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Insurance
Things you should know...
Basic Information Please write to me if you need any specic answers

Disability Insurance

Travel
Childrens Education

Life
Life Insurance
Life Insurance, as the name suggests, pays out at the 5me of the claim. You buy life insurance based on your requirements and not what your friend or neighbour has! Now, the biggest ques5on is how much is how much? Well, it depends on what your requirements are? In other words, it is also called a needs analysis. For e.g. if your household needs a yearly income of $50,000 and the main bread winner dies, then, a life insurance of One million will probably yield $50,000 @5%. The biggest benet of life insurance in Canada is that it is paid out Tax free! There are many types of insurances available, for e.g. you can buy a policy for 10 years, 20 years or permanent. There are also some permuta5ons and combina5ons available to suit your needs.

Disability Insurance
Disability Insurance should also be called a pay cheque insurance, simply because if you are rendered disabled and cannot work, then who will pay you if you dont work!

Travel
Also called Medical Insurance which is the primary concern whether you are travelling outside Canada or coming to Canada as a visitor or landed immigrant.

Childrens Education
Commonly known as RESP, i.e. Registered Educa>on Saving Plan. The government provides educa>on >ll high school, but you are on your own aLer high school. So, pursuing a college or a University Educa>on will cost you and you need to be prepared for that.

If you are immigra>ng to Ontario, Unless you have friends and rela>ves Canada, you are required to wait for 90 who are willing to support you >ll age days aLer you land here before your OHIP Insurance can start covering you.

65 (which is when you can apply for some old pension etc), you are An average charge for the hospital per dependent on these friends and night can cost you approx $3,000. Its very To help parents prepare and plan, the rela>ves to support you every month. important that you have ravel insurance government introduced some and to a good amount. incen>ves help parents save for their Or, if you do not have any resources, childs educa>on. Similarly, if you are a resident of Ontario then you should have a disability and now visi>ng another country, you insurance in place. The rst help is that the government should try and obtain some travel gives you is a grant of 20% on every Disability can happen due to 2 insurance as OHIP may not cover you for dollar you save for the childs everything. reasons, accident or illness. educa>on to a maximum of $7200. You can start a saving plan for as low as $25 and gradually increase the saving as your income grows.

You can contact me at sandi@sandisethi.ca

The good news is that the government also provides extra grants to low income families, and if you are a new immigrant and seZling down, you may qualify for the same, and you should avail the opportunity to obtain the extra grant.