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How insurance coverage fits into your financial plan

No one expected the COVID-19 pandemic—not to mention the many challenges and changes it brought. But if there was a silver lining, it was that the pandemic caused many Canadians to stop and look at things a little differently. Why not take this opportunity to start fresh and discover how you can better protect your and your loved ones’ health and finances? That’s why Costco is providing its members with exclusive insurance offerings through Manulife.

Significant life events like marriage, having kids, purchasing a house or even taking a vacation can affect finances. Part of a good financial plan may include having insurance that can help protect you and your loved ones from the costs associated with accidents, disability, illness and death.

Through Costco, Manulife offers Term Life, Health and Dental, and Travel insurance, all of which can be important parts of a holistic financial plan. (Be sure you always read any insurance policy carefully to understand any exclusions or limitations that may affect your coverage.)

Term Life

In the event of a death, Term Life insurance can help protect your family or business from hefty expenses by providing a tax-free lump-sum payment to beneficiaries. This way, family members can continue to pay for day-to-day expenses that would normally be covered by the lost income—like paying off a mortgage, tuition, bills and more. If you already have Term Life insurance through your employer, consider whether the coverage is adequate. Generally speaking, Term Life insurance should cover 10 times your annual income.

Health and Dental

Not all health and dental expenses are covered by provincial or employer health care plans, which is where Health and Dental insurance comes in. If you are self-employed or have recently changed careers, the protection provided by Health and Dental insurance may be essential for you and your family if you need additional coverage.

Travel

If you are travelling outside Canada and require medical care or hospitalization, these costs are typically not covered by government or employer health plans, and they can add up fast. Travel insurance helps cover emergency medical expenses, plus some plans may cover trip cancellation and interruptions, which is helpful if travel plans change suddenly.

For more information, call 1-866-707-4922 to speak to a licensed insurance agent or visit Manulife.ca/costco.

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