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Insurance Services in Canada

When creating a comprehensive wealth plan, it’s essential to include insurance services in Canada as a means of protecting against unforeseen circumstances. Wealth Insurance is a key component of such a plan, as it can provide a cash benefit to you or your beneficiaries in the event of disability, illness, or death, depending on the type of insurance services you choose.

Looking for the right insurance product and determining the right amount of coverage can sometimes become overwhelming. That is where our team of insurance experts at Nour Insurance Services Inc. (NIS) comes in, providing you with the guidance you need to decide what product suits your needs best. Whether it’s family protection, income protection, business continuity, wealth accumulation, or estate preservation, we can help you develop a strategy ideal for you and your family.

Life Insurance

  • Term Life Insurance – Through NIS, Term Life *Insurance options offer you a flexible and affordable coverage option for a specified period of time. It is a good option for those looking for an affordable *insurance plan to cover a financial problem that has an endpoint, like your children’s college tuition or years of a mortgage payment. With this *insurance option, you are still guaranteed that your premiums won’t change, nor will the planned death benefit amount.
  • Whole Life Insurance – This policy option is a guaranteed, reliable, permanent protection plan that builds cash value over time. With whole life insurance, you a have a life-long coverage plan and a variety of guarantees that eliminate any guesswork. This option combines investments and *insurance for your convenience. As an added flexibility benefit, a portion of your premium payment accumulates in a cash-value account that grows over time, which you can access if you need it. Get a guaranteed minimum rate of return on your cash value, a promise that your premium payments won’t increase, and a guaranteed death benefit that won’t decrease with this permanent life *insurance solution.
  • Universal Life Insurance – Our Universal Life Insurance options provide you with flexible, life-long coverage and several added tax benefits. With Universal Life Insurance, you have flexible payment options, and your life insurance payout (death benefit) is tax-free to your beneficiaries. You also have the opportunity to add a variety of riders to your policy for extra coverage. At NIS, our plans also include tax-advantaged investment growth opportunities, so your life policy can also build cash value tax-free. Withdrawals and loans from your cash value life insurance are also possible, and the amount will be deducted from the total that would be paid to your beneficiaries in the event of your death.
  • Synergy Life Insurance – This policy is a unique solution that combines life, critical illness and disability *insurance policies into one affordable package. Protect yourself and your family from three separate risks with one convenient plan.

Health Insurance Services in Canada

  • Disability Insurance – Don’t let injuries or illness become more of a burden than they already are; make sure that you can provide for yourself and your family no matter what. Our disability insurance policies offer financial security to our clients even if they are unable to work. If injury or illness prevents you from earning an income. In that case, this coverage will provide your family with monthly benefits, supplementing your income.
  • Critical Illness Insurance – Should you become seriously ill, you may find yourself in need of some financial assistance. Through NIS, Critical Illness Insurance policies offer you a lump-sum payout (after a standard waiting period) if you are diagnosed with a critical illness, allowing you the time you need to recover without worrying about how you will pay your expenses.
  • Long-term Care Insurance – While you may not want to think about it, we all get old and may find that we will need help taking care of ourselves, but that costs money. Through NIS, Long-Term Care Insurance Policies are designed to cover a hoard of services that your regular health insurance may not, giving you the care you deserve without the need to dip into your retirement savings or investments.
  • Synergy Health Insurance – A unique solution that combines life, critical illness, and disability insurance policies into one affordable package. You and your family can be protected from three distinct risks with one convenient plan.
  • Health and Dental Insurance – The cost of medical and dental treatments can often be too high to fathom, and while the Government Health Insurance Plan can help you cover some of the costs, they definitely don’t cover all of them. Protect yourself and your loved ones from unexpected healthcare expenses with our individual health and dental insurance plans.
  • Travel Insurance – There are certain things in life you can leave to chance, but your well-being is not one of them. Through NIS, we can offer you travel insurance policies coverage for emergency medical expenses while traveling abroad. Ensure that you have peace of mind and ample time for worry-free relaxation with some of Canada’s best Travel Insurance options

Life Insurance Services in Canada FAQs

We know that not everyone completely understands all the ins and outs of insurance. Here are answers to some of the most frequently asked questions about affordable life insurance in Canada.

Do I Need Life Insurance?

This is the first question most people ask, and it is a fair one. The answer is almost always “yes,” unless you already have sufficient assets in place to provide for your family if you pass away. This is the purpose of life insurance: to make sure that a family is provided for when the primary provider passes away. Depending on your financial situation at the time of death, your family and estate can find yourself facing a variety of financial needs after you die. These include funeral expenses, outstanding debts, lost income, emergency funds, money to cover your children’s education, and mortgage payments. A life insurance policy can cover some or all of these requirements.

How Much Life Insurance Do I Need in Canada?

You should start by calculating your insurance needs. Add up all the needs your family would face in the event of your death – such as those listed above – and then buy at least that much insurance. One of our wealth advisors will be able to help you determine the exact amount of insurance you need.

What Is The Difference Between Permanent Life *Insurance and Term Life *Insurance?

Permanent life insurance covers you throughout your life, while term life insurance will only cover you for a set, limited period. Permanent life insurance costs more but will always pay out a death benefit, no matter when you pass. It usually offers a partial refund of premiums if you decide to cancel your policy. It also usually offers several variable premium payment options. It may also include additional benefits such as Terminal Illness or Accidental Death.

Term life insurance is only valid for a set time – usually 10, 20 or 30 years. At the end of that period, the cover will end, or you can extend it for another term. This option costs less, and only pays a death benefit if you pass away during the set term. It does not include the option to cancel and take the policy’s cash value. Like permanent insurance, it comes with a variety of additional benefit options.

Health Insurance Services in Canada FAQs

Do you have some questions about health insurance? Here are answers to some of the most common questions about health insurance services in Canada.

Why Do I Need Health Insurance?

While it is true that provincial and territorial health plans cover many of the most common medical expenses, there are some things that are not covered, such as dental care and some prescription medications. Health insurance plans help to cover these shortfalls, which makes it a good idea to have one in place.

Is Travel Insurance Really Necessary?

Your health insurance plan may not cover your medical needs if you are traveling outside of Canada – or even outside of your province. Provincial and territorial health plans will only cover a small portion of these medical expenses – and they will never pay them upfront. You cannot rely on the government or your regular health plan to cover your medical expenses abroad, so it is very important to have travel insurance.

How Is My Health Insurance Affected If I Move To a New Province?

If you move to a new province in Canada, you may wonder how it will affect your existing health insurance. The answer depends on a few factors, including the type of insurance services you have, the province you’re moving to, and the length of your stay. Generally speaking, if you’re moving to a new province permanently, you’ll need to apply for new provincial health insurance coverage. However, if you’re moving temporarily, your existing coverage may still apply, but you may need to notify your insurance provider of your new address and the duration of your stay. It’s crucial to understand the rules around health insurance in your new province, so you don’t end up without coverage when you need it most.

If you do move across provincial lines, just let us know and we will make the necessary adjustments. Depending on your new location, you may pay a higher or lower premium.

What Do You Need To Qualify For Health Insurance in Canada?

You must meet the following requirements to purchase health insurance products:

  • Canadian residency
  • Coverage under your provincial or territorial health plan
  • Be 18 years of age or older (for a primary insured)
  • If you are a Quebec resident, you must also be registered under the RAMQ Prescription Drug Insurance Plan or have equivalent coverage under a group plan.

Do Health Insurance Plans Have Maximum Limits?

Yes, each plan has a maximum in terms of the amount you are able to claim over a given period (usually a year). These maximums vary depending on the plan and/or the services for which you are claiming. Once your health insurance plan is maxed out the insurer will not reimburse future claims.

Why Should I Make Health Insurance a Financial Priority?

Without sufficient cover, certain medical expenses can be very costly. Government health insurance plans offer limited cover, even for serious illnesses or injuries. Having a health plan in place will give you peace of mind, knowing that you are prepared for all medical emergencies and eventualities.

Insurance products and services are offered through Nour Insurance Services Inc., a related and separate company from Nour Private Wealth Inc. Only products and services offered through Nour Private Wealth Inc. are covered by the Canadian Investor Protection Fund.

Whatever your insurance needs, NPW can help you find plans and policies to keep you and your family covered. For more information about our insurance services in Canada, contact us today.

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