Life Insurance – What You Need To Know

Life insurance protects your family from the financial hardships that many people face in the event of a premature death. If you have other people in your life who depend on you, then coverage is an important foundation for every financial plan.

What You Leave Behind

While no one expects the worst to happen, it can and does. It’s the inevitable aspect of life. The question that you need to ask yourself is how your family or other dependents would get by if something were to happen to you.

Funeral expenses today can cripple families financially. Most average funerals today can cost between $10,000 and $15,000. Can your family and loved ones afford that level of financial pressure?

Who Depends on You?

It’s true that most people tend to plan for the future without giving much thought to what could happen, especially when those thoughts are about accidents or premature death.

  • Do you have a spouse?
  • Do your parents or grandparents depend on you?
  • Is there anyone to whom you would like to leave money?
  • What about capital gains? Would taxes after your death impair your family’s well-being?

Life insurance is protection against the events that you would have no control over should something happen to you. There are many different levels of coverage that you can choose from, depending on your needs, budget, and family obligations.

You could apply for life insurance that would cover basic funeral expenses so that your family wouldn’t be burdened with those financial hardships on top of everything else.

You could also choose a policy that would provide a fixed amount of money in the event of your death.

Figuring out what level of life insurance you require and what type of life insurance is ideal for you and your family is one of the most challenging aspects. You can choose from term life insurance, permanent coverage, and more.

For most individuals, the determining factors are: how much the policy will cost, how much money the policy would pay out in the event of your death, maturity rate, and more.

Don’t Wait

No one truly wants to consider something terrible happening to him or her, but when others depend on you, it’s an obligation you shouldn’t delay.

Contact us at James Campbell Insurance Brokers to learn about the various life insurance policies that are available, how affordable they are, and rest assured knowing that your family, your loved ones will be taken care of into the future.

Health Insurance – What You Need To Know

No matter where you live in Canada, health insurance can be an important coverage to help insure against medical conditions that are beyond the scope of your existing coverage through the Ontario provincial government.

Varying Degrees of Health Insurance Coverage

While here in Canada we enjoy free basic health care, there are many conditions that are not covered by basic medical care such as eye care or dental care. In some cases. elective surgeries aren’t covered either or would require a long wait.

When you carry extra health insurance, you protect yourself and your family against anything that might not be covered under your regular health plan. What’s more, when you have more health insurance, you can choose from a wider range of qualified doctors and potentially doctors from other provinces or even countries, depending on the insurance provider’s network.

Dental Coverage

Taking care of one’s oral health is important at any age, but as you get older, it becomes even more important. By having extra health insurance coverage, you could choose a plan that provides for basic dental care and emergency procedures such as root canals and repair work.

While basic dental appointments and cleanings do not cost a great deal of money, more advanced work, including having braces or orthodontic work done can run well into the thousands of dollars. This is one of the reasons why people tend to avoid taking care of their teeth the way that they should.

Eye Care and Other Coverage

Eye care becomes more essential as we age. Our eyes tend to grow weaker, and the risk of developing cataracts and astigmatisms increases as well.

When you have a solid health insurance plan, you will be able to take care of your health in the best manner possible, ensuring that you enjoy all of the years of your life.

You’ll also ensure that your family is protected against potentially crippling medical care costs.

Dental Insurance

Taking care of one’s oral health is important at any age, but as you get older, it becomes even more important. By having extra health insurance coverage, you could choose a plan that provides for basic dental care and emergency procedures such as root canals and repair work.

While basic dental appointments and cleanings do not cost a great deal of money, more advanced work, including having braces or orthodontic work done can run well into the thousands of dollars. This is one of the reasons why people tend to avoid taking care of their teeth the way that they should.

Dental insurance through James Campbell Insurance will provide the right level of coverage for you and your entire family.

Critical Illness Insurance

Another form of insurance that is often overlooked but is very important to carry is known as critical illness insurance. This is a policy in which the insurance provider will pay an agreed upon lump sum cash payment to the policyholder if that policyholder is diagnosed with a critical illness that is listed within the insurance policy.

Some of the most common critical illnesses that are covered under the insurance policy include Alzheimer’s disease, blindness, deafness, multiple sclerosis, Parkinson’s disease, HIV/AIDS, a major organ transplant, kidney failure, and any terminal illness.

Conditions May Apply

There are certain conditions that may apply when it comes to this insurance. For example, a policy may require that the policyholder survive for at least 14 days after the diagnosis of the illness. The reason for this is that often a regular life insurance policy would pay out in the event of death, whereas critical illness insurance is designed for different purpose.

There will also be certain specific contract terms must be met with regard to this insurance. Many insurance providers will offer the same standard policy when it comes to critical illnesses.

Why You May Need Critical Illness Coverage

The original reason critical illness insurance was designed, which still holds true today, was to assist individuals who have been recently diagnosed with a critical illness. The financial burden that is often associated with critical illness diagnosis can include medical care as well as lost wages if the individual can no longer work.

It may also be required that the policyholder change his or her lifestyle which can be costly.

While you may not believe that critical insurance is important for you or your family, if you have a history of critical illnesses in your family, or live a specific lifestyle that may lead to any of the aforementioned critical illnesses, and you have assets to protect and a family to provide for, critical illness insurance would be a viable and reasonable policy to consider.

Contact an insurance professional at James~Campbell Insurance Brokers to learn more about critical illness insurance. It’s never too early to begin planning for the future and protecting your financial assets as well as your family and your health.

Liability Insurance

Whether you own a home, business, car, boat, recreational vehicle, or simply work with people, there is a constant risk of being held liable for damages. Should your actions, or inaction with regard to property, possessions, or things you do or say cause damage or harm to another individual’s person or personal items or property, you could be held liable by them.

Liability insurance is a form of general insurance that protects the policyholder against financial claims against him or her in the event that another individual sues them.

This insurance is designed to protect an individual or entity from third party claims or lawsuits. This includes a person who sues you for damages, or sues your insurance provider for damages.

What Liability Insurance Provides

Three basic functions:

First, it provides a ‘duty to defend’ the policyholder. That means that if you are sued, the insurance provider will help defend the case against the claim. When you have a liability insurance policy, you personally will not be sued unless the claim is higher than the policy payout.

Second, liability insurance provides the ‘duty to indemnify’ the claim.

Third, they provide the ‘duty to settle’ the claim in a reasonable and clear manner if deemed necessary or possible.

Tendering the Defense

When you have a liability claim filed against you, your insurance provider will take over the defense of the claim, provided the action falls within the scope of the insurance policy. In other words, the insurance company will meet all defense expenses and will also make the final decisions about whether to settle the claim or pursue a court ruling.

When an insurance provider ‘indemnifies’ the claim, it means that they will pay all settlements or court decisions for which the insured is being held liable, up to the limits of the policy itself.

Why is Liability Insurance Important?

Unfortunately, we live in a litigious society. Accidents, mistakes, slander, sleight, and many other factors leave us open to the possibility of being sued. If you are not protected, all of your personal assets and withholdings can be subject to loss during a lawsuit.

Protect yourself, your family, and your future assets by choosing the right level of liability insurance for your needs. Contact a professional at James Campbell Insurance Brokers to learn more about liability insurance.

Employee Benefits

When you own and operate a business that employs other individuals, you may or may not be required by law to provide specific employee benefits. Employee benefits are basically compensation that is not considered wages and are offered to employees in addition to their normal wages or salaries. By providing these benefits, a business owner can attract more quality employees while also protecting against future loss of work and productivity due to health, daycare, and other challenges that arise.

There are number of different types of benefits to consider. Many have nothing to do with insurance and could include housing, a company vehicle to drive, vacation and sick time, tuition reimbursement, daycare, profit sharing, and other specialized benefits.

There are also a number of employee benefits that are insurance related including group insurance which could include a combination of health, dental, eye care, life insurance, and more. Disability insurance can protect a business against injuries to employees because of permanent or even temporary disability.

The main driving purpose of these benefits is to help ensure the economic security of staff members. This, in turn, helps to increase retention of quality employees.

Not to be Confused with Perks

Employee benefits are not be misconstrued or confused with perks. Employee perks are a different kind of benefit that are usually granted in a discretionary nature. A number of common perks that are found within businesses can include bonuses, leisure activities on work time such as corporate outings, and allowances for lunch.

In Canada, a common benefit could include additional health coverage that provides extra medical coverage including prescription, vision, and dental plans that go beyond what is included in the provincial plan. Group term life and accidental death and dismemberment, employee assistance plans, and group disability are common employee benefits for businesses in Canada.

When you want to learn more about employee benefits, contact a professional insurance representative at James Campbell Insurance Brokers. We have exceptional experience in assisting business owners determined the best employee benefits to offer based on their revenue, the number of employees they employ, and other factors.

Investments Insurance

Understanding Investment Insurance

The term investment insurance may sound like a wonderful option for any individual who is planning on making investments in stocks, bonds, or mutual funds, but this insurance isn’t about protecting against the depreciation in value of your investments.

Investment insurance is about protecting your personal investments against unexpected occurrences or events that can cause loss to your investments. These unexpected occurrences can include fire and theft. They do not protect against losses due to the depreciation in value of those investments.

Investment is about Risk

The essential cornerstone of investment is that there is risk involved. When you purchase a stock, bond, or mutual fund, you are taking a chance that the value will increase over time, earning you more dividends and returns on your investment during that period of time.

It has become far too common in recent years for individuals to expect that their investments will be guaranteed or at least insured against losses. Much of this misinformation comes from the United States and their government stepping in to ensure certain investments such as those made in the housing market and the stock market in the past few years.

So What Does Investment Insurance Mean?

Most banks operate with a general insurance covering deposits. In the US, this is known as FDIC. This insurance simply guarantees that an individual’s deposit within a bank or financial institution is protected in the event that a financial crisis occurs and most of the bank’s customers attempt to withdraw their money at the same time. Most banks do not have cash assets to cover all of the deposits that they hold.

When you make investments, there is always the risk to have those investments stolen. You may invest in precious metals and those metals would require insurance against theft or fire or damage.

If you want to learn more about investment insurance, contact a professional insurance agent at James Campbell Insurance Brokers today and we will be more than happy to discuss the various investments insurance options that are available for you.