How AI Will Affect the Life Insurance Industry?

Artificial Intelligence (AI) is transforming industries worldwide, and the life insurance sector is no exception. With advancements in AI technologies, life insurance companies are adopting innovative solutions that streamline operations, improve customer service, and offer more personalized products. For insurance agents, AI presents both opportunities and challenges. In this article, we’ll explore how AI is reshaping the life insurance industry and what it means for insurance agents.

AI's Impact on the Life Insurance Industry

1. Enhanced Underwriting and Risk Assessment

AI is revolutionizing the underwriting process, which traditionally involves manual assessment of a policyholder's health, lifestyle, and other factors. With AI-powered tools, insurers can analyze large sets of data, including medical records, lifestyle habits, and even social media activity, to better understand an applicant’s risk profile.

• Faster Decisions: AI can process and analyze data much faster than human underwriters. This leads to quicker approval or rejection of policies, improving efficiency for insurers and creating a better experience for customers.
• More Accurate Risk Prediction: AI algorithms can predict potential health risks more accurately by analyzing patterns and trends that might go unnoticed by human underwriters, resulting in more precise pricing for policies.
• Personalized Coverage: AI allows for more customized insurance products. Insurers can offer policies tailored to an individual’s unique health status and risk factors, potentially leading to better value for both the customer and the insurer.

2. Improved Customer Experience

AI-powered chatbots, virtual assistants, and other tools are enabling life insurance companies to provide round-the-clock customer service. This improves the overall customer experience by offering faster, more responsive service, whether it’s answering policy questions, providing updates, or assisting with claims.

• Chatbots and Virtual Assistants: AI-driven chatbots are available 24/7 to help customers with basic inquiries, guide them through policy options, or explain terms and conditions. This saves time for both the insurance company and the customer.
• Claims Processing: AI can speed up the claims process by automatically assessing damage reports, medical records, and other relevant data. This leads to faster payouts, which is a key driver of customer satisfaction.
• Predictive Analytics: AI allows insurers to predict customer needs more effectively, anticipating when customers might need policy changes, renewals, or additional coverage, creating a more proactive customer experience.

3. Fraud Detection and Prevention

Insurance fraud is a significant issue in the life insurance industry, but AI is helping insurers detect fraudulent claims before they are paid out. Using machine learning models, AI systems can analyze patterns of behavior across a vast amount of data and flag suspicious activities.

• Real-Time Fraud Detection: AI can analyze data in real time to identify red flags or inconsistencies in claims, preventing fraudulent claims from being processed.
• Pattern Recognition: AI can detect patterns of fraudulent behavior that human adjusters might miss, reducing the risk of payouts on fraudulent claims.
• Cost Savings: By reducing fraud, AI helps insurers save money, which could potentially lower premiums for policyholders.

4. Automated Policy Recommendations and Sales

AI tools can help insurers deliver more personalized policy recommendations to customers, increasing the likelihood of a sale and improving customer satisfaction.

• AI-Powered Advisors: AI systems can analyze a customer’s unique situation—such as their income, health history, and family obligations—and suggest life insurance products that are best suited to their needs.
• Personalized Marketing: AI can also be used to personalize marketing efforts, ensuring that customers are only presented with relevant products based on their specific characteristics. This approach increases conversion rates and boosts overall sales.
• Lead Scoring: AI can help insurance companies prioritize leads by analyzing customer behaviors and determining which individuals are most likely to convert. This can help agents focus their efforts more effectively.

AI is set to revolutionize the life insurance industry, creating new efficiencies, improving customer experiences, and enhancing risk management processes. For insurance agents, AI presents both opportunities and challenges. While the automation of administrative tasks and AI-driven insights can increase productivity and allow agents to focus more on relationship-building, there are concerns about job displacement and the need to adapt to new technologies. The key for insurance agents will be to embrace AI as a tool that can enhance their work, rather than replace it, ensuring they remain valuable partners for their clients in an increasingly tech-driven world.

As AI continues to reshape the life insurance industry, the successful agents will be those who can combine the power of AI with their own expertise and personal touch, offering clients the best of both worlds.

#insurance #katsen #katseninsurance #alexandrakatsen #agent #insuranceagent #katsenalexandra

Why Purchase Travel Insurance When Flying Abroad?

Traveling abroad can be one of the most rewarding experiences, offering the chance to explore new cultures, relax on exotic beaches, and create lasting memories. However, when you venture outside of Canada, unforeseen circumstances such as medical emergencies, flight delays, or lost luggage can disrupt your plans. To safeguard your trip and ensure peace of mind, purchasing travel insurance is a smart and responsible decision for every Canadian traveler.

1. Medical Coverage for Unexpected Health Issues

One of the most significant reasons to purchase travel insurance is to protect yourself from medical expenses. While Canada provides excellent healthcare for its residents, provincial health insurance plans do not cover medical costs abroad. Without travel insurance, Canadians may face hefty medical bills if they become sick or injured while overseas.

For instance, consider the story of Sarah, a Canadian tourist who flew to Mexico for a week-long vacation. On her second day there, Sarah began feeling unwell. Despite taking precautions, she developed severe stomach pains and was quickly hospitalized. It turned out to be a bacterial infection that required multiple days of treatment, including hospitalization and prescription medications. The medical bills exceeded $10,000 USD, an amount Sarah could never have anticipated. Fortunately, Sarah had purchased travel insurance before her trip, which covered her medical expenses in full, sparing her from financial hardship. Without the safety net of insurance, she would have faced significant financial strain and potentially disrupted her entire vacation.

2. Emergency Medical Evacuation

In some cases, if you fall seriously ill or sustain an injury, you may need to be evacuated to a more advanced medical facility, either within the country or back home to Canada. This type of medical evacuation can be extremely costly, often running into tens of thousands of dollars. Travel insurance provides emergency evacuation coverage, ensuring that you are transported safely without bearing the financial burden.

Imagine if Sarah’s condition had been more severe and required her to be flown back to Canada for more intensive care. Without travel insurance, the cost of this evacuation would have been astronomical, likely beyond her means. However, because Sarah was insured, she was able to receive the necessary care and transportation back home without any additional financial stress.

3. Trip Cancellation and Interruption Protection

Travel insurance also protects you in the event that you need to cancel or interrupt your trip. Life is unpredictable, and there may be situations such as illness, family emergencies, or natural disasters that force you to cancel your flight or cut your trip short. Without insurance, you could lose a significant portion of the money spent on flights, hotels, and tours.

For example, if Sarah had fallen ill right before her trip, or if her condition worsened while abroad, her travel insurance policy would have allowed her to cancel her trip or return home early with minimal financial loss. Travel insurance often includes reimbursement for non-refundable costs like flights, hotel bookings, and pre-paid tours, which can help ease the financial burden of an unexpected event.

4. Lost or Delayed Baggage

Another common issue that travelers face is the loss or delay of luggage. While airlines do offer some compensation for lost bags, it may not cover the full cost of replacement items, especially for more expensive items like electronics, clothing, and toiletries. Travel insurance provides coverage for lost, stolen, or delayed baggage, ensuring that you are reimbursed for necessary purchases if your luggage is delayed or lost entirely.

5. 24/7 Assistance and Support

In addition to providing financial coverage, travel insurance often comes with 24/7 assistance services. These services can be invaluable if you find yourself in a foreign country, struggling to navigate the healthcare system, or need help locating a doctor or medical facility. Many travel insurance providers offer multilingual support and emergency help lines, making it easier for Canadians to get the assistance they need no matter where they are.

In Sarah’s case, her travel insurance provider connected her with a local hospital and assisted with the necessary paperwork and medical arrangements, reducing the stress and confusion of navigating an unfamiliar healthcare system.

6. Peace of Mind

Ultimately, one of the greatest benefits of purchasing travel insurance is the peace of mind it provides. Knowing that you are protected from financial risk and have access to assistance in the event of an emergency allows you to focus on enjoying your vacation. Travel insurance ensures that you can take a trip with confidence, knowing that you're covered for a wide range of potential issues.

Conclusion

While no one plans for unexpected events, travel insurance can be a lifesaver for Canadians traveling abroad. Whether you're facing a medical emergency like Sarah’s experience in Mexico, needing to cancel a trip due to unforeseen circumstances, or dealing with lost luggage, having travel insurance in place can provide invaluable protection and peace of mind. By investing in travel insurance before you embark on your next international adventure, you can ensure that you are prepared for the unexpected, allowing you to focus on creating unforgettable memories without the worry of what might go wrong.

#insurance #katsen #katseninsurance #alexandrakatsen #agent #insuranceagent #katsenalexandra

How Easy Access to Accident Coverage Can Bring Peace of Mind to Your Everyday Life

In today's fast-paced world, accidents can happen at any time, and having the right protection in place can make all the difference. Whether it's a small slip on a rainy day, a sudden mishap at work, or an unexpected fall during outdoor activities, life is unpredictable. But what if there was a simple way to ensure you’re covered, no matter what happens?

Imagine a product that takes the stress out of dealing with the unknowns of daily life, offering a quick and easy way to access comprehensive coverage when accidents strike. This type of coverage is designed to protect everyday people like you and me, from all walks of life, ensuring that a sudden incident doesn't throw off your entire life.

One of the most remarkable features of this coverage is its accessibility. Getting the protection you need is straightforward. You don’t need to spend hours navigating complicated insurance jargon or filling out endless paperwork. With just a few simple steps, you can secure the coverage and rest easy knowing you're protected from unexpected expenses.

In terms of effectiveness, this coverage works by stepping in when you need it most. Whether it's medical expenses from an unexpected injury or other costs associated with an accident, the coverage helps reduce the financial burden that can come from such events. It’s designed to support you through recovery, ensuring you don't face an additional layer of stress in an already difficult time.

The real power of this product lies in its ability to integrate seamlessly into your life. Whether you’re at work, out with friends, or enjoying a weekend getaway, knowing that you're covered if an accident occurs can be a huge relief. It’s a safety net that doesn’t interfere with your daily routine, but is always there when you need it most. This makes it ideal for people who lead busy, active lives and want the peace of mind that comes from knowing their bases are covered without any extra hassle.

Furthermore, the product is designed with flexibility in mind, so it can fit a wide variety of needs. Whether you're a busy professional, a parent with children, or someone who enjoys outdoor activities, this coverage adjusts to your lifestyle. It makes managing the unforeseen a lot less daunting.

In a world where accidents are a part of everyday life, it’s essential to have a reliable solution that offers not just peace of mind, but practical financial support. This coverage does just that, delivering both simplicity and effectiveness for individuals from all walks of life, ensuring that no matter what happens, you’ll be able to move forward without unnecessary stress or delay.

#insurance #katsen #katseninsurance #alexandrakatsen #agent #insuranceagent #katsenalexandra

Important facts about Visitors to Canada insurance

Why you should choose to work with an insurance agent and not buy the insurance myself?

Working with an insurance agent can offer several advantages over buying insurance on your own: 

Expertise and Guidance: Insurance agents are knowledgeable professionals who can help you navigate the complexities of insurance policies. They can assess your needs, recommend appropriate coverage options, and explain any terms or conditions you may not understand.

Customized Solutions: An agent can tailor insurance policies to fit your specific requirements. They can help you identify risks and select coverage that adequately protects you, your assets, and your loved ones.

Access to Multiple Carriers: Agents typically work with multiple insurance companies, giving you access to a variety of coverage options and pricing. They can shop around on your behalf to find the best combination of coverage and value.

Personalized Service: Agents provide personalized service and ongoing support. They can assist you with policy changes, claims processing, and any questions or concerns you may have throughout the life of your policy.

Claims Assistance: In the unfortunate event that you need to file a claim, your agent can guide you through the process, advocate on your behalf, and ensure a smooth resolution.

Convenience: By working with an agent, you can save time and effort compared to researching and purchasing insurance on your own. Your agent can handle all the paperwork and administrative tasks, freeing you up to focus on other priorities.

While buying insurance yourself is an option, working with an agent can provide valuable expertise, guidance, and support to help you make informed decisions and protect what matters most to you.

If you would like to schedule you consultation, please call 204-807-1705

#insurance #katsen #katseninsurance #alexandrakatsen #agent #insuranceagent #katsenalexandra

BLACK FRIDAY DEAL????IT'S ALWAYS HERE!

New!

Make sure you check it out! | The Link Between

The best gift for your child.....RESP?

Manulife discontinues disability products for business owners

The insurer will stop accepting new business for four non-cancellable disability products as of Sept. 30.

“Closing these products allows us to focus on the other areas, and we’ll continue to offer disability products through the other channels,” said Manulife in a statement confirming the memo’s contents. “We will continue to offer Affinity and Group Benefits disability products to Canadians as well as continue to provide coverage and fulfill the contractual obligations to those who already purchased disability coverage prior to and on Sept. 30, 2022.”

Of course, clients with an existing policy have nothing to worry about. However, if you are a business owner and need disability, don't wait, get in contact with me today to discuss the alternatives out there!

What is partial disability and is it included in total disability policy?

Partial disability (most often) is not automatically included in the total disability contract, it has be to added as a rider to the policy. 

Why it is important to have partial disability in your policy?

Partial disability refers to a condition in which an individual's ability to perform certain tasks or activities is limited, but they are still able to engage in other activities to some extent. It implies that the person experiences a reduced capacity or restriction in carrying out specific functions or duties.

The extent of partial disability can vary greatly depending on the individual and the nature of their condition. It could be physical, such as a loss of limb or impairment of a bodily function, or it could be mental, such as cognitive or psychological limitations. Some common examples of partial disabilities include partial paralysis, chronic pain, vision or hearing impairment, and cognitive disorders.

Do you think this is something that is important to have in your policy?

#insurance #katsen #katseninsurance #alexandrakatsen #agent #insuranceagent #katsenalexandra

Universal life insurance

Universal life insurance is a type of permanent life insurance that provides coverage for the policyholder's entire life, as long as premiums are paid. Unlike whole life insurance, which has a fixed premium and death benefit, universal life insurance allows policyholders to adjust their premiums and death benefits over time. The premiums paid into a universal life insurance policy are divided into two components: a cost of insurance component and a savings component. The cost of insurance component covers the mortality risk and other expenses associated with maintaining the policy, while the savings component earns interest and builds cash value over time. 

The policyholder can choose to increase or decrease their premium payments, subject to certain limits, and can also change the death benefit amount. Additionally, the policyholder may be able to access the cash value of the policy through loans or withdrawals, subject to certain conditions and fees. 

Universal life insurance policies are often marketed as a flexible and customizable alternative to traditional life insurance, but they can be complex and require careful consideration before purchasing. It's important to consult with a financial advisor or insurance professional to determine if a universal life insurance policy is appropriate for your needs and goals.

If you will have questions about Universal life insurance, feel free to contact us at 204-807-1705 or [email protected] 

#insurance #katsen #katseninsurance #alexandrakatsen #agent #insuranceagent #katsenalexandra

Why Disability insurance is so important?

Why disability insurance  is so important? (especially for self employed)

Disability insurance is designed to provide financial protection to individuals who become unable to work due to a disabling illness or injury. It provides a source of income to help pay for living expenses such as housing, food, and medical care. There are several reasons why disability insurance is important (especially for self employed and business owners):

1. Protection against loss of income: If you become unable to work due to a disability, disability insurance can help replace lost income so that you can continue to pay bills and maintain your standard of living.

2. Employer-provided benefits may not be enough: Many employers offer disability benefits as part of their employee benefits package. However, these benefits may not be enough to cover all of your expenses, especially if you have significant medical expenses.

3. Disability can happen to anyone: Disability can happen to anyone, regardless of age, gender, or occupation. In fact, statistics show that one in four workers will become disabled at some point during their working years.

4. Peace of mind: Disability insurance provides peace of mind, knowing that you and your family are financially protected in the event of a disability.

Overall, disability insurance is an important tool for protecting your financial well-being in the event of a disability. It can help ensure that you have the resources you need to maintain your standard of living and provide for your family.

Need more information? contact us 204-807-1705

#insurance #katsen #katseninsurance #alexandrakatsen #agent #insuranceagent #katsenalexandra

Will you be my beneficiary?

HAPPY VALENTINE'S DAY!

What is better than chocolates and flowers from your significant one? yes, financial security through life insurance. There is one question; who are the beneficiaries?

In an individual life insurance policy, the owner can choose anyone to assign as a beneficiary. This person/entity will receive the policy payout in case of the insured's death. The payout is tax free and paid directly to the beneficiary.

There are two main beneficiary types; primary and secondary/contingent. Primary beneficiary is the person that gets the money in case of the insured's death. While the  secondary/contingent beneficiary will receive the money only in a situation where the insured and the primary beneficiary passed away.

Can the beneficiary live out of Canada? Yes. But the only suggestion is to provide as much as possible information on how to contact the beneficiary aboard.

If you have additional questions about beneficiaries for life insurance policy feel free to contact us! 

Super visa insurance monthly payments are back!

New Year? New age? new premiums!

New Year - Means that in the coming year we all will become a year older again! 

But how does this affect people who have not yet purchased life, critical illness or disability insurance? Unfortunately, insurance prices will go up. Many clients don't know that, but all insurance companies raise the insurance premiums NOT on the client's birthday, but 6 months before the actual date! Which means, for a client whose birthday is in June, the price will rise in January. Therefore, you should not wait another 8 months before your birthday to apply for insurance, i.e. the price will change much earlier. 

Happy New Year dear friends! 

For more details on how insurance works and policy details, call 204-807-1705 or email [email protected]

Mortgage vs life insurance: Which is best?

Mortgage vs life insurance: Which is best? It is one of the most common questions that I am asked. If you’re buying a home or renewing an existing mortgage, you may be offered life insurance by your lender or broker (mortgage protection).

Mortgage life insurance is typically marketed towards new homeowners who may be concerned that an unexpected death or illness could leave their loved ones with a large mortgage.  Personal life insurance can perform a similar function for you, but isn’t tied to just covering your mortgage. It’s designed to provide your beneficiaries with money in the event of your death.  Its flexibility allows your beneficiaries to use the money for whatever purpose they wish (including paying the mortgage out). It’s an individual insurance product.

Mortgage life insurance covers the balance of your mortgage, which decreases as the mortgage is paid down. Personal life insurance coverage, meanwhile, typically stays the same, but also may decrease, and isn’t linked to your mortgage.

Mortgage life insurance coverage ends when your home is paid off. A personal life insurance policy is unaffected by your mortgage ending and can keep providing you and your family with protection in the years that follow. Mortgage life insurance provided through a financial institution is typically quick and easy to arrange, and usually only requires answering a few health-related questions. Buying personal life insurance, on the other hand, typically takes longer and involves delving into your medical history.

Mortgage life insurance typically higher than on term life insurance. Moreover, the bank does not give you options, there is only one available product, while with insurance company, the client may choose the product, term and coverage that fits his or her individual needs.

My advice to any client who is getting a mortgage or goes through a renewal is to review the option for individual life insurance. It will save the client money and provide a better-quality product.

Critical illness insurance

Despite the fact that statistically, life expectancy is increasing, more and more people are suffering from critical illnesses every year, such as cancer, stroke or heart attack. In Canada, our provinces do cover hospitalization and all expenses in the hospital itself, but we often forget about the extra costs associated with the illness and recovery after the person is discharged.

The statistics shows that:

• Survival after cancer has doubled since 1970;

• 75% of people survive their first stroke, but 60% of them remain disabled.

• 30% of new cancer cases and 17% of cancer deaths will occur in young and middle age of 20-59 years.

Expenses associated with critical illness can be different, such as: expenses for treatment (if you suddenly want to go abroad for treatment); medications that are not covered by your benefit plan, lost or reduced income due to disability or forced change in lifestyle (change of profession, early retirement, change of residence, additional expenses for restoring health, etc.). Even setting aside a decent amount of money for a "rainy day" is not always a guarantee that those savings will cover everything necessary for a full recovery. Therefore, many purchase critical illness insurance to avoid losing a large amount of money that were meant for a specific goal, like long term savings, investments, GIF funds and even retirement. 

Let's take a look at the most important aspects of this insurance: Here are examples of diseases that are covered in the company’s list of illnesses, there are up to 25 of them on the list for adults and 35 for children but those are the most common once:

• Heart Attack
• Stroke
• Multiple Sclerosis
• Cancer
• Heart Bypass Surgery
• Kidney Failure
• Paralysis

And many others.

If during the term of the policy the client falls ill with one of the illnesses listed by the company and survives for 30 days after the diagnosis, then the insurance is paid out to the client in a lump sum. Insurance payout is 100% tax-free, regardless of your profession, work status and your tax bracket. This type of insurance can be issued both with the option of a refund of payments (full 100% refund) after the expiration of the insurance period. Or the client can choose a policy without the return of premium it is up to the client at the time of the application. 

In today's insurance market, it is also possible to insure people who already have some kind of critical illness. In this case, an exception will be in place for the already existing disease (only the first 2 years), but all other diseases will be covered. Such insurance is called Guaranteed Issue Critical Illness Insurance. At the age of 70, this insurance contract (Guaranteed Issue Critical Illness Insurance) usually ends.

For more information, please contact [email protected] or call 204-807-1705

Is your advisor licensed to sell insurance?

Insurance industry advisors are required to be licensed with the insurance regulator in each province or territory where they do business. License helps protect clients because insurance regulators will only register firms and individuals if they are properly qualified. Let’s imagine, you started to work with a person on your insurance or investments, and everything seems to look good, but something tells you to double check his or her credibility. How can you do that without offending the person you work with?

First, you will not offend your advisor if you ask about his or her license status. Insurance advisor’s license status is a publicly available information. The only thing you have to have, is the correct spelling of your advisor’s name.

Second, it is important that your advisor is licensed in the provinces where you are both are. For example, an advisor who is in Saskatchewan works with a client from Ontario must be license in both provinces to be able to sell insurance.

Third, where do I find information about whether my advisor is licensed? Insurance council of every province. You type in Google the insurance council you are interested in, for example “insurance council of Manitoba”, then go to their website and look for “Licensee Directory”. Then the website will ask you to input the name of the advisor, and then wo-la! You can see id the status of your advisor’s license is active or not. Moreover, most councils will also display any “restrictions” to the license.

Links to different councils (if you decide to search me, make sure that you spell my name as Alexsandra)

• BC Council:  Licensee Directory (insurancecouncilofbc.com) 
• AB Council:  Licensing (abcouncil.ab.ca)
• SK Council:   Search Licensees (skcouncil.sk.ca)
• MB Council:  Agency/Licensee Search (icm.mb.ca)
• ON Council:  Licensee Directory (insurancecouncilofbc.com)

Note: the effective date of the license does not tell you the number of years the advisor has had his or her license, the system will only show you the recent renewal date of the license. Most of the licenses are renewed every year, so the directory will show you the start day of the recent renewal.

Travel Insurance Claims

Whether we are talking about travel insurance for traveling Canadians or Visitors to Canada, the most questions I get are about the claim process. Sometimes we want to know more about the coverage we purchase but the policy is very long and sometimes the terms are not so clear to understand. Today I want to touch up on some main aspects of any travel insurance claim.

What should I do in the event of an emergency?

You MUST call your insurance company as soon as possible so as not to negate or reduce any allowable coverage defined in your policy. Some companies will reduce the amount of coverage you are eligible for (up to 20%) if you do not call them within a specified time period. Often it is 24 hours* window to inform the company about your medical emergency. Regardless, the reason they need to be called is, so they have a chance to become involved at an early stage in the claim.

*This period is determined by each company, make sure to ask about it when you purchase the coverage

What questions I will be asked when I call the company?

At the time of the call to the insurance company, they will ask you for:

•  full name of the insured
• policy number,
• address on the file 
•  the reason for seeing the doctor. 

Of course, they will not expect you to know any diagnosis, but they will certainly ask you about what happened.

How can your agent help?

Many people think that the agent who they purchased the insurance with, can do everything from claim submission to talking to the doctors in the hospital. In fact, that is not the case. In the case of Claim, your agent is limited in certain areas, agents cannot actively participate in the process of providing information between the client and medical professionals. For example: any doctors, clinics or hospitals are not allowed to give your personal information to anyone other than you or the insurance company (you will need to sign non-disclosure forms for this information before the insurance company can contact the hospital or clinic for your information). Therefore, the agents do not have the legal right to contact your doctor, clinic, or hospital even if the insured gives the permission. I understand how hard It can be to quickly navigate during a very stressful situation, so I am always happy to help with filling out paperwork to file a claim with the company.

Who makes the decision to approve or decline the claim?

It is important to remember that the decision regarding the payment of insurance claims is made only by the insurance company and no one else. We, as agents, cannot influence the decision of the company in any way. The decision is made only after collecting all the necessary papers providing all the necessary information about the health of the client and the reasons for going to the doctor or getting to the hospital. Unfortunately, no one can say in advance whether a certain case will be paid or not, before the file is processed by insurance company itself.

What else should I know?

It is important to understand that insurance companies cannot go against certain rules in a hospital or clinic, in terms of payments, conditions and policies. Each hospital or clinic might have their own regulations, even if they might be in the same city or province. It is entirely possible for the doctor to ask you for part of the payment in advance before the insurance company settles payment with them for the services provided. In such situations, you should immediately notify the insurance company so that they can sort out the situation by contacting the hospital or clinic providing the service.

If you have more questions, you want me to cover in my next travel insurance article, feel free to leave a comment below.

For more information, travel insurance quotes or advise, feel free to contact me at 204-807-1705 or by email: [email protected]

TFSA- What should you know?

One of the easiest ways to save money is to open a tax-free savings account (TFSA), but not everyone knows how it works. To help you understand this, I decided to touch on the most basic questions about the TFSA account.

Let's start from the base, what is TFSA?

This is a savings account where there is no tax on investment income and capital gains. Yes, and withdrawals are also tax-free! Yes, CRA completely exempts this account from taxes.

Where can you open such an account?

You can open it at any bank or financial institution. My advise to you is to  consider opening an account with an insurance company, where you will find investment products of such a broad variety the bank cannot always offer you. I can offer you both redeemable investments and non redeemable, both guaranteed and not. To understand the difference between these options, please contact me, my consultations are free.

Why should I go to an insurance company when I can open a TFSA account with my bank?

I often hear:

– “I opened a TFSA in a bank”

- “And where did the bank invest your money?”

– “In TFSA”.

Poeple do not know where the bank put their money, for how long and with what conditions. Many banks guarantee a profit of 0.5%-1%, but are you sure that this is the real percentage that they have from your money? The answer is obvious. In an insurance company, you can invest money at a guaranteed account of 3% -4.3% (depending on the company and the investment period). In addition to the guaranteed option, companies offer a large range of investments in terms of the client's risk comfort level.

When can I start saving money in TFSA?

If you are a Canadian resident, you can open a TFSA as soon as you turn 18.

How much can you contribute to TFSA?

The annual limit in 2022 is $6,000 and this may change each year. But if you did not contribute to TFSA in previous years, or contributed less than the limit, then you can deposit more up to the amount of the limits for all the years that you were eligible to contribute money to TFSA, as the underused limit is carried over to the following years.

If I withdraw money from my TFSA, will my unused contribution limit increase? Yes, when you withdraw money, the unused limit is increased by the withdrawn amount. But be careful, this limit will only increase on January 1 next year.

For any additional questions, please contact 204-807-1705 or email [email protected]