Why Life and Health Insurance Matter
Unexpected illness, injury, or loss of income can create financial strain for any household. The right insurance helps protect your mortgage, everyday expenses, and future plans so an unexpected event does not force difficult choices.
- Protects dependants from lost income and ongoing obligations such as mortgage and education costs
- Replaces income if you can't work because of illness or injury
- Covers medical services and products that provincial plans often do not, such as prescription drugs, dental care and vision care
Coverage Details
Life insurance benefits
- Term life: cost effective for temporary needs and debt protection
- Whole life: lifetime protection and a cash value component
- Universal life: combines permanent coverage with premium flexibility
Health insurance benefits
- Critical illness: can provide a lump sum benefit to help cover major costs or income gaps
- Disability: income protection with varying waiting periods and benefit definitions
- Extended health: helps pay for prescription drugs, dental, vision and allied health that provincial plans may not fully cover
Costs and factors
What affects health plan cost
- Scope of coverage and benefit limits
- Number of people insured and age profile in the plan
- Pre-existing conditions and claims history
- Whether coverage is employer provided or purchased individually
What affects life insurance cost
- Age and overall health
- Coverage amount and policy type
- Term length and any optional riders
- Lifestyle factors such as tobacco use
How to Choose the Right Coverage
Key considerations
- List your financial responsibilities and who depends on your income
- Review employer benefits before buying duplicate coverage
- Consider your savings and emergency funds, including registered accounts like investment accounts
- Match the policy term and features to the specific need being protected
Coverage factors
- Current income and future earning potential
- Family and caregiving responsibilities
- Long term financial goals and debt levels
- Existing public and private benefits
Not sure how much coverage you actually need?
We help households in Fredericton and across Atlantic Canada sort through life, disability, critical illness, and extended health coverage without turning it into a sales pitch. If you want to compare what you already have against what you may still need, we can walk through it with you.
Schedule a Consultation