Get a look inside the world of insurance and learn how insurance companies can provide protections against life uncertainties.
Manulife Insurance Explained –
Insurance 101 video
Transcript:
Manulife presents Insurance Explained
Welcome to Insurance explained.
Where you get to become an insurance genius starting in 3… 2… 1…
Now, the fact that you’re here tells me you want to learn a little more about insurance. Well the good news is that I’m gonna explain it!
So first things first…
What is insurance?
Well, insurance is here to help people when life doesn’t go as planned by ensuring they don’t get into a huge amount of debt or
financial stress if something happens.
Basically, insurance helps protect against the financial risks that are present at ALL stages of life.
It provides a compensation – the benefit
— for a specific loss, damage, illness, or death, in return for payment – called a premium.
So, instead of bearing the risk yourself, you’re asking a third-party – the insurance company – to bear it for you in exchange for money.
And if the risk that you were insured against does happen, then the insurance company gives you or your beneficiaries (like your
family for example) a financial compensation.
That’s why insurance is so important — so you and your family can be financially secure when life doesn’t go as planned.
And different types of insurance exist to help people face different risks.
Car and home insurance – for example – help protect against the costs of damages.
Life insurance protects your family against the financial impact of death.
Disability insurance helps protect your ability to earn an income.
And health insurance protects against health costs not covered by your government health plan.
And almost anything can be insured.
Did you know professions like pianists, surgeons and chefs can insure their hands?
It’s true.
That’s because it’s what their income and livelihood rely on.
And if they couldn’t use their hands anymore, they’d need protection to replace the lost income.
Make sense so far?
Awesome! Now that you know a little more about insurance, here’s how it works.
Let’s say you’ve been paying for home insurance for a few months and your house gets hit by a natural disaster.
The good news? Your insurance would pay to fix your house – likely thousands of dollars when you would only have paid a few
hundred dollars of premium.
But how can they afford that?
2 words: risk pooling.
So, risk pooling is the sharing of a common risk amongst a large number of people.
An insurance company offers protection for a risk that may or may not occur.
In exchange for that protection, you pay the insurance company a premium.
But you are not the only one, there are many other people like you seeking the same protection. And with the more people paying
money to cover the same risk, the more premium the insurance company gets.
Now, the possibility of all the clients needing the insurance is almost improbable.
So, when something happens to a few covered people, risk pooling allows the insurance company to take from the pool of premium
paid by all their clients and pay the few that experienced the risk they were covered for.
And these payouts are called claims.
But with all these payouts, how do they make money?
Simple, well, kind of…
Insurance companies make a profit by using complex models to understand how much money they need to charge for a specific
risk to stay profitable.
This influences how much people pay to be insured.
And this applies to any types of insurance. Like Car, Life, Travel and Health insurance — all working the same way.
But now you might be asking, why couldn’t I just save the money instead of paying an insurance company?
Well, back to the home insurance example.
If you didn’t have insurance and just saved, there’s a good chance you wouldn’t have saved enough money to get the same payout
that’s covered by insurance, and you’d likely need to borrow a lot to rebuild.
So yeah, insurance can be super helpful when you need it.
Now that you know how it works, when should you get it?
Well, there’s not just one perfect time. Some insurance is pretty straight-forward. Like home or car insurance. You get insurance
when you buy them.
But for some others like life insurance for example,
it really depends on the life event you’re going through.
Like buying a home, getting married and starting a family, for instance — these are big life milestones that’ll impact your financial
situation — and that’s really when you should look into insurance OR review the current coverage you may already have.
And I know what you’re thinking, “I already have insurance, why do I need to review it?”
Well, truth is, having insurance doesn’t mean you never have to look at it again.
Think of it as something that should change as your life changes.
So, if your current insurance was a good fit when you had your first-born, it may not provide enough coverage if your family
keeps growing.
That’s why it’s so important to always stay on top of it. So, down the road, you know that you, your family and loved ones have the
right protection.
Cool? Cool.
Okay. That was a lot.
But I’m so happy you stayed for the whole thing!
Seriously, I’m impressed.
And if you thought this was helpful, click around for our other helpful videos that’ll make you an insurance expert.
Okay, maybe not expert, but you get the idea.
You don’t have to figure it all out by yourself. Insurance advisors are here to help.
Insurance Explained –
Insurance advisors video
Transcript
Manulife presents Insurance Explained
Huh?
Don’t you wish insurance was an easy world to understand? With words and concepts that didn’t require a PhD to know what they mean?
Honestly, looking into insurance can be overwhelming.
And with online access to THOUSANDS of insurance companies, financial articles, opinion sites and other stuff like that, it’s easy
to be overwhelmed by information and choice.
An online search for “insurance” yields more than 1 BILLION results in less than a second. And all of that unfiltered information
can create confusion and hesitation.
Plus, the other complicating factor is that insurance isn’t a one-size-fits-all commodity.
The best product fit will depend on an individual’s unique situation, current and future needs AND financial circumstances.
The thing is, you don’t have to figure it out on your own.
What if I told you that you could get greater clarity and guidance on life’s complicated decisions by talking to a real human—an
insurance advisor!
Well, it’s true.
Insurance advisors – or insurance brokers – are licensed experts in the business of risk.
And their job is to provide their clients with personalized support, and advise them on the best insurance product based on their unique needs.
They take the guess work out from understanding the world of insurance, so you can be confident that the insurance you get provides the right protection for you and your family.
Working with an insurance advisor has lots of benefits.
Let’s go over them.
Buuuut there’s a lot, so if you need a water break, now’s the time to go grab some water.
Alright, onto the benefits!
First and foremost, insurance advisors represent their clients’ interests. Their personalized advice is based on getting to know you
and your unique needs, situation and financial circumstances.
And while some insurance advisors are employed by one insurance company and can only sell the products of that one insurance company, that’s not the case for all of them.
The ones who aren’t tied to one company would have access to a range of insurance providers and insurance products—that way they’re able to always offer the best plan tailored to fit their clients’ needs and budget.
Think of those advisors as the personal shoppers of the insurance world.
Another benefit is that insurance advisors can look at different insurance providers and make them compete for your business.
Insurance providers can offer different coverage options at different prices which your insurance advisor would share with you along with their recommendation. And keep in mind, a cheaper plan isn’t necessarily better. It could also mean not enough coverage.
But don’t worry, your advisor would walk you through the differences and pros and cons between each option, so you have all the
info necessary to make the right decision.
In today’s world, trust and credibility have never been more important. Luckily, insurance advisors are professionals licensed by
their provincial insurance brokers association and regularly take courses to keep up to date with industry trends.
Insurance advisors know their clients have a busy life and are happy to accommodate what works best for them.
Whether it’s in person, a call or virtual meetings, insurance advisors are flexible to adapt to their clients’ busy schedules and lives.
With every policy, your advisor walks you through the details of your coverage and helps you understand it. So, you can avoid any
unpleasant surprises in the future—if you ever have to make a claim—and also be confident that you and your family have the right protection.
Insurance advisors are the intermediary between you and the insurance company.
They’ll handle most of the application process, and all you’ll need to do is provide your signature or e-signature to get the coverage started.
The last thing you want to worry about when grieving a loss or going through an illness is the process involved with filling a claim.
If you or your family ever have to make a claim, insurance advisors can also help with that.
And the best part?
It won’t cost you anything to work with an insurance advisor to get the advice you need AND the right plan for you and your family.
That’s because insurance advisors make a living through the commissions paid by insurance companies when they sell an insurance policy.
Insurance can be a complex world.
And finding the right insurance plan can be even more difficult if it’s done on your own.
An insurance advisor can help you navigate this world and provide you with guidance and advice every step of the way, so you get
the best coverage at the best price AND feel confident about your decision.
And this feels like a good time for a mic drop. So…
Find out everything you need to know about insurance claims.
Insurance Explained –
Manulife Insurance claims video
Transcript
Manulife presents Insurance Explained
Today’s topic: Insurance claims
Each year, millions of dollars of claims are paid to Canadian families to help them deal with the financial impact of life’s unexpected events.
They help Canadians move forward with their lives, pay the mortgage, keep their home, focus on getting better or pay for their kid’s post-secondary education.
But how do claims work?
So, if a risk that you’re covered for does become a reality, what happens next is making the claim—also known as the formal
request to your insurance provider so you can be compensated.
And making the claim request is the responsibility of the beneficiary (so, you or your loved ones).
The process of making a claim can vary based on the type of insurance.
For a life insurance claim, the beneficiary will be asked by the insurance company to provide proof that the covered loss
happened, to be able to send the funds.
It’s usually done by filling out a statement on a form provided by the insurance company and by providing:
a proof of death, a doctor’s statement or a death certificate.
And it usually needs to be done within a specific timeframe specified in the insurance policy.
Speaking of insurance policies, it’s the contract between you and the insurance company. And it will be used at the time of the claim (by the insurance company) to assess the validity of the claim and the payment of the compensation for the risk you suffered.
Insurance companies are committed to expedite the payment of the funds – known as “death benefit” – which can happen within a
couple of weeks given that the appropriate documentation is provided.
But there ARE some instances that can slow down the process such as a cause of death that requires investigation (for example,
if it happens in a foreign country) OR if the death happens during the “contestable” period.
The “contestable” period is a clause in life insurance policies where the insurance company can question a claim if the death of the policy owner happens within a certain period after getting the policy – usually within 2 years, but it depends on the law.
If that happens, the insurance company would investigate to determine if information provided at the time of the application were
misrepresented or held back which would lead to a delay in payment of the claim or its denial.
After the contestable period is over, the insurance company wouldn’t be able to contest the payment of the claim, except in the
case of fraud — like if a smoker declares themself as a non-smoker at the time of application to get a lower premium.
Some other limitations could also apply which are meant to prevent people from buying insurance for the wrong reasons.
For example, life insurance policies don’t cover death resulting from suicide for at least the first 2 years.
And in terms of payment, once the claim gets approved, the funds are often paid through a lump-sum.
A similar process happens when filing a claim for disability or critical illness insurance.
If you’ve suffered one of the risks insured under your policy, you’d need to make a formal claim with your insurance provider.
Then they’ll review the claim and the supporting documents for validity and would go from there.
The health and dental claim process follows the same steps – with a submission, a review and then payment — BUT it can
sometimes be easier since that type of insurance can help cover ongoing health and wellness expenses that your service provider –
if set-up to accommodate – can directly bill to your insurance, so you don’t have to advance the funds yourself.
A good example is prescription drugs or massages.
But if your service provider doesn’t provide that option, there’s often the possibility to submit a claim online on your insurance
provider’s portal for easy processing and quick payment.
When it comes to travel insurance, your insurance policy would include the contact information of an emergency assistance center
to reach out to if you’re going through an emergency while travelling.
If so, it’s recommended that you contact it as soon as possible, especially when you’re going through a medical emergency.
The emergency assistance center is great because they won’t only support you during that stressful event – by providing a
translator for example, or help take care of your family if they’re with you — but they can also arrange payment directly with the
medical facility when possible, so you don’t have to worry about advancing the funds.
So, you know getting insurance is to cover a risk that may or may not happen.
And when considering insurance – whether life, disability, travel or any type of insurance, really – it’s important to make sure that you
have the right policy to cover your unique protection needs, but also have a clear understanding of what it covers and does NOT cover.
And because the policy is the contract between you and the insurance company, it will be used at the time of the claim to assess the validity of the claim and the payment of the compensation for the risk you suffered.
So, once you get your coverage, make sure to read your policy in details to understand your level of coverage and its different features.
That way, you’ll be confident you have the right plan and won’t have to worry if the time to make a claim comes.
All right. That’s it for today!
Feel free to stop by again if you need to!
Discover how life insurance works and how you can use it to help protect your loved ones.
Manulife Insurance Explained –
Insurance 101 video
Transcript:
Manulife presents Insurance Explained
Welcome to Insurance explained.
Where you get to become an insurance genius starting in 3… 2… 1…
Now, the fact that you’re here tells me you want to learn a little more about insurance. Well the good news is that I’m gonna explain it!
So first things first…
What is insurance?
Well, insurance is here to help people when life doesn’t go as planned by ensuring they don’t get into a huge amount of debt or
financial stress if something happens.
Basically, insurance helps protect against the financial risks that are present at ALL stages of life.
It provides a compensation – the benefit
— for a specific loss, damage, illness, or death, in return for payment – called a premium.
So, instead of bearing the risk yourself, you’re asking a third-party – the insurance company – to bear it for you in exchange for money.
And if the risk that you were insured against does happen, then the insurance company gives you or your beneficiaries (like your
family for example) a financial compensation.
That’s why insurance is so important — so you and your family can be financially secure when life doesn’t go as planned.
And different types of insurance exist to help people face different risks.
Car and home insurance – for example – help protect against the costs of damages.
Life insurance protects your family against the financial impact of death.
Disability insurance helps protect your ability to earn an income.
And health insurance protects against health costs not covered by your government health plan.
And almost anything can be insured.
Did you know professions like pianists, surgeons and chefs can insure their hands?
It’s true.
That’s because it’s what their income and livelihood rely on.
And if they couldn’t use their hands anymore, they’d need protection to replace the lost income.
Make sense so far?
Awesome! Now that you know a little more about insurance, here’s how it works.
Let’s say you’ve been paying for home insurance for a few months and your house gets hit by a natural disaster.
The good news? Your insurance would pay to fix your house – likely thousands of dollars when you would only have paid a few
hundred dollars of premium.
But how can they afford that?
2 words: risk pooling.
So, risk pooling is the sharing of a common risk amongst a large number of people.
An insurance company offers protection for a risk that may or may not occur.
In exchange for that protection, you pay the insurance company a premium.
But you are not the only one, there are many other people like you seeking the same protection. And with the more people paying
money to cover the same risk, the more premium the insurance company gets.
Now, the possibility of all the clients needing the insurance is almost improbable.
So, when something happens to a few covered people, risk pooling allows the insurance company to take from the pool of premium
paid by all their clients and pay the few that experienced the risk they were covered for.
And these payouts are called claims.
But with all these payouts, how do they make money?
Simple, well, kind of…
Insurance companies make a profit by using complex models to understand how much money they need to charge for a specific
risk to stay profitable.
This influences how much people pay to be insured.
And this applies to any types of insurance. Like Car, Life, Travel and Health insurance — all working the same way.
But now you might be asking, why couldn’t I just save the money instead of paying an insurance company?
Well, back to the home insurance example.
If you didn’t have insurance and just saved, there’s a good chance you wouldn’t have saved enough money to get the same payout
that’s covered by insurance, and you’d likely need to borrow a lot to rebuild.
So yeah, insurance can be super helpful when you need it.
Now that you know how it works, when should you get it?
Well, there’s not just one perfect time. Some insurance is pretty straight-forward. Like home or car insurance. You get insurance
when you buy them.
But for some others like life insurance for example,
it really depends on the life event you’re going through.
Like buying a home, getting married and starting a family, for instance — these are big life milestones that’ll impact your financial
situation — and that’s really when you should look into insurance OR review the current coverage you may already have.
And I know what you’re thinking, “I already have insurance, why do I need to review it?”
Well, truth is, having insurance doesn’t mean you never have to look at it again.
Think of it as something that should change as your life changes.
So, if your current insurance was a good fit when you had your first-born, it may not provide enough coverage if your family
keeps growing.
That’s why it’s so important to always stay on top of it. So, down the road, you know that you, your family and loved ones have the
right protection.
Cool? Cool.
Okay. That was a lot.
But I’m so happy you stayed for the whole thing!
Seriously, I’m impressed.
And if you thought this was helpful, click around for our other helpful videos that’ll make you an insurance expert.
Okay, maybe not expert, but you get the idea.
Looking for an affordable way to protect your family over a certain period of time? That’s what term life is for.
Insurance Explained –
Insurance advisors video
Transcript
Video opens on an animated introduction with the following supers:
Manulife presents Insurance Explained
SUPER: Today’s topic: Insurance Advisors
Talent starts speaking on camera.
Huh?
Don’t you wish insurance was an easy world to understand? With words and concepts that didn’t require a PhD to know what they mean?
Honestly, looking into insurance can be overwhelming.
(An illustration of a laptop appears on screen beside the talent. Words pop out of the laptop screen: Future, Risks,
Policy, Protection, Beneficiary).
And with online access to THOUSANDS of insurance companies, financial articles, opinion sites and other stuff like that, it’s easy
to be overwhelmed by information and choice.
An online search for “insurance” yields more than 1 BILLION results in less than a second. And all of that unfiltered information
can create confusion and hesitation.
Plus, the other complicating factor is that insurance isn’t a one-size-fits-all commodity.
The best product fit will depend on an individual’s unique situation, current and future needs AND financial circumstances.
The thing is, you don’t have to figure it out on your own.
What if I told you that you could get greater clarity and guidance on life’s complicated decisions by talking to a real human—an
insurance advisor!
(An illustration of a magic 8-ball appears on screen beside the talent).
Well, it’s true.
Insurance advisors – or insurance brokers – are licensed experts in the business of risk.
And their job is to provide their clients with personalized support, and advise them on the best insurance product based on their
unique needs.
They take the guess work out from understanding the world of insurance, so you can be confident that the insurance you get
provides the right protection for you and your family.
(Cut to a frame where the super “The benefits of working with an insurance advisor” appears).
Working with an insurance advisor has lots of benefits.
Let’s go over them.
Buuuut there’s a lot, so if you need a water break, now’s the time to go grab some water.
Alright, onto the benefits!
(Super “It’s all about you” appears on screen beside the talent).
First and foremost, insurance advisors represent their clients’ interests. Their personalized advice is based on getting to know you
and your unique needs, situation and financial circumstances.
And while some insurance advisors are employed by one insurance company and can only sell the products of that one insurance
company, that’s not the case for all of them.
The ones who aren’t tied to one company would have access to a range of insurance providers and insurance products—that way
they’re able to always offer the best plan tailored to fit their clients’ needs and budget.
Think of those advisors as the personal shoppers of the insurance world.
(Super “Best value” appears on screen beside the talent).
Another benefit is that insurance advisors can look at different insurance providers and make them compete for your business.
(Illustration of different coloured shields appears on screen. Each shield is on a podium of different sizes).
Insurance providers can offer different coverage options at different prices which your insurance advisor would share with you
along with their recommendation.
And keep in mind, a cheaper plan isn’t necessarily better. It could also mean not enough coverage.
But don’t worry, your advisor would walk you through the differences and pros and cons between each option, so you have all the
info necessary to make the right decision.
(Super “Trusted advice” appears on screen beside the talent).
In today’s world, trust and credibility have never been more important. Luckily, insurance advisors are professionals licensed by
their provincial insurance brokers association and regularly take courses to keep up to date with industry trends.
(Super “Flexibility” appears on screen beside the talent).
Insurance advisors know their clients have a busy life and are happy to accommodate what works best for them.
(An illustration appears on screen. It shows 2 hands shaking, then a cellphone and then a laptop).
Whether it’s in person, a call or virtual meetings, insurance advisors are flexible to adapt to their clients’ busy schedules and lives.
(Super “Greater confidence” appears on screen beside the talent).
With every policy, your advisor walks you through the details of your coverage and helps you understand it. So, you can avoid any
unpleasant surprises in the future—if you ever have to make a claim—and also be confident that you and your family have the
right protection.
(Super “Little paperwork” appears on screen beside the talent).
Insurance advisors are the intermediary between you and the insurance company.
(An illustration appears. We can see a paper application and a digital application being signed).
They’ll handle most of the application process, and all you’ll need to do is provide your signature or e-signature to get the
coverage started.
(Super “Help with the claim process” appears on screen beside the talent).
The last thing you want to worry about when grieving a loss or going through an illness is the process involved with filling a claim.
If you or your family ever have to make a claim, insurance advisors can also help with that.
And the best part?
(Super “No cost to you” appears on screen beside the talent).
It won’t cost you anything to work with an insurance advisor to get the advice you need AND the right plan for you and your family.
That’s because insurance advisors make a living through the commissions paid by insurance companies when they sell an
insurance policy.
(Cut to a frame where the super “The takeaway” appears).
Insurance can be a complex world.
And finding the right insurance plan can be even more difficult if it’s done on your own.
An insurance advisor can help you navigate this world and provide you with guidance and advice every step of the way, so you get
the best coverage at the best price AND feel confident about your decision.
And this feels like a good time for a mic drop. So…
Go for the long haul on protection for your loved ones with life insurance that lasts your whole lifetime.
Insurance Explained –
Manulife Permanent life insurance video
Transcript
Permanent life insurance! Let’s do this!
Manulife presents Insurance Explained
Today’s topic: Manulife Permanent Life Insurance
Permanent life insurance is life insurance that provides a lifetime of coverage. And because permanent life insurance doesn’t
expire, it is usually used as an estate-planning tool. Let me explain:
Since permanent life insurance covers you for the rest of life, it’s probable that the death benefit (or lump sum of money) will be
paid to your beneficiaries in your old age.
At that time, you’ll probably have little to no debt, so the lump-sum of money that your loved ones will get would be used – among
other things – to pay off the costs of settling your estate taxes as well as any remaining taxes such as capital gains on property
and investments.
A unique feature of permanent life insurance is that it can include a cash-value that accumulates tax-free over the life of the
policy allowing you to build equity.
And because the cash value can grow tax-free, permanent life insurance can be considered if you’ve contributed as much as
you’re allowed to your Registered Retirement Savings Plans and Tax-Free Savings Accounts and are looking at opportunities to
keep earning tax-deferred growth.
This makes it an attractive choice for high-net-worth individuals, but others, too! Younger individuals can also benefit from it, with
protection for life and cash value that can grow to a sizable amount long term.
Plus, the cash value can be used for different purposes and allows permanent life policies to offer some flexibility in terms of
coverage and payment.
So, there’s a few different permanent life insurance options in Canada.
There’s Whole life, Universal life, and Term to 100 insurance.
I’ll explain.
Whole life is often considered the “traditional” permanent life insurance.
Most of whole life insurance policies come with guaranteed cash value, which means that at any point, your policy will have a certain amount of cash value that will grow over time.
And the investment approach of the cash-value is hands-off for the policy owner.
This means that whole life policy owners don’t need to pick and choose investment options. That’s something their insurance
company looks after as they manage the cash value. The perfect option if you’re not a stock market genius!
Whole life insurance is made to fulfill an individual’s long-term goals and it’s important to keep it going for as long as you live.
Consistency is key, with premiums that don’t change over the lifetime of the policy and guaranteed cash-value accumulation. Just
let the policy do its work and relax.
And FYI, there’s 2 types of whole life insurance you should know about.
The first, are whole life policies that allow you to get dividends or annual credit that can help grow the cash value and also increase
your coverage.
And the second are whole life policies that would only provide you with the cash value feature without the option of getting
dividends or annual credit to increase your coverage.
And regardless of the type of whole life insurance you got, when you pass away, your beneficiaries would only get the insurance
amount as a death benefit. While the cash value can be very useful while you’re alive, it’s not paid out to your beneficiaries.
Universal life can also include a cash-value component but is a more hands-on approach, meaning it’s totally up to you to put the
extra cash in the policy and to choose how to invest the cash value.
And unlike whole life insurance, your beneficiaries would get both the insurance amount PLUS the cash value built-in over the
lifetime of the policy.
Invest wisely and your loved ones will get a bigger payout.
This kind of insurance typically lets you choose your premium payment schedule, the cash value amount you want to pay (within
limits) and an investment mix that matches the level of risk you’re comfortable with.
All in all, it’s a more flexible and hands on option than whole life.
Term-to-100 is a hybrid of term and permanent life insurance. It provides coverage as long as you live, BUT it doesn’t have
any cash-value.
On that note, the cash value CAN be a pretty interesting feature, right?!
But what else can you do with it beyond increasing your coverage?
Well, there’s a variety of ways you can take advantage of it:
First, you can use it to pay your premiums. If you build up enough money in your cash value account, you may be able to use it to
cover future premium payments, depending on the policy.
Second, you can use it as a loan collateral and borrow money against it.
Third, you can withdraw it. But if you take the cash value out of the policy, it’ll likely be taxed and could also impact your death
benefit amount.
And fourth, if you decide to end the policy, you’ll receive the cash value amount, minus any applicable fees (like the surrender
charge of universal life for example). This action ends the life insurance coverage. And when you end your policy, keep in mind that
the cash value may also be taxed.
To recap permanent life insurance, just keep in mind that it’s life insurance that doesn’t expire and can combine a death benefit
with a savings component, which allows you to grow the cash you put in it tax-free!
And the cash-value can provide you with options AND flexibility that other life insurance may not have.
This makes permanent life insurance a protection option to consider when looking to protect your family in the long-term, providing
you with options and flexibility that Term life insurance doesn’t allow.
You know… finding the right life insurance… not always an easy task.
So many different factors come into play like your budget, financial situation, protection needs, and more…but now that you’ve
watched this, you should have a better understanding of permanent life insurance and how it can help you protect your family.
And that’s a really good start,
So good job!
Insurance isn’t just about the people you leave behind. Living benefits are meant to help you when illness or disability strikes.
Insurance Explained –
Manulife Living benefits video
Transcript
Manulife presents Insurance Explained
Today’s topic: Living benefits
Living Benefits.
A term USUALLY used when referring to different types of insurance that provide protection while the person insured is alive.
Unlike life insurance which is considered a “death benefit” because the benefit or lump-sum of money is paid upon death of the person insured.
In a nutshell, living benefits is an umbrella term referring to insurance products that provide financial support to the insured in case of unexpected illness or disability.
When people think about insurance, they probably think about life insurance first.
But what if the unexpected isn’t death?
What if you get ill or injured and you can’t work and get an income anymore?
That could have a big impact on your family and finances.
Most people know that life insurance would cover the needs of their family if they were to pass away prematurely but suffering
from a serious illness or a disability caused by an accident or by an illness can be just as devastating financially.
Although, it doesn’t have to be that way.
Because with the right protection, you could focus on recovery without having to worry about the financial impact of an illness or
disability on you and your family.
I’ll explain.
There are 2 main types of living benefits:
Disability insurance — being the first type, and is known as an income replacement.
It helps you maintain your living standards if you become disabled and can’t work due to an injury, a physical or a mental illness.
If that happens, the insurance company would provide you with a monthly payment based on your agreed upon coverage during a specific period of time – called the benefit period.
This monthly payment can be used for the same expenses that would have been paid with your paycheck – like your mortgage, car loan, and groceries.
Whether you need to secure your main source of income or supplement the coverage you already have with your employer,
disability insurance can help protect you and your loved ones relying on your income for day-to-day living.
The second type of living benefit is Critical Illness insurance— It provides a one-time tax-free lump-sum of money when diagnosed
with a covered illness – the main ones among others being life-threatening cancer, heart attack and stroke.
This lump sum is meant to help cover expenses related to your illness and your recovery. It gives you the financial freedom to make
the best decisions for you and your family.
And you can use that money to cover expenses not covered by your government health insurance, get a second medical opinion,
pay for an alternative treatment or even retrofit your house for example.
It’s totally up to you how you wanna spend it—with no strings attached.
Critical Illness insurance is really meant to provide financial support so you can make the right decisions for YOU and your family
without having to consider the budget factor.
While disability and critical illness insurance help protect you and your loved one’s financial future, they both have a unique purpose.
Disability insurance helps you maintain your living standards if you can’t work and Critical Illness insurance helps you cover
expenses related to your illness and recovery. And they’re not mutually exclusive. They can all work together to ensure you and your family are covered against life’s unexpected events.
Okay, maybe not expert, but you get the idea.
Critical illness insurance can make a difference with a lump-sum payment to help your recovery.
Insurance Explained –
Manulife Critical Illness insurance video
Transcript
Manulife presents Insurance Explained
Today’s topic: Critical Illness Insurance
Critical illness insurance.
It’s pretty much as critical as it sounds.
Critical Illness Insurance is considered a “living benefit” since the payout benefits the insured while they’re alive.
And as its name suggests, Critical Illness insurance helps protect against the financial impact of severe illnesses and
conditions …like life-threatening cancer, a heart attack and stroke— along with several other illnesses.
And if you get diagnosed with a covered illness, then you’d get a lump-sum of money, tax-free, to help reduce the financial
impact of the illness on you and your family.
This lump-sum of money could be used to cover several expenses including the ones related to your illness and recovery.
You might be thinking, doesn’t Canada’s universal healthcare already cover my healthcare needs?
Well, while there is a system that lets us receive treatment free of charge in the hospital, it doesn’t cover all the costs related to
the illness or your recovery.
And with more and more people recovering from a critical illness, it’s important to have a coverage in place so the loss of
income from not working AND the additional expenses from a critical illness don’t impact your finances and loved ones.
And Critical Illness insurance can do just that by providing you with financial support to help you make the right decisions for
you and your family.
Here’s some of the things you could use the lump-sum payment for:
Medical costs not covered by the provincial healthcare system
Alternative medical treatment
Out-of-Country treatment
(a home illustration with a medical symbol appears on screen beside the talent).
-Home nursing
-Home or car retrofit
-Income replacement
And you can even use it to travel or fund some time off with your family.
Ask yourself this question. If you were diagnosed with a critical illness, wouldn’t you be relieved knowing that you can get a
second medical opinion right away?
Or knowing that you would be able to hire a home care-giver without having to dip into your emergency or retirement funds.
And sure, it’s a stress relief, but being covered also means you can focus on yourself AND your recovery without worrying
about costs.
So, same as most insurance plans, once you’re approved, you’d pay a monthly premium for your coverage.
And if you get diagnosed with a critical illness, you’ll get a lump-sum of money.
Just like life insurance, the cost of critical illness insurance is based on several factors—like how old you are, your sex,
lifestyle and family medical history.
Still with me?
Cool.
Now let’s cover some other important things you should know.
Some covered conditions like stroke and heart-attack have what’s called a waiting period that applies.
The “waiting period” is the period between your diagnosis and when you can receive the benefit. And the duration of the
waiting period can vary based on your insurance provider and your insurance plan.
Some Critical Illness insurance coverages also offer a refund of premium upon death or at the end of the coverage period as
long as no claim has been made.
And the critical illness benefit can be paid regardless of your ability to work or not.
Think about it like this.
People can survive a critical illness. And with the progress of medicine and research, we’re lucky enough to live in a time
where more and more people can recover and continue with their lives.
But recovery can take different forms and can come with additional expenses that wouldn’t be covered by our government
health plan.
And that’s why critical illness insurance is here: to provide you with the financial support to help you make the right
decisions for you and your family in case a severe illness should happen.
And even if you don’t have dependents or people who rely on you, being protected still applies!
Because having financial constraints would only get in the way of your recovery.
So that’s critical illness insurance in a nutshell!
And now that you know how critical it is, keep it in mind when thinking about your insurance options.
But I probably didn’t have to say that, cause, you know…you’re pretty much insurance expert…so good job!op. So…
An accident or illness doesn’t have to mean a total change of lifestyle. Disability insurance can help keep you keeping on.
Insurance Explained –
Manulife Disability insurance video
Transcript
Do you or your loved ones rely on your income for day-to-day living?
If not, then first off, tell me your secrets.
And second, you can go back to your regularly scheduled internet-ting.
But if you DO, you might want to consider disability insurance—so…keep watching.
Cut to animated introduction with the supers:
Manulife presents Insurance Explained
Today’s topic: Disability Insurance
Talent starts speaking on camera.
You stayed! That means you’re part of the 99% – like me.
So, let’s get into it.
Well, through your hard work, your income allows you to pay for most of your monthly expenses (from groceries to the mortgage)
and to support your loved ones.
But what would happen if you got into an accident or got chronically ill and you couldn’t work anymore?
(An illustration of a house, a key and a hydro bill appear on screen beside the talent).
And if you can’t work anymore, how would you be able to pay your mortgage, rent, monthly bills? Well, this is where disability
insurance comes in.
Disability insurance is designed to replace a portion of your income if you become disabled and are unable to earn an income.
And a disability isn’t just due to a physical injury or illness.
While it CAN include an injury or a serious illness, it can also cover a disability arising from a mental health issue.
This is why disability insurance is so important.
Because your most valuable asset isn’t your home, your car or other valuables.
It’s what allows you to pay for those things.
It’s your ability to earn an income.
And disability insurance helps protect just that!
If you’d insure your home, your car or other valuables, why not protect your income?
Think about how long you’d be able to go without a paycheck before having financial issues.
Is it weeks? A couple of months?
Well, here’s what the financial impact of a disability could look like:
Let’s say the average income of a 25 to 34 years old is $47,0001
If you plan to work until 65, that’s 40 years of work remaining. Meaning your future total income would be $1,880,000. And that’s
a big asset.
If you didn’t have disability insurance and became disabled and unable to work tomorrow, you’d forgo $1,880,000 over
your lifetime.
But disabilities can be temporary.
Let’s imagine you’re fortunate to recover from an accident or an illness after a shorter period and you only take a year or 2 away
from working.
You’d be missing out on 94 thousand dollars. Do you have that much money saved to cover such a huge gap in your income? I don’t.
Disability insurance can cost a small percentage of your annual income and it can provide between 60 to 85 percent of your
monthly income should you become disabled and need it.
It’s a pretty small cost for a potential big payout.
The cost – or the premium – is based on several factors like age, sex, smoking status, past and current health history and your job.
The key considerations for disability insurance are based on how long you’d have to wait to receive the monthly benefit – called the
waiting period, how long you would continue to receive the monthly benefit – called the benefit period, and finally, the definition of
a disability— this one’s important as your qualification for the benefit will be assessed against that definition.
I’ll explain…
There’s 3 main definitions of disability:
Partial disability provides coverage when you can’t perform all of your job duties or can only perform all of your job duties for a
shorter timeframe.
There’s usually a 50% payout of the monthly benefit.
Residual disability provides coverage when you’re not totally disabled but still have limitations in performing your job duties, and
result in a loss of income of at least 20% compared to the period before you became disabled.
And finally, total disability provides coverage when you’re not able to perform your regular duties of your occupation AND are
unable to earn an income.
Now, another important thing to ask.
If you’re an employee, ask yourself if your employer provides a group disability plan for you. Do you know how those benefits
would become payable if you become disabled?
You don’t? Totally fine. That’s why we’re doing this!
So, group benefits coverage could provide you with insurance while you’re employed AND usually offers disability coverage
over a shorter-term period — but it could have restrictive disability definitions for longer-term disability coverage.
If you’re a self-employed or an independent contractor, ask yourself this question:
Do I have an emergency savings fund that could cover my expenses for a few months while not working – maybe even longer?
No? Also fine.
Individual disability insurance COULD be an option. Because an illness could not only impact your immediate financial
wellbeing, it could also impact your long-term plans like retirement.
In Canada, disability insurance can be provided by your employee group benefits if your company offers it, but also by the
government as a social benefit.
But compared to an individual disability insurance, both options have more restrictive definitions of what it means to be
totally disabled and have limitations of coverage.
For example, your employee group benefits would only cover you while you’re employed. So, if you leave to start your own
business, you wouldn’t be covered anymore.
As for the government coverage, you’d have had to contribute enough to the Canada Pension Plan, AND the monthly benefit
may not be enough to allow you to cover all your expenses.
Overall, disability insurance is something to consider.
Especially if you or your loved ones are relying on your income for primary financial support.
If you ARE considering it, there’re a few things to think about to make sure you’re getting the right coverage.
Like any existing coverage you may already have (through employee benefits)
Your lifestyle (how much of your current standard of living would you’d want to keep?)
How many people rely on your income,
Employment flexibility (would you be willing to change jobs if you can’t do the one you used to do?)
Your debts (like car payments and mortgage)
Emergency savings (and how much you have to last until you can work again)
And last but not least, your life goals and dreams.
What would happen to your plans and retirement if your disability lasted longer than your savings?
Not the fuzziest thing in the world to think about—I know—but it’s better to think about it now, so you’re prepared for later
You might have provincial coverage, but what about all those extra health expenses? That’s where health and dental coverage comes in.
Insurance Explained –
Manulife Health and Dental insurance video
Transcript
If you’re self-employed, employed without benefits, in-between jobs or retired, you may be in the market for health and dental insurance.
And I MAY be able to help you learn what you need to start.
So…keep watching.
Cut to an animated introduction with the following supers:
Manulife presents Insurance Explained
Today’s topic: Health and Dental insurance
Talent starts speaking again on camera.
Canadians are known for a lot of unique things.
We’re overly apologetic, we love our hockey, maple syrup AND we love our free healthcare.
We’re fortunate in Canada to have government healthcare that covers doctor’s visits and emergency medical care.
So, when we get sick, injured and need to see a doctor or get hospitalized, we’re not charged for the care we receive.
Those costs are covered by the government through our taxes.
But this doesn’t mean all health-related costs are covered by the government.
Actually, there’s quite a few expected AND unexpected health costs that aren’t covered or fully covered by the government.
Costs like:
• prescription medication
• dental care
• prescription eyeglasses
• massage therapists
• physiotherapy
• or ambulance services.
Which means that you’d be paying out of pocket for them. And if you have on-going health costs, they can quickly add up.
But the good news is, those costs can be covered by supplementary health and dental insurance that can provide coverage for
you and your family’s health expenses not covered by your provincial plan.
Well, every month, you’d pay a fee – known as the premium – to your insurance provider. The premium is calculated based on a few
factors such as your age, the type of health and dental plan, and the number of people covered under the plan.
And if you need one of the services you’re covered for, then you’d just submit a claim to be reimbursed.
And sometimes you don’t even need to submit the claim—it just goes automatically.
Here’s an example. Let’s say you show up at your pharmacy or dentist. Instead of you paying them for their services, they would use your health and dental policy information to bill your insurance provider directly, so you don’t have to advance the funds.
So, one less step for you.
There’s a lot to consider with health and dental insurance.
But when the time comes, consider which plan is right for you, think about your budget, your recurring health expenses the
coverage you’d want for them and any risks you’d like to cover.
There are also some common features to keep in mind:
Most policies will not cover 100% of your medical expenses. And you may have to pay some of the expenses you and your family incur—which is known as “co-insurance”
which means that you’d have to pay a percentage of your medical expenses.
You may also have a percentage or dollar limit on the amount of benefits you receive. For example, you could be covered for registered massage therapy for a maximum of one thousand dollars for any given year and anything above that wouldn’t be covered.
So, if you’re employed, you’re probably enrolled in your employer health and dental insurance plan through their employee group benefits program.
Both you and your employer would contribute to the monthly premium and you’d be enjoying the coverage as long as you’re employed.
But what if you’re not employed?
Well, whether you’re in-between jobs, retiring or self-employed, this is when individual health insurance can play an important role
to cover you for expected and unexpected health costs—all with plans that can usually be customized to help you and your family
get the right coverage for your budget.
And if your spouse is employed, keep in mind that most employee group benefits plans offer the possibility to cover the whole family of the employee.
So, that may be an option to consider as well.
Government health insurance and health and dental insurance go hand-in-hand. While Government plans help cover health
services you may need like appointments with your family doctor, visits to walk-in clinics and emergency rooms, medical tests and
surgeries, Health and dental insurance helps cover expenses not covered by government health plans including prescription drugs, dental care, vision, massages and more.
And speaking of health coverage, I have a massage in…
…oh…
…15 minutes.
Alright, see you guys!
No one wants an accident or illness while traveling. Bring back memories and not medical bills with travel insurance.
Insurance Explained –
Manulife Travel insurance video
Transcript
Yeah, that’s over 50 pounds.
Manulife presents Insurance Explained
Travel insurance
Let’s chat about travel.
Who doesn’t like escaping their routine and relaxing on a beach in the Caribbean with a tropical drink in hand?
Or touring Europe to experience its culinary delights and breathtaking sightseeing?
Or going to a yoga retreat in the rain forest to reconnect with one’s inner self?
I can keep going, but you get the idea.
There’s really nothing like that feeling you get while discovering new places, connecting with new people and living new experiences.
But what happens if your vacation doesn’t go as planned and you fall sick or get injured?
A medical emergency abroad or even in another province or territory could turn your dream vacation into a financial and
emotional nightmare as your government health insurance may not cover emergency medical costs occurring away from home.
That means that if you need medical attention abroad or in another province, you’d have to pay for it yourself. And you could be
out-of-pocket for thousands of dollars.
Did you budget for that in your vacation plans?
Probably not.
But that’s what travel insurance is for.
Travel insurance can help protect you against financial risks and losses that can occur while travelling, like if you need to see a
doctor, need transportation by air ambulance, or require hospitalization.
In all those cases, travel insurance would help cover those costs that could bankrupt you if you had to pay them out of pocket.
It also goes beyond that and often includes additional support services that can make a big difference when dealing with a medical emergency abroad.
It can help coordinate medical services across thousands of medical providers around the world like clinics and hospitals, it can get you to the right medical facility for the care you need and it can provide translation services if your medical staff speaks a
language you don’t understand.
If you’re travelling with your family, it can also provide financial support to cover extra expenses for hotel, meals and childcare
costs during your medical emergency.
And if you need to go back to Canada to receive care, travel insurance can also cover the costs to bring you home.
And travel insurance can also cover non-medical emergencies.
Such as trip cancellations and interruptions.
Let’s say a snowstorm grounds your flight and it leads to your trip getting cancelled. Well, if you had travel insurance, you could be reimbursed for the cost of the trip.
But trip cancellations and interruptions can also arise from medical emergencies, happening to you or your family at home:
Travel insurance can help if something unexpected happens at home before you even leave for your trip (like your kid coming down
with an ear infection) and as a result, you have to cancel. Travel insurance could reimburse you.
It can also help if an emergency happens at home and you need to come back asap. Travel insurance could reimburse you for the
portion of your trip that didn’t happen.
And last but definitely not least— lost, damaged or delayed luggage.
Imagine you packed your 100% organic SPF 60 sunscreen and that one vacation shirt you always bring—but surprise! Your
luggage is in Rome when you’re in Mexico.
Travel insurance could help to reimburse you for your missing items, so you can keep the vacation going.
So yeah, travel insurance can be pretty useful.
But when does someone need it?
Basically, you should consider travel insurance anytime you’re travelling out of your home province. And if you have existing
coverage, through your employee group benefits program for example, or through your credit card, make sure to check what your current coverage includes because it might come with some limitations.
If it does, no worries, you can always top it up to address any gaps and make sure you’re fully protected.
Travel insurance can also help protect you whether you’re travelling once in a few years – with single trip coverage – or traveling
multiple times a year – with multi-trip coverage that is worth considering if you know you’ll travel more than twice in a year.
You apply only once for a year worth of trips and it could also lead to some savings!
But travelling Canadians aren’t the only ones who can benefit from travel insurance. Wondering who else can?
Any guesses? Oh right, I guess I can’t hear you.
Well, it can also help protect visiting friends and family coming to the country. Like your family you haven’t seen in a while who’s
making the big trip to see you for the holidays—which is always fun! Right?
Oh, and newcomers are also fair game—especially when they’re waiting for their government health plan to kick-in.
Because one thing we often forget is how lucky we are to have free healthcare.
And we also tend to forget that people coming here to visit aren’t covered by our government health plans. For them, surgery and a
hospital stay could cost thousands of dollars.
Without travel insurance, those would be expenses visitors would have to pay from their own pockets if they ever required
emergency medical care.
There are also dedicated travel insurance plans for Canadian students going to school out of their home province and students
coming to study in the country to help protect them against emergency medical costs—cause the last thing a student needs is
more debt.
And that’s pretty much it.
But I’ll throw in a little recap just for you.
Overall, travel insurance is here to help protect you and your loved ones from anything unexpected that can happen while away.
It’s usually a small cost that has the potential to save you thousands of dollars of medical bills and from a financial impact that
could be felt for many years down the line.
So, the same way you double-check that you packed your toothbrush, your sunscreen and passport—consider travel insurance and
make it one of your travel essentials.
Now if you’ll excuse me, I have a plane to catch. job!op. So…
Keep those house payments coming even if something happens to you. That’s what mortgage protection is all about.
Insurance Explained –
Mortgage protection insurance video
Transcript
About to own your home? A white picket fence? Green grass? Your own mailbox?
Mail’s still a thing, right?
Manulife presents Insurance Explained
Today’s topic: Mortgage Protection Insurance
Will you have a mortgage with that new home I was talking about earlier? If so, mortgage protection insurance is something that
may be of interest.
And this isn’t to be confused with mortgage default insurance, which is mandatory for down payments of less than 20% of the
purchase price and protects the financial institution you borrowed money from.
Mortgage protection insurance on the other hand, is optional insurance that can pay off or reduce the mortgage in case of:
• premature death
• disability
• or critical illness.
Your home is probably your biggest investment.
But what would happen to you and your family if you couldn’t make the mortgage payments anymore?
It’s a scary thought, I know, but mortgage protection insurance can help you in different ways:
First, if the borrower passes away, mortgage protection insurance can pay off the remaining balance of the mortgage.
That way, your family wouldn’t have to worry about making the mortgage payments or sell your house if they couldn’t make them.
Instead, they’d be able to stay in their home.
Second – if the borrower becomes disabled from an accident or illness, the monthly mortgage payments would be covered for a
period of up to 24 months.
So, you wouldn’t have to worry about using your emergency funds and you’d be able to focus on getting better—which is, you
know, kinda the most important part.
Third – if they’re diagnosed with a covered critical illness, mortgage protection insurance would pay off all or a portion of the
remaining mortgage balance.
Which would provide some much-needed financial relief in a time where additional expenses from the illness can quickly add-up.
Well, in a lot of ways, mortgage protection insurance is similar to term life insurance in how it works.
You buy a coverage, pay regular premiums, and at the end of the policy term (usually a 25 or 30-year term – depending on the
duration of your mortgage), your coverage ends.
And if something happens to you before the coverage ends, a benefit – money – is paid.
But there are a couple of differences between mortgage protection and other insurance.
First one being that the insurance benefits are paid to the financial institution that you borrow the money from.
It means that if you pass away, become disabled or are diagnosed with a critical illness, the insurance company will give the money
to the lender directly to discharge or reduce the mortgage. While with other insurance, you or your family would get the benefit.
One of the benefits of mortgage protection insurance is that it takes care of the mortgage related debt, allowing you to use any
other coverage for other purposes – like your children’s education, your spouse’s retirement or living expenses.
Since it’s matched up to the mortgage balance, and the money will go only towards that, there’s no worrying there won’t be enough
to cover the mortgage, so the thought of having to sell your home won’t need to cross your mind.
And while the purpose of mortgage protection insurance works the same regardless of the insurance provider and how you get it, it may have different features depending on the product offered – like portability.
What’s portability?
Well, if your coverage is portable, it means that your coverage isn’t locked with the financial institution you got your mortgage from.
It means you can keep your coverage even if you renegotiate your mortgage with another financial institution.
Note that there are providers of mortgage protection insurance (such as your mortgage broker) that can offer you a portable
coverage. You’d also want to look into how flexible your coverage can be.
For example, if you purchase a bigger home and see your mortgage increase, you may want to have the flexibility to increase your
mortgage protection insurance at that point, because you’d obviously want to be covered for more.
Another thing about mortgage protection insurance is that it can also work with any other coverage you may have.
So, let’s say you already have some kind of life insurance coverage. Why consider mortgage protection insurance?
Well, if you decide to purchase mortgage protection and something happens to you, your family wouldn’t have to worry about the mortgage as mortgage protection would pay off the remaining balance AND they could use your OTHER coverage for other expenses.
Getting mortgage protection insurance is actually an easy process. You’ll be able to get mortgage protection insurance when you
arrange your mortgage. It can be offered directly by the financial institution you’re borrowing money from, but also by mortgage brokers.
And to qualify, you usually need to satisfy a few small conditions.
You need to:
A. Be a Canadian resident under certain age (commonly 64 year old)
B. Be the borrower, co-borrower or guarantor
And C. Be applying for a residential mortgage
And that’s pretty much it!
As usual with insurance, it’s not a one-size-fits-all.
Each insurance comes with their own benefits and unique features.
And while mortgage protection insurance only covers the mortgage, this coverage can play an important role in your asset protection
strategy by allowing you to have a dedicated insurance to take care of your debt and to use other coverage for other expenses.
And I feel like I totally just said the word covered like 5 times in the last 30 seconds but, you get the idea.
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