Get Coverage that Keeps Up
Be prepared for the unexpected by making sure you have the right coverage for life, health and dental insurance.
For over 20 years, CAA has been providing affordable life, health and dental plans in association with Manulife, a leading Canadian Financial Services Group. We know that any discussion about insurance usually leads to more questions. We’re here to take you through the answers to a few common ones, and promise to keep it simple. Once you’ve learned some of the lingo and basics of insurance, you’ll feel more confident about finding the right plan.
How do I decide what kind of coverage to get?
Choosing the right life insurance coverage has a lot to do with your stage of life. Are you single, married, married with children or heading for retirement? Life insurance is recommended if you own a home, are starting a family or have older children going on to post-secondary education. If retirement is around the corner, life insurance can protect your spouse’s security during the golden years, and it can provide for any other family members who depend on you financially.
What type of plans and benefits are available?
Term life insurance provides your loved ones with a tax-free cash benefit—also called a death benefit—to replace lost income, pay off the mortgage or cover final expenses should the unthinkable happen. Alternatively, a living benefit is paid to you, the policy holder, if you are diagnosed with a terminal illness and have 12 months or less to live. This is a one-time cash advance of up to 50 percent of the policy value, if the coverage has been in effect for at least two years.1
How will I know how much insurance to get?
You determine the amount of insurance you buy, although the general recommendation is to purchase seven times your salary. Policy amounts are often influenced by your assets, debts, goals and the needs of your family and stage of life. Since life is always changing, it’s important to review your insurance coverage regularly to ensure it fits your personal and financial situation. A qualified advisor can help you select coverage that meets your needs, with the protection you want. After all, life evolves—your coverage should keep pace.
Health and Dental Insurance
What is health and dental insurance?
It’s a contract between you and an insurance company. In exchange for paying a yearly or monthly fee (called a premium), the insurer agrees to pay certain benefits covered under your policy or plan.
Why do I need it?
Family life can be expensive, from orthodontic treatment to emergency care to medications. Government health insurance plans may not cover all of your routine medical expenses, such as prescription drugs, dental care and vision care. Those out-of-pocket costs can add up, particularly if you have a family, are self-employed, retired, between jobs or not covered by a company plan.
I have group coverage through work. Is that enough?
Some people have what’s known as group health and dental coverage through work. There are two key differences between employer group plans and individual plans. The first difference is that your coverage will end if you change jobs or retire with a group plan, but with an individual plan, you own your coverage. The second difference is that group plans are designed for a group of people, and are not specifically tailored to your family. This means you may end up with some benefits you don’t want or need, and may not receive other benefits you do want. In some cases, group plans alone may not cover enough of a specific benefit that your family needs.
When you’re buying health and dental insurance, ask yourself the following:
- What are my costs of coverage through my employer?
- What are my annual limits or maximums?
- If my partner also has a plan, how does the coordination of benefits work with my coverage?
- Will I get reimbursed at the time of purchase or will I need to submit an expense claim?
1 Cash advance limit is to a maximum of $100,000. Conditions and limitations apply, see full policy for details.
2 Policy must be effective on or before October 1, 2021.
Underwritten by The Manufacturers Life Insurance Company (Manulife).
Conditions, limitations and exclusions apply. Available to Canadian residents only. Please see policy for details.
Manulife, Stylized M Design, and Manulife & Stylized M Design are trademarks of The Manufacturers Life Insurance
Company and are used by it, and by its affiliates under license. © 2021 The Manufacturers Life Insurance Company.
All rights reserved. Manulife, P.O. Box 670, Stn Waterloo, Waterloo, ON N2J 4B8. Accessible formats and communication supports are available upon request. Visit Manulife.ca/accessibility for more information.