Other Coverage

Group Insurance and Work Benefits

Many employers and associations offer group insurance or benefits that may include some form of critical illness, disability or life insurance. While each plan is different, there is often a base amount of coverage with additional insurance available as an option.

The biggest difference between group coverage and having an independent contract is that you have no control over group coverage. If the group changes providers, decides to end the benefit or you change jobs, the coverage and its protection will end.

Understanding your group coverage is important when determining what forms of insurance may be applicable and how much is needed. If you can provide your advisor with your benefit plan, they should be able to give you an overview of your coverage.

Mortgage Insurance

Purchasing a home is a milestone that is as exciting as it is intimidating. It often includes taking on debt which should be properly protected against in case something unforeseen should happens. Banks offer their own mortgage protection insurance but the purpose of these products is to protect the bank's risk rather than protecting you and your loved one.

While these products will pay off the balance of your mortgage if something happens, there is little flexibility in how the funds can be used. Often, the premiums you pay will remain the same even though the covered amount decreases as you pay off the mortgage.

Most importantly, underwriting is done at time of claim rather than before you apply. This means that conditions may be found that invalidate the contract and stop the benefit from being paid.