwriting at Escapade Travel Insurance by calling 1-855-434-6422.
The share redemption insurance allows the beneficiary(ies) to obtain liquidity in order to redeem the shares of a co-shareholder in a corporation, in the event of the latter's disability or death.
Group insurance* is usually part of the benefits package offered to employees through the employer, a union or a professional association.
No medical examination is generally required for employees to enroll in a group insurance plan. However, each person who is eligible for a group insurance plan is required to enroll in the plan and to cover his or her spouse, minor children or students up to the age of 25.
There are insurance products sold on an individual basis, designed, for example, forself-employed workers. Contact your advisor to find out more.
A pension plan is a tax shelter that allows an individual to defer paying taxes on money invested for retirement. The tax liability on contributions made and the appreciation in value of investments made is deferred until they are withdrawn.
The amount of contributions made to this type of plan can be deducted from earned income when preparing the current year's income tax returns and thus reduce the contributor's taxable income. Principal and income will also be taxable when withdrawn from the plan.
* MICA does not distribute group insurance products. Through our partner, MICA advisors are able to refer their clients to this provider, who will handle this aspect.
A pre-arranged funeral* is a contract established during a person's lifetime to determine in advance the funeral and burial services to be provided at the time of death.
A death necessarily generates several decisions for those who must organize the funeral of a loved one. Establishing a pre-arrangement contract will certainly alleviate the responsibility of our loved ones in the event of death.
* MICA does not distribute funeral pre-arrangements. Through our partner, MICA advisors are able to refer their clients to this partner, who will handle this aspect.
