Does Medicare Cover Gym Memberships?
Many seniors prioritize staying active and healthy, but gym memberships can be a financial hurdle. This guide explores cost-effective ways for seniors to maintain an active lifestyle, unpacking what Original Medicare offers and the exciting fitness benefits available with some Medicare Advantage Plans. Budget-Friendly Fitness for Seniors While Original Medicare doesn’t cover gym memberships, there … Read more
Keeping Smiles Bright and Costs Low with Medicare Options
Introduction This guide explores how Medicare and other options can help keep denture costs manageable. Missing teeth are a common concern for many seniors, impacting not just their smile but also their ability to eat and speak clearly. Dentures offer a great solution, restoring function and confidence. However, the cost of dentures can be a … Read more
Unnamed Insured in Insurance Policies: Who Gets the Payout?
Ever wonder who gets the insurance money when you’re not named on the policy? The answer might surprise you. In some cases, even if your name isn’t explicitly listed, you can still benefit from insurance coverage as an “unnamed insured.” This article dives into the world of unnamed insureds, helping you understand your rights and … Read more
Alberta Court Upholds Clear Wording in Auto Insurance: Public Policy Arguments Fail
Surprising Court Decision: Swerving to Avoid Crash May Not Be Covered by Insurance A recent Alberta court case, Funk v. Wawanesa Mutual Insurance Company (2018 ABCA 200), highlights the importance of clear and concise language in auto insurance policies. This case has implications for drivers across Canada. The Scenario: Imagine you’re driving at night. Headlights … Read more
Did Swerving to Avoid a Collision Cost You Insurance Coverage? Alberta Court Says Maybe.
Imagine this: you’re driving at night, and headlights appear in the oncoming lane. You swerve to avoid a crash, but your car ends up rolling over. No one else is involved, but you’re injured. Here’s the twist: your insurance policy might not cover this, even though you were trying to be safe. A recent Alberta … Read more
When Insurers Must Step Up: Understanding Duty to Defend vs. Duty to Indemnify
Many businesses rely on insurance to protect them from financial losses. However, when a claim arises, confusion can emerge regarding the insurer’s responsibilities. This article clarifies the key differences between an insurer’s duty to defend and duty to indemnify. Duty to Defend: Taking on the Fight How it Works: Duty to Indemnify: Paying Up A … Read more
Important Update for Property and Casualty Insurers in Canada: OSFI Clarifies Minimum Capital Test Calculations
The Situation: The Office of the Superintendent of Financial Institutions (OSFI) recently released adjustments and clarifications to the 2024 Minimum Capital Test (MCT) for property and casualty insurers in Canada. These changes, effective January 1, 2024, affect the way insurers calculate capital requirements related to unexpired coverage for reinsurance contracts held. What Changed? The focus … Read more
New Brunswick Streamlines Pet Insurance Claims Process
Good News for Pet Parents in New Brunswick: Faster Claims for Fido and Fluffy! Calling all animal lovers in New Brunswick! Great news for your furry (or feathery, or scaly) family members: getting reimbursed for vet bills just got easier. Here’s the scoop: No More Licensing Headaches! Previously, anyone handling pet insurance claims needed a … Read more
OSFI Strengthens Security and Integrity Requirements for Financial Institutions
Recent Updates from Canada’s OSFI The Office of the Superintendent of Financial Institutions (OSFI) has recently implemented new regulations to ensure stronger security and integrity practices among federally regulated financial institutions (FRFIs) in Canada. These updates include: Key Requirements of the IS Guideline The IS Guideline introduces new and expanded expectations for FRFIs, including: Implementation … Read more
Choosing Your Life Insurance Beneficiary: A Guide for Smart Planning
Introduction: Selecting a beneficiary for your life insurance policy is crucial. This article offers valuable insights for navigating this critical decision, ensuring your loved ones receive the financial support intended in your absence. Body: Life insurance serves a specific purpose. Common scenarios include: * Family Protection: In this case, your spouse is often the ideal … Read more
Life Insurance and Coma: Understanding Coverage and Available Options
A coma, a state of prolonged unconsciousness due to brain dysfunction, can pose significant financial challenges. While life insurance policies don’t typically pay out during a coma, understanding your coverage and exploring additional options is crucial. Body: Several optional riders can be added to your life insurance policy to provide additional support in case of … Read more
Understanding Life Insurance Policy Cancellation: When Can Your Coverage Be Terminated?
Life insurance offers financial security for your loved ones in your absence. While you have the freedom to cancel your policy, understanding the circumstances under which an insurer can terminate your coverage is crucial. Body: Life insurance companies generally cannot cancel your policy due to factors like: * Illness: Even if your health deteriorates, your … Read more
Insurance for young adults : Why Young Adults Should Consider Life Insurance
Life insurance for young adults Introduction: Many young adults believe life insurance is unnecessary until later in life. However, purchasing life insurance for young adults offers significant advantages, including substantial cost savings and securing your loved ones’ financial future. Body: Locking in life insurance for young adults is a strategic financial decision. Here’s why: * … Read more
The Power of Whole Life Insurance: Securing Your Family’s Future
Introduction: While contemplating life’s uncertainties can be difficult, planning for them through whole life insurance offers a powerful way to ensure your loved ones’ financial security in your absence. Body: How Much Whole Life Insurance Coverage is Enough? Benefits of Consulting a Local Agent: Call to Action: Regardless of your income, a qualified financial advisor … Read more
A Guide to Finding Affordable Health Insurance : Decoding Health Insurance
Introduction: In today’s dynamic world, affordable health insurance has become an essential safeguard, not a luxury. However, navigating the intricate web of health insurance options can be a challenge, particularly for those on a budget. With healthcare costs steadily rising, finding cheap health insurance that meets your needs becomes crucial. This guide empowers you to … Read more
