Ontario life and health insurance

Life insurance premiums depend on a bunch of things including your age and gender, personal and family health history, whether you smoke or drink, what kind of policy you get and what benefit level you choose. Premiums start as low as $10 a month and can go up to $500 a month.

It depends on what you can afford and what your family needs. For example, if you earn $50,000 a year and get $500,000 in coverage, your family will be able to maintain the same standard of living for 10 to 15 years if you pass away. If you have older children that could be plenty coverage. If you have younger kids, you may want to consider more. If you’re a 30-year-old healthy female who doesn’t smoke, $500,000 worth of coverage on a 20-year term will cost less than $25 a month.

In terms of cost, term life premiums can be super affordable if you start when you’re young and healthy – but will increase over time on renewal. Permanent life is more expensive to start at any age, but the premiums never go up. Good to know: a term life policy can be converted into a permanent one if you change your mind.

Most causes of death are covered. Suicide (especially in the first two years of the policy) or death while committing a crime are usually excluded. If you’re seriously ill when you buy a policy, it may affect your premiums or your illness may not be covered as a cause of death. We’ll go over all the details with you and make sure you understand your coverage.

Yes, most life insurance policies cover cancer, unless you already have cancer when you buy the policy. Pre-existing conditions may be excluded.

Health insurance can be a good way to manage your family’s healthcare expenses and protect yourself in the event that you are faced with more substantial health costs due to an illness or injury. Root canals, for example, can cost thousands of dollars. Prescription drugs for some conditions can cost several hundred dollars a month.

Health insurance plans start as low as $80 a month for individuals and $200 for families. The exact premiums you pay depend on the level of coverage you choose.

Health insurance policies can be tailored to your needs and budget. Most policies would provide coverage for:

• Prescription drugs up to an annual limit, and you would have a co-pay, meaning that you pay 10 or 20% of the cost of the prescription.
• Dental care – a certain amount for checkups and coverage for more complex procedures like extractions and root canal. Co-pay applies.
• Vision coverage – Typically covers an eye exam and new glasses every two years.
• Coverage for 3-10 annual visits to specialists like massage therapists, psychologists, chiropractors and social workers.
• Many plans offer some coverage for home nursing, hearing aids, ambulance and hospital costs.