Insurances

The primary objective of this type of coverage is to safeguard the policyholder’s beneficiaries by providing a tax-free benefit that can assist with short-term needs such as mortgage payments, children’s education, and other debts. Additionally, term life insurance can provide long-term financial support for beneficiaries, cover financial obligations, and pay other expenses, including capital gains taxes on assets.

Term life insurance policies are renewable for another term period without requiring proof of health, making them ideal for meeting immediate needs. However, the price increases with age at renewal, and the premium increase can become substantial in later years. Coverage typically ceases for most term contracts once the policyholder reaches the age of 75 or 80.

Term life insurance also provides the option to convert to a permanent life insurance policy without requiring proof of health. However, this conversion option often expires around age 65 or 70. It is essential to understand the conversion options when purchasing term life insurance. Note that term life insurance does not accumulate cash value, unlike permanent life insurance, and policyholders are not entitled to any of the premiums paid.

At MNA Financials & Business Consultants Services, we create customized plans that suit your budget, lifestyle, and evolving needs. Our range of insurance options provides the security and freedom you need to live the life you want.

Permanent Life Insurance:

Permanent Life Insurance provides coverage for the entirety of one’s lifetime, ensuring peace of mind. This type of insurance guarantees that premiums will never increase and, in the unfortunate event of the policyholder’s passing, beneficiaries will receive a tax-free benefit.

Whole Life Insurance:

Whole life insurance, also known as participating life insurance, is a form of permanent life insurance that includes a tax-advantaged cash value component. These policies also have the potential to earn dividends for the policy owner. Unlike other types of insurance, participating life insurance does not require active management by the policy owner. Instead, the insurance provider handles the management of the assets supporting the cash values and death benefit. The cost of coverage for these policies can be spread out over the lifetime of the policy or over a specific time period, such as 10, 20 years, or until the policyholder reaches age 65. Key features of whole life insurance include:

• Guaranteed level premiums throughout the policy’s duration.
• Participating Whole Life Insurance policies earn dividends from the insurance company. However, this type of policy tends to be more expensive than Non-Participating Whole Life Insurance.
• Guaranteed cash value accumulation – unlike Term Life Insurance, a portion of the premiums paid accumulates as guaranteed cash value. If the policy is surrendered, this cash value becomes available to the policyholder. Additionally, some policies allow for borrowing against the cash value, but any outstanding amount at the time of the policyholder’s passing will reduce the death benefit

At MNA Financials & Business Consultants Services, we specialize in creating personalized plans that align with your budget, lifestyle, and evolving needs at every stage of life. Our range of insurance options provides the security and freedom necessary to live the life you desire.

Illness Insurances:

Critical Illness Insurance:

Recovering from a critical illness can prove to be one of the most arduous times for both you and your family. The financial obligations that arise, such as maintaining financial stability, supporting your family, and unexpected medical bills, can add to the stress when your focus should be on recovery.

Critical Illness insurance offers a means of financial support when it is most needed. This form of insurance provides a benefit in the event of a diagnosis of a covered critical illness or condition. The specific types of conditions and illnesses covered may vary among insurers, but typically include:

• Certain types of cancer
• Stroke of defined severity
• Heart attack of defined severity
• Paralysis
• Loss of vision
• Kidney failure
• Multiple sclerosis
• Alzheimer’s
• Organ transplants

The extent of coverage may depend on the degree of severity of the condition. For example, a diagnosis of cancer that can be treated and is expected to be recovered from quickly may render it ineligible for a claim. Additionally, a Critical Illness policy cannot be obtained for a pre-existing condition.

Disability Insurance:

Disability Insurance is a crucial form of coverage that safeguards individuals against the financial ramifications of accidents and illnesses. It is a well-established fact that, on average, one in three individuals will experience a disability lasting 90 days or longer before reaching the age of 65. Furthermore, disabilities that persist for more than 90 days can last for a period of 2.9 years, according to statistical data. Protecting one’s earning potential is as vital as insuring one’s car or home. Disability insurance is specifically designed to provide a reliable source of income in the event of a disability that renders an individual unable to work. This form of insurance offers guaranteed coverage and premiums.

The necessity of Disability Insurance is underscored by several factors. Firstly, Worker Compensation only covers accidents that occur in the workplace. Secondly, Unemployment insurance only provides coverage for a maximum of 15 weeks. Thirdly, medical and prescription costs can accumulate significantly, exacerbating the financial burden of a disability. Fourthly, government benefits are limited in scope. Finally, group coverage only matches a percentage of an individual’s income, which can be insufficient in the event of a disability.

Dear Visitor to Canada, Visitor to CANADA Insurance:

We extend a warm welcome to you, whether you are here for a visit or intend to make Canada your permanent residence. Our primary objective is to assist you in meeting your emergency medical requirements while in the country. It is important to note that non-Canadian residents are not eligible for coverage under provincial health insurance plans. Consequently, visitors may be subjected to substantial out-of-pocket expenses in the event of an illness or accident during their stay. We strongly advise all visitors and new immigrants to obtain Travel Medical Insurance to mitigate the financial burden associated with unforeseen medical emergencies while in Canada.

Thank you for considering our services.

Sincerely,

The CANADA Insurance Team