This is where travel insurance (also called travel protection) comes in. It is specially designed to manage the pitfalls involved in travelling.  It provides insurance coverage from the moment you leave, to the time you get back home.

Travel Health Insurance Coverage

Travel insurance allows you to travel with peace of mind, knowing that if something were to happen you would receive proper medical care and not be financially responsible for potentially thousands of dollar of medical expenses. Never take travel medical insurance for granted.

When traveling within Canada or any parts of the globe, you should remember that man-made or natural conditions are significantly different from where you call home. These conditions might affect your health and security during travel. Even with the safest environment, it is still vital to be covered.

International travel medical insurance versus domestic travel medical insurance

International travel health insurance goes a long way to ensure that you can travel without worrying about encountering medical problems. This type of travel medical insurance may contain restrictions based on the countries you visit, it is important to review the details of your policy before you leave.

Domestic medical insurance, on the other hand, will cover you away from home but many are limited in terms of international travel.  This means that without health insurance for international travel, you would pay for all hospitalization or any medical treatments you obtain while in another country. Getting proper medical attention in a foreign country can sometimes be difficult not to mention extremely expensive.

Obtaining the complete coverage

Get several travelhealth insurance quotes from various travel insurance companies and compare the prices and coverage. When comparing plans you have to weigh the risks and costs of coverage, it is better to shop around to get an affordable but comprehensive travel health insurance.

Understanding the Importance of Travel Health Insurance

The post Travel Health Insurance: Key Component for Safe Travel appeared first on Synergy Life Financial.

The funds on these accounts came from pre-determined amount of money provided by the employers to their employees at the start each benefit year. Each Health Care Spending Account covers dental and medical expenses of employees.

Basically, employees are reimbursed with their medical expenses after they file or submit a claim for reimbursement. CRA HSA eligible medical expenses are paid in full. HCSAs accounts can either be offered as a standalone plan or exist alongside other medical and dental insurance plans.

How does it work?

Right from the start of each benefit year, the employer or plan provider will have to decide the amount to be allocated for each employee’s individual Health Care Spending account (amount varies by employee type or class). For example, office managers could receive $4000 HSA money per year, while other employees at $2000 per year.

Employees can then file a claim to cover any of the CRA ALLOWABLE MEDICAL EXPENSESwithin one benefit year. Conventional benefits plans set dollar limits to the account or try to restrict the coverage on specific medical expenses. Health care Spending Account, on the other hand, is designed so that employees can spend the funds on their HSAs on medical and health-related expenses their families incur.

HCSA is a FLEXIBLE SPENDING ACCOUNT that offers complete claim flexibility to the employees and ensures controlled benefit costs to employers.

What are the Health Spending Account eligible expenses?

Any item that meets the requirements to be qualified for the Medical Tax Credit is considered as eligible for coverage through the Health Care Spending Account. You can refer to the official CRA website for a comprehensive and detailed list of CRA HEALTH CARE SPENDING ACCOUNT ELIGIBLE EXPENSES.

The tax benefits of HCSAs

Just like other EMPLOYEE BENEFITS plans, the cost of an HCSA is a tax-deductible business expense with tax-free benefits received by employees. For the HSCA plans to be considered as tax-deductible to the employer or plan provider, A Health Care Spending Account must be funded with a pre-determined limit by the employer. Also the funds mustn’t be used to buy additional insurance plans such as life insurance and unused HCSA fund can’t be converted to cash.

With HCSA plans, employees can only claim funds up to a pre-determined maximum. This provides employers and plan providers with complete claim costs control each year.

For employers and plan providers looking for creative and practical ways to control their dental and medical expenditures, a Health Care Spending Account can be the perfect solution.

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What are the different types of life insurance without medical exams?

There are 3 types of NO MEDICAL LIFE INSURANCE:

• Guaranteed Issue / Guaranteed Acceptance Life Insurance: This type of life insurance does not involve health questions and medical exams, thus easier to get.
• Graded Benefit: Just like the Guaranteed Issue, this is a life insurance without medical exams or questions and are ideally recommended for individuals aging 50 and above.
• Simplified Issue: No medical examination is involved, however an individual looking to purchase this life insurance will be required to answer some medical questions.

How quickly can you purchase a no medical exam life insurance?

Since there’s no medical or physical examination involved, the usual turnaround time for a LIFE INSURANCE without a medical is quicker than with a regular life insurance policy which could take up to four to six weeks to process.

Why is a life insurance without medical exams more expensive than a standard life insurance?

The rate is generally an estimate of the person’s life expectancy, which is difficult to determine if no medical examinations and probing is involved. A life insurance policy with no medical exams poses a much higher risk to the insurer and to offset this risk the rate is raised a little higher than what a standard life insurance costs.

While these types of policies are more expensive than a standard policy, they also help provide insurance to those individuals who, due to age or health issues, may not qualify for a standard life insurance policy.

The post What is Life Insurance Without Medical Exams? appeared first on Synergy Life Financial.

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Here’s a list of full coverage services provided by most governments:

• Eye examination once every 12 months for those under 20 and over 65
• Eye examinations for those 20 – 64 only if they have a medical condition requiring examinations every 12 months
• Regular hospital ward accommodations
• Physician consultations
• Additional coverage for a wide variety of services only if deemed medically necessary

Keep in mind that the above list does not represent all the health insurance plans throughout Canada. Some provinces do not even offer full health insurance coverage for basic health care needs, while others cover them full and more.

This is why additional private HEALTH INSURANCE PLAN is needed. For just a small amount a day, you are affording yourself and your family appropriate health coverage needed to secure against many unforeseen costs no longer covered by the government.

Health Insurance Ontario

A resident of Ontario must show a health card indicating that he or she can avail the health care services paid by Ontario Health Insurance Plan (OHIP). A wide array of health services are paid by Ontario Ministry of Health and Long-Term Care except for unnecessary medical enhancement procedures such as cosmetic surgery. To enroll for OHIP coverage, you can walk-in to the ServiceOntario centre near you.

Most of the Ontario health benefits are already provided across Canada. The province where you are currently visiting will normally charge the Ontario Ministry of Health and Long-Term Care directly for medical services incurred. OHIP coverage usually takes effect three months after you formally establish residency in Ontario which is the ministry strongly suggests new and returning residents to get private health insurance in case they become sick while waiting for the OHIP to be enforced.

The Need for a Private Health Insurance Plan

Having a health and DENTAL INSURANCE plan enables you to maintain excellent overall health. The idea is to purchase a health and dental plan before you need it.  Canada health insurance can help you to safeguard against unexpected health costs. This will give you peace of mind knowing that you and your family don’t have to worry about expenses associated with serious injury or illness.

At Synergy Life, we can provide you with exceptional health and dental insurance services that you need. We have a wide array of products that would suit your needs and budget. We take great pride in giving you the best customer-centered approach a personalized attention. Synergy Life is here to help you select the right health insurance plan with ONLY with your best interest in mind. We will take the time to discuss with you the products you are purchasing so you feel confident, secure and happy with your decision.

Contact us TODAY to get a no-obligation health insurance quote so you can learn more about the benefits you will get once you take advantage of our health insurance plan.

The post Entrusting your Health to a Reliable Health Insurance Provider in Canada appeared first on Synergy Life Financial.

Hiring an investment advisor is a crucial step to creating wealth and financial security. You may know them by other names such as financial advisor, financial planner, portfolio manager, investment counsellor, or other names being used today in the industry. But their ultimate role remains the same – they’re out to help you evaluate your financial situation, create a solid financial plan, and offer sound FINANCIAL ADVICE.

Here are three smart tips to keep in mind when selecting the right investment advisor:

• Ask for recommendations

Word-of-mouth recommendation from people whose opinion you’ve trust is still a great way to finding the financial professional you’re looking for. Speak with your friends or colleagues and ask for their best recommendations.

• Look for certification

Always go with the investment advisor who has a current certification approved by the Canadian government. Be sure also that your financial advisor is up-to-date on the latest developments in the industry and has engaged in continuing education to provide effective services to the consumers.

• Check qualifications, references and background

Learn about the investment advisor’s educational background, professional designations, or any associations they belong to. If possible, try to contact one or two of their past clients and ask if they’re happy with the service or the outcome of their past investments.

• Set up an interview

Talk with the investment advisor who comes first in your list. Prior to your meeting, prepare a list of questions about the advisor’s experience, investment or financial planning philosophy, payment method and other services, et cetera. The interview will offer you a perfect opportunity to assess the advisor’s trustworthiness, competence, and compatibility with you.

• Go with your gut

After meeting with the financial advisor, trust your instinct and make the decision. It’s also very important that you feel comfortable working with the advisor. Otherwise, if they are not the right person you’re looking for, show some appreciation of their time and head for the door. You can just repeat the process above with the next candidate on your list.

Whether you’re just starting out, or have been INVESTING for years, teaming up with a trusted investment advisor has proven to have a significant and positive impact on your financial life. With a competent financial guide, you will be more confident to invest and grow your wealth without spending hours researching about financial products on your own.

Synergy Life Financial

From saving and securing your wealth, to guiding you when investing and growing your money wisely, our company is dedicated to help you secure your financial future. We’ve been in finance and business consulting since 1987 and have aided and established long-term relationships with families and business owners in Ontario, Canada.

To learn more about financial investments, RETIREMENT PLANNING, or guaranteed income for life programs, contact Synergy Life Financial today and experience our unique and holistic solutions for helping you achieve your financial freedom.

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Here are eight crucial steps you can take to improve your financial situation.

1. Pay off every penny of your credit card debt. This first step can earn you a whooping 18-22% return just by paying off your credit card balance in full, instead of paying the minimum monthly interest-laden payments. If you cannot do this all at once consider other options such as the Manulife ONE product to move your debt to one of the lowest interest rates available.
2.  Build an emergency fund. Any unexpected financial emergency can be incredibly stressful if you don’t have an emergency fund. It’s wise to start a separate bank account for this purpose alone. The ideal is to set aside enough fund to cover at least 3 to 6 months of your living expenses.
3. Create a household budget and stick to it. Creating and following a budget is vital in keeping your financial situation in order. The most effective way to do this is to keep track of all source of income and list both your fixed and average variable expenses such as gifts and vacations.
4. Set clear financial goals. Figure out what’s important to you – your priorities and what you want to accomplish with your investments. Do you want to save for a new house, a new car or a retirement plan twenty-five years from now?  You have to know why you are investing. You can then proceed to setting financial investment goals that really work for you.
5. Determine your asset allocation mix. Prior to investing, know what proportion of the portfolio will be allocated to each asset class such as stocks, bonds, and cash.
6. Improve your understanding of the markets. Learn as much as you can about how to utilize your investments properly in various markets. Read articles or books. Watch the news to get the big picture and understand what political or economic forces affect the markets.
7. Think long term. Financial investments are always long term. Many people are lured to short term gains, but they also run the risk of incurring big losses with them. Always look for safer, long term options for investments than choosing latest hottest trend.
8. Consult with your financial advisor. A qualified financial advisor can help you evaluate your financial situation and find you the best financial investment products that suit your needs. A financial advisor can also offer unbiased opinion and analysis of every investment before you buy it.

Your Complete Financial Investment Partner!

When it comes to minimizing risks and optimizing financial investments, Synergy Life Financial has the expertise, experience and dedication to provide you with a comprehensive array of quality investment products and services to meet a range of FINANCIAL MANAGEMENT needs in various market conditions.

Get independent and objective advice about investing, growing and protecting your wealth, as well as a free investment analysis and portfolio reviews. We can help you invest for your future. Contact Synergy Life Financial now!

The post Financial Investments 101 appeared first on Synergy Life Financial.

Tax Free Investment Accounts

That’s what they should have been called!

Too often I run into people who are proud that they are contributing the $5000 annual contribution amount to their Tax Free Savings Account with their bank. When I ask them how the money is invested, the usual reply is in a savings account of course!

I then ask what they perceive the benefits of these accounts are and the answer I get is to save tax on the growth of the investment…duh! When we discuss the fact that they have given up the use of the $5000 to earn 1% of interest which means they have saved about $20 of tax on the $5000 they get a little upset.

There are many options available to invest your $5000, I will sometimes suggest they use the TFSA to invest the higher risk portion of their portfolio. The reason is straightforward, the potential return on equity funds or precious metals will be substantially higher on what they could hope to get on an interest bearing savings account thereby justifying trying up the $5000 for a real return on their money.

It pays to know your options, and you should consider working with an independent financial advisor who is not tied to production quotas or the products of only one company.

Please CLICK HERE if you would like more about TSFA and what benefits are available to you.

The post Tax Free Savings Accounts – Right Idea, Wrong Name appeared first on Synergy Life Financial.

It is critical to your health and financial survival to keep money coming into your household. You need to have a properly structured income replacement plan in place. Even if you have some coverage at work it may not be enough. Please consider the list below to help you understand and manage the costs of DISABILITY INSURANCE. 

4 Tips to Control Disability Insurance Premiums:

1. When do the benefits start, also know as the Waiting Period. Most disability insurance plans allow you to pick the start date. Benefits can start on day 1, 30, 60 or on the 90th day that the disability occurs. Then sooner the benefits start the more expensive it will be. Consider how long you can “self insure” based on the resources you currently have. Be honest with yourself, not only will you lose your current income but your health care expenses may go up as well.
2. How long will I receive benefits for? This is known as the Benefit Period. Some plans will allow you to set the benefit period for 2 or 5 years or up to age 65. I recommend you seriously take the to age 65 benefit period. If the disability is severe enough you could face bankruptcy before you recover, no one wants to see that happen.
3. How much will you get? This is based on a percentage of your income and what other benefits you may get from your employer or other insurance policies you may. You have a choice about insuring for the maximum available or even 50% of the maximum. I would always recommend the maximum benefit, however if you are unable to afford the premium then some disability insurance is better then no disability insurance. Buy what you can afford, then increase it as soon as possible.
4. Should you buy accident coverage only? Most people are unaware of the fact that disability insurance has two separate types of coverages. Insurance can be purchased to cover both accident and illness protection. The majority of policies are sold to cover the maximum amount of risk as we cannot possible know what could happen to us. Again my recommendation would be to protect yourself against all possible risks, however like I’ve already mentioned – some coverage is better then no coverage. For example, if you work in construction you may choose an accident only policy first and then add the illness protection when you can afford to do so.

With all disability insurance policies it is extremely important to know the exact wording of the insurance company’s definition of disability. It is not always easy to find and not all insurance companies use the same wording. The difference’s may determine whether or not you will receive any benefits.

I have provided a lot of information, and you have probably guessed there is no easy solution to buying coverage. CLICK HERE to download a few guidebook on purchasing disability insuranace. I also suggest you speak with a licensed advisor who can discuss you situation and help you come up with the plan that would cover your needs for coverage and affordability. If you like, I would be happy to provide you a no-obligation quote, please CLICK HERE and tell me a little about your situation and how I can help.

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A demographic shift is happening in Canada, we are experiencing a decline in birth rates and increased lifespans which means retirement income will have to last longer then ever before.

Is it possible one day we might see more money coming out of the stock market then new money going in?

In order to provide sufficient monthly cash flow for investors investment companies will have to maintain higher cash percentages within their portfolios to meet the demand. Higher cash positions in portfolios means less money to purchase equities which are required to achieve better returns for investors capital.

Consider your future sources of retirement income, Register Retirement Income Funds (RRIF’s), Company Pension, Government Pension and how the stock market will impact the success of your retirement and how much control do you really have over the performance?

At age 71 all Registered Retirement Savings Plans (RRSP’s) must be converted to a RRIF and you must start taking money from your registered savings. Remember, it’s the Government that controls the start of your income and the percentage of withdrawals annually.

Seniors have been struggling for years for changes to the system as their portfolios are significantly affected when they are forced to take out a fixed amount regardless of market conditions. In a down market, an $800 withdrawal might actually require they sell an equivalent of $1200 worth of shares (valued from a month ago) this compounds the problem and increases the risk of running out of money.

Whether you are currently retired, or approaching retirement there are wealth erosion factors they will curtail the success of your retirement. You cannot eliminate them, but you can reduce the impact to your retirement by transferring retirement risk elsewhere.

Having products like FIXED ANNUITIES and VARIBLE ANNUITES in your retirement portfolio make a lot of sense.

A Fixed Annuity will provide:

• Payment guarantees
• Tax advantages for non-registered accounts
• Simplicity
• Confidence

A Variable Annuity will provide:

• Annual bonus during the accumulation years
• Guaranteed income for life (after age 65) regardless of market conditions
• Potentially increasing income

QUESTIONS OR COMMENTS? I’d be glad to help, send me an email at dsmith@synergylife.ca

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