Glossary

  • CRITICAL ILLNESS
  • DISABILITY

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  • TRAVEL MEDICAL
  • STUDENT MEDICAL
  • TRIP PROTECTION

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CRITICAL ILLNESS


Critical illness insurance is a form of protection that can provide you with a lump sum payment if you suffer from a covered critical illness and the survival period is satisfied. The physical and emotional strain of a critical illness can be severe and when you combine that with the potentially damaging financial impact, the result can be devastating. That’s where the critical illness benefit comes in—you are free to spend the money as you wish—such as to help cover lost income, to pay for private nursing or out-of-country treatment, for medical equipment or even to pay off your mortgage. It can help you where you need it most so you can focus all your energy on recovering. A critical illness can happen to anyone:
  • It is estimated there are over 70,000 heart attacks in Canada each year.
  • ​​There are between 40,000 and 50,000 strokes in Canada each year.
  • An estimated 3,075 Canadians will be diagnosed with cancer every week.

DISABILITY


Disability insurance can provide you with financial security by replacing a portion of your earnings when an accident or illness causes you to become disabled and unable to work or earn an income. Accidents and illnesses are a fact of life. They could happen to anyone at any time. Did you know that 1 in 3 people, on average, will be disabled for 90 days or longer at least once before age 65. The average length of a disability that lasts over 90 days is 2.9 years. Both personal and business disability insurance solutions are available that offer flexibility and features to help bridge the gap between income and expenses during a disability.

Call us for more info: 905-731-8500

PERMANENT LIFE


An umbrella term for life insurance plans that do not expire (unlike term life insurance) and combine a death benefit with a savings portion. This savings portion can build a cash value - against which the policy owner can borrow funds, or in some instances, the owner can withdraw the cash value to help meet future goals, such as paying for a child's college education. The two main types of permanent life insurance are whole and universal life insurance policies. 


  • Whole   
    This type of life insurance provides the policyholder with a guaranteed amount to pass on to his/her beneficiaries, regardless of how long he/she lives, provided the contract is maintained. Most policies also offer a withdrawal clause, which allows the contract holder to cancel his/her coverage and receive a cash surrender value. 
  • Universal 
    A type of flexible permanent life insurance offering the low-cost protection of term life insurance as well as a savings element (like whole life insurance) which is invested to provide a cash value buildup. The death benefit, savings element and premiums can be reviewed and altered as a policyholder's circumstances change. In addition, unlike whole life insurance, universal life insurance allows the policyholder to use the interest from his or her accumulated savings to help pay premiums.
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  • PERMANENT / WHOLE
  • UNIVERSAL
  • TERM

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TERM LIFE


A policy with a set duration limit on the coverage period. Once the policy is expired, it is up to the policy owner to decide whether to renew the term life insurance policy or to let the coverage end. This type of insurance policy contrasts with permanent life insurance, in which duration extends until the policy owner reaches 100 years of age (i.e. death). 

Gateway Financial Insurance Inc.