Insurance advisor Elena Dronova

Life insurance can help your loved ones deal with the financial impact of your death.
The death benefit paid from a life insurance policy is a tax-free, lump-sum amount that can be used to:

• replace your income so your family can maintain their standard of living
• provide for your children or dependents
• pay for funeral expenses
• pay off your debts
• make a gift to charity

You may also choose to leave the money to your estate or to a trust.

If you plan to travel outside Canada ‒ even for a day in the United States – you should buy travel health insurance before you leave.
If you are flying, make sure you get insurance for trip interruption, lost luggage and document replacement. If you are driving, make sure you have driver and vehicle coverage in case you have an accident.

Why you should buy travel health insurance

• Your Canadian health insurance may not pay your medical fees while you are outside Canada
• Your provincial or territorial health plan may cover none, or only a small part, of the costs of your medical care abroad. It will never pay your bills up front
• Foreign hospitals can be very expensive and may require immediate cash payment
• In some countries hospitals and clinics will not treat you if you do not have enough insurance or money to pay your bills
• The Government of Canada will not pay your medical bills

The Visitors insurance is suitable for international tourists or family and friends who are visiting Canada for a short period or longer stay, including those on a super visa. It’s also ideal for temporary foreign workers or others with a Canadian work permit. Choose from up to $25,000, $50,000 or $100,000 in affordable emergency medical coverage for your stay.

Disability insurance can help protect you and your family from an unexpected illness or accident that leaves you unable to work and earn an income.
Generally, disability insurance replaces between 60% and 85% of your regular income, up to a maximum amount, for a specified time if you:

• temporarily can't work
• are permanently disabled due to an injury or illness

Permanent refers to the nature of the disability. It does not mean that you'll get benefits for the rest of your life.
Many employers offer disability insurance. However, you can get your own disability insurance plan through a life and health insurance agent.
If you're self-employed, you can also get disability insurance that will cover many of your business expenses if you're unable to work.

Critical illness insurance usually pays a one-time lump-sum payment if you're diagnosed with a life-threatening illness. The lump-sum payment may cover expenses such as daycare or renovations to make your home more accessible.
Critical illnesses may include:

• cancer
• Alzheimer’s disease
• a heart attack
• a stroke

The amount you receive as a benefit will depend on the amount of coverage that you choose. The insurance company usually pays you the benefit after the diagnosis of a condition covered by your policy.
Insurance companies can differ in:

• how they define critical illness

what conditions they cover

Retiring allowance – also called severance pay, this is an amount you receive on or after retirement from an office or employment in recognition of long service. It can include payment for unused sick leave and amounts you receive for loss of office or employment, whether as a payment of damages or a payment under an order or judgment of a tribunal.

Registered retirement income fund – RRIF
Registered retirement savings plan – RRSP
etc


Think about old age now.

Why invest?
Investing can provide you with another source of income, fund your retirement or even get you out of a financial jam. Above all, investing grows your wealth — helping you meet your financial goals and increasing your purchasing power over time. Or maybe you’ve recently sold your home or come into some money. It’s a wise decision to let that money work for you.
While investing can build wealth, you’ll also want to balance potential gains with the risk involved. And you’ll want to be in a financial position to do so, meaning you’ll need manageable debt levels, have an adequate emergency fund and be able to ride out the ups and downs of the market without needing to access your money.


I can help you not only save your money but also increase.

Decide if you need additional health insurance
Provincial and territorial health plans cover most of your basic health care needs. Additional health insurance products, such as private or supplementary health insurance, may help you:

• pay for services that aren't covered by your regular health care plan such as special nursing services, ambulance services, wheelchairs and other durable equipment
• supplement your income if you suffer a major illness or severe injury
• pay for your medical expenses if you become ill while travelling

Before buying additional health insurance, check your employer’s benefits plan to make sure that you don't buy coverage you already have. For example, you may already have coverage for glasses or dental work through your employer’s plan.
Check your policy to find out if:

• there is a deductible, which is the amount of your claim that you agree to pay before the insurer pays the rest
• the amount your insurer will pay is limited to a percentage of the claim
• the amount your insurer will pay is limited to a maximum annual amount

Who your health insurance policy covers
Your health insurance policy covers you if the policy is in your name.
Your spouse or partner and children under 19 years old may also be eligible for coverage under your insurance policy. Children over 19 may be eligible for coverage under your policy if they are still in school or if they are disabled.