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Life & Financial Services

Super Visa

The Super Visa is an option for parents and grandparents of Canadian citizens and permanent residents to visit their family in Canada. These individuals may be eligible to apply for the Parent and Grandparent Super Visa to visit their family in Canada for up to 2 years without the need to renew their status.

 

What are the requirements for a Super Visa application?

To obtain a Parent or Grandparent Super Visa for Canada, applicants must have valid insurance. Super Visa applications need to provide proof that they have private medical insurance from a Canadian insurance company valid for a minimum of 1 year from a Canadian insurance company and that it:
  • Covers healthcare, hospitalization and repatriation
  • Provides a minimum coverage of $100,000
  • Is valid for each entry to Canada and available for review by a port of entry officer

SUPERVISA MEDICAL INSURANCE PLANS

  1. You get to choose – start date for the plan and you can always change effective date before start of the coverage.
  2. Lowest Premiums Guaranteed
  3. 100% refund – If no Visa Granted for any reason before effective date.
  4. Partial Refunds – In case your parents decide to go back sooner than one year, prorated refund available, provided NO CLAIM on Policy.
  5. Monthly payments plans or Lumpsum payment plans.

INCOME REQUIRMENT FOR SUPERVISA

Size of Family Unit Minimum necessary income
1 person (your child or grandchild) $24,328
2 persons $30,286
3 persons $37,234
4 persons $45,206
5 persons $51,272
6 persons $57,826
7 persons $64,381
More than 7 persons, for each additional person, add
$6,555

Super Visa Applications

Cheackout or download Parent and Grandparent Super Visa Insurance Application from listed below.

Check List Check List pdf
Super Visa Application Super Visa Application
Schedule 1 Application Schedule 1 Application pdf
Family Information Family Information pdf
Statutory Declaration of Common Law Union Statutory Declaration of Common Law Union pdf
Use of Representative Use of Representative
Photograph Specifications Photograph Specifications pdf

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Life Insurance

Why is life insurance important?

  • It covers your financial commitments.
  • It allows your family to maintain their standard of living.
  • It covers death-related expenses.
  • It allows you to leave a legacy.
  • It ensures business continuity.
  • It completes life insurance coverage offered through your employer.

ALLKIND INSURANCE offer 3 types of life insurance to meet your needs

Term Life Insurance

Affordable coverage to meet your temporary needs

Protects you and your loved ones for a pre-determined period of time while you get back on your feet.

The ideal solution if:
  • You have dependent children and are on a tight budget.
  • You have short- and medium-term loans to repay.

Affordable protection that meets your needs

Term life insurance is an ideal way to cover your short- and medium-term debts at affordable rates. It protects you and your loved ones while providing you with the time you need to meet your financial commitments.
You can add critical illness or disability coverage as an option to your term life insurance.
Term Insurance offers:
  • Your choice of coverage term, from 10 to 40 years.
  • Premiums that will never increase during the selected term.
  • Protection for all of your loans and lines of credit under a single coverage.
  • Renewal on the annual basis after the initial contract period for continued coverage, if needed.
  • The opportunity to convert your insurance into permanent life insurance without a medical exam.

 

Permanent Life Insurance

Lifetime Insurance Coverage
Permanently protects your family and your legacy.
The ideal solution if:
  • You would like to leave a legacy.
  • You would like to be protected, even if your health changes.
  • You would like to ensure the continuity of your business.

Universal life insurance.

Universal life insurance is a type of permanent insurance that offers flexible premiums and a flexible death benefit.
Offers you lifetime coverage and the opportunity to save with certain tax benefits.
The ideal solution if:
  • You would like to leave a significant inheritance.
  • You have contributed the maximum amount to your RRSP and your TFSA.
  • You would like to protect the value of your company.
YOU CAN CHOOSE FROM DIFFERENT PLANS OPTION
1. 10 YEAR PAID UP
2. 15 YEAR PAID UP
3. 20 YEAR PAID UP
Your tax-deferred cash value account accumulates at least the guaranteed rate of interest, but may accumulate at a higherrate if market rates are higher than the guaranteed rate.
You can use the money in your cash value account to pay premiums if there’s enough available. And you can also increasethe amount of the death benefit without having to qualify for the additional protection. This alternative allows you to buildinflation protection into your insurance.
As with other permanent policies, you may be able to borrow against your cash value account, though any outstanding loanreduces your death benefit. You also get a portion of the cash value back, minus fees and expenses, if you end the policy.

Permanent Life Insurance

A permanent life insurance plan gives you much more than temporary plans do. Some products provide tax-advantaged savings which can complement traditional retirement plans, such as RRSPs. While term insurance has a set time length and premiums increase each renewal, permanent insurance is good for a lifetime with guaranteed premiums.
We’ve designed permanent life insurance plans that provide options and choices to meet your unique needs.

Whole Life PLANS

Whole Life is for those who want lifetime coverage with built-in savings, the comfort of guaranteed premiums and the ability to earn dividends. Whole Life covers all permanent insurance needs, including funeral costs, estate settlement costs, paying debt, and any other financial need. Features include:
  • Guaranteed cash values that can provide you with access to the funds through partial surrenders and policy loans
  • Policy dividends (not guaranteed), which allow you to share profits based on the participating account performance and are payable after the first policy anniversary
  • Automatic premium loans, where accumulated cash values can keep your policy in force if you are unable to pay premiums for a period of time

RESP

ARE YOU SAVING ENOUGH FOR YOUR CHILD’S FUTURE?

A good post-secondary education can be the key to unlocking life‘s opportunities. Over 90% of parents with children up to the age of five expect them to attend a post-secondary institution. However, as the cost of living increases over time, so do education expenses at post-secondary institutions. In fact, in 15 to 20 years, the estimated cost of a four-year education away from home may be between $100,000 – $200,000.

Who can open an RESP

Anyone can open an RESP account for a child—parents, guardians, grandparents, other relatives or friends.
While you can open a plan for a child, you can also name yourself or another adult as the beneficiary.
An RESP allows adults to earn interest on their RESP tax-free.

RESPs and bank accounts

You can open an RESP without having a bank account.

Period that an RESP can stay open

You can make contributions into an RESP until 31 years after you first opened it. After that time, however, you can transfer savings from other RESPs into a single plan. You would then have until the end of the 35th year after the plan was first opened to use the funds before the RESP expires (unless otherwise specified in the terms for your plan).

What happens to savings in an RESP when it closes/expires

Any savings that remain in your RESP when it closes will be handled as follows:
The interest earned on both the personal savings as well as any government grants or bonds will be returned to you if any of the following apply:
  • all children named in the plan are at least 21 years old and are not eligible for an Educational Assistance Payment;
  • the subscriber is a Canadian resident; and
  • the RESP was opened at least 10 years ago.
In this case, the money withdrawn is called an Accumulated Income Payment. When withdrawn, the money will be taxed at your regular income tax rate, plus an additional 20 percent. You may also transfer it into your Registered Retirement Savings Plan (RRSP) or your spouse’s RRSP.

When an beneficiary does not continue their education after high school

If the child chooses not to continue their education after high school, you can wait a while to see if they change their mind. RESP accounts can stay open for up to 36 years. If you are sure the beneficiary will not be using the money in the future, you can transfer the money from one RESP to another.

Yearly and lifetime RESP contribution limits

From 2007 to present:
  • no annual contribution limit;
  • lifetime contribution limit: $50,000 (including all contributions made prior to 1998).
While there are currently no annual contribution limits, you can receive the Canada Education Savings Grant (CESG)only on the first $2,500 in contributions per year, or up to the first $5,000 in contributions, if sufficient carry forward room exists. Any contributions over and above these amounts will not receive any CESG for the current year or any subsequent years. All contributions exceeding $50,000 limit will not attract any grant even if the maximum $7,200 of grant is not reached.

Contributions

Some types of RESPs have no minimum deposit requirements, while others do.

Frequency of contributions

Every RESP is different.
  • some types require specific monthly contributions;
  • others let you put money into your RESP account whenever you want.
The sooner you start to save, the sooner you will be earning interest, and the more your money will grow.

CESG grant room (carry forward)

As of 1998, grant room (unused basic CESG amounts) accumulates until the end of the year in which the child turns 17 even if he or she is not a beneficiary of an RESP. Unused basic CESG amounts for the current year are carried forward for possible use in future years, provided the beneficiary remains eligible.

Summary of limits for education savings

Annual Contribution limit required for basic CESG (annual limit) and annual maximum CESG
Period Contribution required for basic CESG (maximum annual limit) Annual maximum CESG
1998 to 2006 $2,000 ($4,000 with carry forward room) $800 (20% of $4,000)
2007 or later $2,500 ($5,000 with carry forward room) $1,000 (20% of $5,000)

 

Maximum amount of Additional CESG by net family income of primary caregiver (2015 levels)
Net family income of primary caregiver (2016 levels) Maximum amount of Additional CESG
$45,282 or less $100 (20% of the first $500 contributed)
More than $45,282, but not more than $90,563 $50 (10% of the first $500 contributed)
More than $90,563 $0

Number of RESPs you can have

There is no limit on the number of plans from different institutions one individual can have in his or her name, but there is a lifetime contribution limit of $50,000 per beneficiary. This limit includes all contributions made in all RESPs combined.
CESG payments are made to a single plan on a first-come, first-served basis. For example, if you contribute the entire $2,500 through one RESP provider onJanuary 15, and later put in a subsequent $2,500 through a different provider on February 15, the CESG will be deposited into the first plan you contributed to. When contributions are made on the same date the amounts are split in half between two plans, each plan receives one half of the CESG.
If you contribute through monthly instalments, the CESG is paid into each plan until either the maximum grant that can be paid in a year, or the lifetime contribution limit, is reached.

Naming a replacement beneficiary

You may change the beneficiary named on an individual, family or group RESP.
As with opening any RESP, the new beneficiary’s Social Insurance Number (SIN) must be provided.

Adding another child to an RESP family plan

If you wish to add another child to an existing RESP family plan, the child must be related to you by blood or adoption, and he or she must:
  • be under 21 years old at the time you add him or her to the plan; or
  • have been a beneficiary of another family RESP immediately before being added to this one.
As with any RESP, you must provide the new beneficiary’s SIN to the RESP provider.
If the Canada Education Savings Grant, Canada Learning Bond has already been paid into the RESP, you can add a brother or sister of the existing beneficiary to the plan without penalty.
If you add a beneficiary who is not a brother or sister of the beneficiaries already named on the plan, you will need to repay the grants or bonds to the Government of Canada.

Disability Insurance

Protect Your Lifestyle
YOU and Your Needs…
Are you an individual concerned about the impact to your lifestyle as a result of an accident or injury?
Then DISABILITY was designed for you and your active lifestyle!
Think about it: what would you do if a disability prevented you from working? You would lose not only your primary source of income, but you would also have to face extra expenses related to your condition-expenses that you’ll have to pay out of pocket.
Would you be able to meet your financial obligations?
1.What is disability insurance?
A disability – whether it’s sudden or because of a degenerative condition – can rob you of your ability to earn a living. Disability insurance is a type of coverage that gives you protection against the chance of losing income if you become disabled and you are not able to pay your expenses.
2.Why should you purchase disability insurance?
Most people recognize the need for life insurance, but many do not understand the need for disability insurance. The fact is, when you are disabled because of an illness or injury, your income stops – but your bills don’t. Did you know that:
• 1 in 3 people, on average, will be disabled for 90 days or more at least once before they reach age 65?
• A disability can last for months or even years?
TYPES OF DISABILITY PLANS-
1. Short Term Disability (STD)
This coverage begins when your sick leave runs out. Most short term disability plans pay a percentage of normal earnings – for example, 70 per cent – up to a certain length of time. Typically, this can be up to 15, 26 or 52 weeks. Some employers, however, choose not to provide short term disability benefits, relying instead on Employment Insurance (EI) disability benefits.
2. Long Term Disability (LTD)
This coverage starts when your short term disability (or EI) benefits run out. Typically, the goal is to replace 60 to 70 per cent of your normal income, but there is always a maximum dollar amount (e.g., $5000 per month). Given this, if you earn a high income, group LTD plans may replace less than 60 to 70 per cent of your pre-disability earnings upto the age 70.

Travel Insurance

If you’re heading to a tropical beach, cross-border shopping or visiting family or friends in another province or country—your full provincial healthcare plan won’t go with you. That means, if you experience a medical emergency away from home, you’ll be left to arrange for care and pay for it too.

  • Emergency Medical Expenses: Covers medical costs incurred due to illness or accident including medically necessary and prescribed emergency evacuation. aid, therapies and diagnostic tests .
  • Emergency Medical Evacuation: Evacuation to the home country is covered up to the medical sum insured.
  • Repatriation of remains: Covers the funeral expenses or expenses of repatriating the remains back to your home country, in case of death of the insured overseas.
  • Emergency Dental Expenses: Covers acute anesthetic treatment of natural teeth.
  • Hospital Expenses: Pays a daily allowance as stated in the policy in the event of hospitalisation either due to sickness or accidents.
  • Accidental Death: The company will pay the sum insured specified in the schedule in addition to the sum insured specified under the Personal Accident section, If the insured sustains Accidental bodily injury during the course of the journey .
  • Flight delay: Compensation if the aircraft is delayed for more than 12 hours than the original scheduled departure time

Trip Cancellation & Interruption Insurance

Trips get cancelled, plans get changed and luggage can go missing. Taking a trip is all about planning and preparation – but too often, plans can unexpectedly change. Trip cancellation and interruption insurance can help you protect your investment by helping cover pre-paid expenses, re-organizing travel plans, and recovering lost, damaged or stolen luggage.

Coverage & Services

Trip Cancellation
Should you have to cancel your trip due to unexpected or unforeseen events you can protect the investment you’ve made on non-refundable pre-paid travel expenses.
Trip Interruption
If you experience unexpected travel interruptions due to a covered risk.
Trip Delay
This coverage help cover the costs of re-booking and re-scheduling your itinerary to get you home when covered situations prevent you from returning home on your scheduled return date.
Lost, Damaged & Stolen Luggage
If your luggage or important travel documents are lost, damaged, or stolen while on your trip, this coverage can help you to find or replace them.

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Critical Illness

Critical illness insurance, otherwise known as critical illness cover or a dread disease policy, is an insurance product in which the insurer is contracted to typically make a lump sum cash payment if the policyholder is diagnosed with one of the specific illnesses on a predetermined list as part of an insurance

Why are critical illness and disability insurance important?

  1. Covers your financial obligations.
  2. Allows you to maintain your standard of living.
  3. Covers various expenses relating to critical illness or disability.
  4. Allows you to take the time you need to get back on your feet or to adapt to your new situation.
  5. Guarantees practical financial assistance, especially for the self-employed, small business owners and employees without a group insurance plan.

Why do you need critical illness insurance?

While healthy lifestyle choices can be your best defence against some health risks, a critical illness such as cancer, stroke or heart disease can strike anyone at any time. Consider the following:
  1. One in three Canadians will develop a life-threatening cancer
  2. One in two heart attack victims are under 65 years old.
  3. Each year, 50,000 Canadians suffer a stroke. Of all stroke victims, 75% will be left with a disability.

BENEFITS——–

  • Critical illness insurance provides a lump-sum benefit to help support you financially, if you are diagnosed with and survive a covered critical illness. You can use this benefit payment to supplement your health insurance plan and any group disability coverage you may have:
  • Reduce your financial burden: Pay off or reduce your mortgage, credit cards or other debts. Help keep your business running.
  • Maintain your independence: Modify your home or vehicle to improve your mobility. Hire domestic help for your recovery. Fund a leave of absence for yourself or your spouse.
  • Access cutting-edge medical services: In Canada, pay for medications and treatment not covered by provincial health plans. Outside Canada, pay for treatment that may not be available at home, in addition to your family’s travel and lodging expenses.
  • Assist in your recovery any way you choose: Spend more time with your family or use the benefit.

Different Forms Of Critical Illness Insurance

There is Simplified Issue Individual Protection which typically is available in amounts up to $50,000. Generally insurers will only ask a few health questions with these policies. They tend to be affordable and available from individual insurance professionals.
There are Fully Underwritten Individual Plans which are available in higher amounts; up to $2000,000. Medical information will be requested by the insurer. These plans are also available from individual insurance professionals.
There are life insurance policies that offer a critical illness insurance benefit often available as a rider to your policy.

MONER BACK PLANS———

Turn your Critical Illness into a forced savings account with a Return of Premium Rider: This is an interesting way to save on Critical Illness insurance. Pay more in regular premiums and, if you have not had a claim, receive your money back after a defined period of time . On the other side of the coin: you will pay more in the short-term but save more in the long run.

What conditions are covered?

The conditions that are covered will depend on your policy by typically included
Alzheimer disease
Aortic Surgery
Aplastic Anaemia
Bacterial Meningitis
Benign Brain Tumour
Loss of Vision
Certain types of Cancer
Coma
Coronary Artery Bypass Surgery
Loss of Hearing
Heart Attack
Heart Valve Replacement
Kidney Failure
Loss of Independent Existence
Loss of Limbs
Loss of Speech
Major Organ Transplant
Major Organ Failure on Waiting List
Motor Neuron Disease
Multiple Sclerosis
Occupational HIV Infection
Paralysis
Parkinson’s Disease
Severe burn

 

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Mortgage insurance

Mortgage protection insurance is a life insurance policy designed to pay off your mortgage if you die during the term. A It runs for the same length of time as your mortgage. A So, if you take out a mortgage over 20 years, your mortgage protection insurance must also be in place for 20 years. A If you die, your insurance company pays the policy benefit directly to your mortgage lender. Your lender uses the amount needed to pay off the mortgage and, if there is any left over, they will pass it to your estate. You can change a insurer during the term of your mortgage if you find better value elsewhere.

Personal Mortgage Insurance VS. Bank Mortgage Insurance

Bank Mortgage Insurance

  • The bank is the owner of the policy and you have no control over it
  • Lender is the beneficiary
  • The group policy can be terminated by the insurer at any time
  • Your insurance ends with the mortgage
  • Premiums can change if the group experiences change
  • Insurance terminates if you change lenders, you must re-qualify all over again
  • Cannot be more than the amount of the mortgage
  • Coverage decreases with your mortgage

UNDERWRITTEN AT TIME OF CLAIM

Personal Mortgage Insurance

  • You own the policy
  • Beneficiary of your choice which can be changed anytime
  • Your coverage is guaranteed
  • Your policy is guaranteed renewable and convertible
  • Premiums are Guaranteed
  • The insurance remains if you change lenders, change the mortgage, or buy another home
  • Can also include other needs outside of the mortgage i.e., income replacement, kid’s education, final expenses etc.
  • Coverage stays the same regardless of mortgage

UNDERWRITTEN AT TIME OF APPLICATION

When purchasing your new home, take the time to shop and compare lowest quotes for life insurance. Compare the cost of a term life insurance policy to a mortgage insurance policy. Chances are you’ll find a term life insurance policy will have lower yearly premiums and offer more coverage and flexibility than a mortgage insurance policy.