Individual & Family Insurance Introduction


There is absolutely no doubt that all forms of Insurance can seem complex and confusing! Most people will often put the subject of insurance on the “back burner of topics of discussion” as the subject matter can sometimes be difficult to consider. However, buying the right type of insurance policies can be crucial to a happy and healthy financial life whether you are single or have a family.

Since every individual is unique, your needs for insurance will also be unique to your own circumstances! There is no one-size-fits-all insurance solution! Insurance portfolios can contain only one product such as Life Insurance or can contain several different types of products such as Life InsuranceCritical Illness InsuranceDisability Insurance,  Personal Health Travel Insurance. Health Risk ensures that your portfolio will be tailored to your very own unique circumstances and protection needs!

Do I Need Insurance if I’m Single?

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So often single people when they are young and without families feel that there is no need for insurance because no one is relying on them. Or possibly you find yourself single at an older age and question the need to purchase or maintain existing insurance coverage.

Here are 11 reasons to consider purchasing or maintaining an existing insurance policy even if you are single:
  1. Single people work and create their own standard of living…how would you support yourself if you were to become sick or injured and unable to work? Disability Insurance would ensure that you receive a monthly income!

  2. Single people are diagnosed with Chronic and Critical Illnesses every day!! What type of financial security blanket would you have in the event of the diagnosis of a Critical Illness?

  3. It is less costly to buy your insurance when you are young as premium costs increase with your age. Why wait until you are older and married to buy your insurance? Lock in lower insurance premiums while you are young and healthy!!

  4. The older you get whether you are married or not, the more likely you are to contract a chronic health condition which would either increase your insurance premiums or make you ineligible for insurance coverage. Buying coverage when you are young, even if you are single, will allow you to lock in your valuable protection while you are still in good health and at the best rates possible. PLAN FOR YOUR FUTURE!

  5. Funeral costs and other debts will be a significant financial hardship on family or friends if you have not made other financial plans. Do not be a financial burden on those you love!

  6. Is it possible that even if you do not have children that there are others who depend on you financially? Perhaps elderly parents who need caretaking or special needs siblings? The right insurance policy can ensure that you have a financial safety net for those you care about most!

  7. Are you single and a business owner? Business Insurance can protect you in many aspects of your business…check out the many forms of Business Insurance available.

  8. Single people own homes and other properties & assets – make sure that you have your Mortgage, Lines of Credit or any other type of loan secured by the necessary insurances.

  9. Do you wish to leave a legacy? Perhaps there is a cause that you are passionate about or a charity that you wish to support. Life Insurance could provide you with that legacy.

  10. Single or married, we all find ourselves in need of Health Insurance at some time! The direct out of pocket costs for prescription drugs and other health services can be daunting…a well-planned health insurance program can ease the burden of unforeseen and unexpected high costs.

  11. Single people LOVE TO TRAVEL! Travel Insurance will make sure you are well taken care of in the event that you require emergency medical treatment whether you are travelling outside or inside of Canada!!

What Types of Insurance Policies Should I Consider When I am Wanting to Protect My Family?

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While no one expects the worst to happen, the fact is that it can and it does! Death, Disability and Critical Illness are inevitable aspects of life. So the question you need to ask yourself is how your family or other dependents would get by financially should something happen to you.

A proven solution that has worked for families for decades is the purchase of Insurance! Insurance will protect your family from the many financial hardships they will face if and when that unexpected event happens. Buying Insurance is the MOST unselfish thing you can do!!

Here are 12 reasons to purchase Insurance Policies designed to protect your family:
  1. Ensuring that your family can continue with their lives as normal as possible after your deaths
  2. Funeral Expenses
  3. Estate Planning including Capital Gains Taxes
  4. Accumulating Cash
  5. Transferring of Wealth
  6. Achieving estate tax liquidity
  7. Protecting your home in the event of your Death, Disability or Critical Illness
  8. Protecting your income/salary in the event of a Disability due to Injury or Sickness
  9. Protecting your financial security in the event of the Diagnosis of a Critical Illness such as Cancer, Heart Attack or Stroke
  10. Providing for the costs of Medical Care and Facilitative Lodging when you are no longer able to care for yourself and you do not want to depend upon your family for the care or the financial costs
  11. Ensuring that you and your family have access to Extended Health and Dental plans.
  12. Families love to travel! Ensure that your family is protected from the high costs of a Medical Emergency while traveling out of Province or out of the Country

Should I Buy Life Insurance For My Children?

Individual & Family Insurace

The idea of buying Life Insurance for children is one that many parents have a hard time accepting as there are so many different opinions as to the rightness or wrongness of such a purchase. Again, each individual situation will be different and unique to the family and child itself. Health Risk believes wholeheartedly in the reasons and advantages of buying Life Insurance for your children!!

Here are the 4 main reasons to protect your children with Life Insurance:
  1. To ensure that in the event that your child passes away, there is financial security to take care of: 
    A. Final Expenses
    B. Time of off Work
    C. Family Care and Counselling
    D. Charitable Intent
  2. To take advantage of locking in your child’s future insurability!
  3. To take advantage of locking in your child’s low premium costs for either a short term paid up policy or for the lifetime of the policy!
  4. To create a very attractive accumulation vehicle that will allow for cash withdrawals to finance educations or perhaps the buying of a first home!

Please contact Health Risk Services for additional information regarding Individual and Family Insurance, the applicable products and their applications or if you would like to request a quotation….WE ARE HERE TO HELP!

Stay tuned for the introduction of our TOTALHealth™ program! To be launched in 2023.