Life Insurance in Nova Scotia
Life is precious. Protect yourself, your family, and your loved ones. Bauld Insurance offers Life Insurance for our clients who live in Nova Scotia. Our Life Insurance Advisor specializes in all things related to life insurance products and coverage.
A Better Way to Insure Your Mortgage
If you live in Nova Scotia, before you say yes to bank or lender mortgage insurance, consider a better option. Our Life Insurance Advisor will sort out a life insurance policy designed to protect you and your loved ones – not your bank or mortgage company.
Protecting your mortgage with Life Insurance from Bauld Insurance is a far better solution for you versus mortgage insurance offered by banks and other lenders. Here’s why!
Life Insurance from Bauld Insurance
- Choose the life insurance coverage amount you want. This amount does not decrease as the mortgage is reduced.
- Flexible: upon death, a life insurance benefit goes directly to your beneficiaries who decide how to best use the money.
- Fully portable: a life insurance policy is transferable to any house and coverage can be renewed and kept beyond the mortgage term.
- Life Insurance coverage can be renewed and kept beyond the term of the mortgage
- 30-day grace period for missed premium payments.
- You are qualified and approved for life insurance coverage at the time of application. Once approved, your death benefit is guaranteed.
Mortgage Insurance from a bank or lender
- Coverage cannot be altered or renewed and ends when the mortgage is paid off or the term ends.
- Inflexible: Upon death, the benefit goes directly to pay off the mortgage, it cannot be used for any outside expense.
- Not portable: lender offered mortgage insurance runs out when your house is sold.
- Coverage decreases as the mortgage amount decreases but your premium does not decrease.
- A missed mortgage payment often means lost coverage.
- Qualified and approved for coverage at the time of claim. The death benefit is not guaranteed at the time of death.
A customized Life Insurance policy just for you
With our Life Insurance Advisor’s experience and specialization in all things life insurance, you will get the right policy and coverages to ensure you are well protected.
Disability Insurance is designed to provide income if you sustain a serious illness or injury. It allows you and your family to maintain your lifestyle during a difficult period. Statistics show that people with disability injuries lasting more than 90 days are more likely to become long-term disabled than to die prematurely.
- Monthly non-taxable benefits are paid to replace your lost income.
- Your group benefits may not be adequate over the long term.
- Many group benefit plans only replace about half of your net income.
If you are a business owner, Disability Insurance can include a variety of additional options including: Key Person Plans, Business Overhead Expense, and Buy / Sell Disability Plan – if your business partner were to become disabled, the plan will pay a benefit to the company so you can buy out your partner shares.
Critical Illness Insurance
Critical Illness Insurance is an often overlooked aspect of personal protection. Yet without coverage, you may be seriously vulnerable with limited resources to pay for costs.
Clients with Critical Illness Insurance receive a tax-free, lump-sum benefit after satisfying the waiting period (30 days in most cases)
- Coverage is provided if you are diagnosed with one of 24 critical illnesses.
- In the event of a non-life-threatening illness, clients receive a partial benefit.
- Some policies provide a monthly Care Benefit if you need long-term care.
The Bauld Process
When you engage Bauld Insurance for your Life Insurance needs, you will appreciate our Life Insurance Advisor’s experience and depth of knowledge.
1. Needs Assessment
Our Life Insurance Advisor will complete a needs assessment with you, collecting answers to all required questions.
2. Advice and Quote
Our Advisor will gather quotes from a selection of life insurance providers and share quote prices and options with you. Then she will recommend the best policy for your unique needs.
Once a life insurance policy is selected, our Life Insurance Advisor will guide you through the application sign-off process, and set-up a payment plan.
4. Ongoing Support
When it comes to Life Insurance, you will receive ongoing claims support and service directly from the Life Insurance Policy Provider.
Frequently Asked Questions – Life Insurance
What illnesses/diseases does critical illness insurance cover?
Most insurance companies cover around 24-26 different illnesses with full benefits such as these listed below. Please refer to your specific policy to know what is covered.
- Acquired brain injury
- Aortic surgery
- Aplasic anemia
- Benign brain tumour
- Bacterial meningitis
- Coronary artery bypass surgery
- Dementia, including Alzheimer’s disease
- Heart attack
- Heart valve replacement or repair
- Kidney failure
- Loss of independent existence (LOIE)
- Loss of limbs
- Loss of speech
- Major organ transplant
- Major organ failure on waiting list
- Motor neuron disease
- Multiple sclerosis
- Occupational HIV infection
- Parkinson’s disease and specified atypical parkinsonian disorders
- Severe burns
What are the odds of a person experiencing a disability?
- If seriously injured, a 35-year-old has a 50% chance of a disability lasting 90 days or longer.
- 1 in 4 Canadians will contract heart disease
- Of those diagnosed with heart disease, 1 in 2 are under the age of 65.
Here are some critical illness survival rates and costs.
- Today, the likelihood of a Canadian surviving at least five years after a cancer diagnosis is 63%.
- More than 90% of Canadians who experience a heart attack and more than 80% who experience a stroke will survive after hospitalization.
- The annual out-of-pocket costs for newer cancer drugs are approximately $13,000.
Should I cover my mortgage liability with life insurance or with mortgage insurance from my bank?
Well-informed financial advisors do not recommend buying mortgage insurance from your bank or mortgage lender. Life Insurance is a better option and here are a few reasons why.
- The payout from mortgage protection insurance shrinks with your mortgage’s declining principal balance. Life insurance does not shrink over the term of the policy.
- With mortgage insurance, you may find out when you file a claim that you aren’t actually eligible for coverage as you were never officially underwritten medically. This risk is eliminated with life insurance.
- With life insurance, if you switch mortgage lenders you won’t have to worry about canceling your existing mortgage insurance and re-qualifying with the new mortgage lender.
Should I lock in my life insurance rates for 10 or 20 Years or more?
Although it is cheaper to go with a 10-year term, by design this assumes you won’t require life insurance after 10 years. In addition, after 10 years your health may have declined and you may not get another well-priced 10-year term policy.
So there is a cost-saving going with a 10-year term policy, however, you are taking on an additional risk that you will still be healthy in 10 years.
A needs analysis should be completed when contemplating coverage to determine the right term for your specific needs. For example, if your mortgage is 25 years you would want to consider a Term 25 so the price is locked in and coverage is in place for the full length of your mortgage.
What is the process for applying and being underwritten for life insurance?
The underwriting process consists of completing an application either online, on the phone, or by paper that asks a series of medical and lifestyle questions. If you have no health or lifestyle issues this might be it for you – your file gets approved, and your underwriting is complete.
As you get older or if you apply for large amounts of life insurance, insurance companies usually require a visit with a nurse to check your blood, urine, vitals, and typically the nurse asks you a series of medical questions.
After a nurse visit, the insurance company may come back asking additional questions on any health issues. In some cases, instead of asking you more questions, they may go straight to your doctor and ask them – this is not uncommon and happens quite frequently. Once all information is gathered, the insurance company will provide you with a decision. This could be approved, declined, or approved with a rating, such as an increase in price due to something found during underwriting that puts you more at risk.
Be Well Protected.
Christina Wyatt is our Managing Advisor – Life Insurance Division. She is a specialist in Life Insurance and has all the experience to ensure you are well protected. Contact her today to request a free life insurance needs assessment.