Insurance Solutions

Term Life Insurance

What is Term Insurance?

Term insurance is a type of life insurance that protects you for a given period of time or a specified term of years. It is extremely beneficial for anyone that has a mortgage to pay on their home, runs a business, wants to protect their income, or has dependents. Term insurance is the most cost-effective way of putting coverage in place.

Policy Master Inc. is associated with all the major insurance companies. This allows Policy Master Inc. to have access to the best products and rates in the market. There are various term insurance options in the marketplace. It is important to understand the options available and which term makes the most sense for you.

Permanent Life Insurance

What is Permanent Life Insurance?

Permanent life insurance is a type of life insurance that stays in place for your whole life. Depending on the type of permanent coverage you decide to put in place, it may grow in value over time with tax advantages.

There are several types of permanent insurance policies that protect your assets and your family when you pass away. Your beneficiary – the person or entity that receives the benefit – will get the full amount upon your death, tax-free.

Life insurance is not mandatory in Canada but is the single most important asset to own. At Policy Master Inc., we will assist you in finding the best solution for you and your family based on your financial needs and affordability.

Disability Insurance

What is Disability Insurance?

Disability insurance is for individuals who are looking to protect themselves and their families against an unexpected injury or illness that leaves them unable to work and earn an income. When you have disability insurance in place and become disabled due to injury or illness, you receive up to 70% of your gross income. This benefit is paid out on a monthly basis and, depending on how it has been set-up, can keep paying out to the age of 65.

Most individuals are covered by WSIB (Workplace Safety & Insurance Board) but this only covers you during work hours (excluding lunch breaks) whereas individual plans cover you 24/7.

Having disability insurance is important for anyone that works or is self-employed, especially those individuals working in hazardous jobs such as construction, truck driving, and any other occupations that are high risk.

Critical Illness Insurance

What is Critical Illness Insurance?

What is Critical Illness Insurance?

Critical illness insurance is one of the most important coverages that you should own today. This form of insurance provides a lump-sum, tax-free benefit payment anywhere from $25,000 and up, should you become seriously ill or get diagnosed with a critical illness such as cancer, heart-attack, and stroke.

Benefits of Critical Illness Insurance

• Works as income replacement and can reimburse the income loss during an ailment

• Gives you peace of mind and allows you to focus on treatment instead of stressing about providing the bread and butter for your family

• Tax-free insurance policy

Some critical illness options have a return of premium option available. With this option, if you don’t claim your coverage, you are eligible to get 100% of your premium back.

There are various options in the marketplace available today, but not all coverages are the same. 

Mortgage Insurance

What is Mortgage Insurance?

Buying a home is one of the biggest investments in a person’s life and special care is required to avoid loss. Mortgage insurance is an insurance policy that protects a mortgage lender or titleholder if the borrower defaults on payments, dies, or is otherwise unable to meet the contractual obligations of the mortgage.

Mortgage insurance can be purchased from the lender or as a stand-alone coverage. Stand-alone coverage offered through us tends to offer rates up to 40% cheaper than what is offered from the lender. Before you purchase mortgage insurance, make sure you compare the various coverages offered so that you make an informed choice.

Health & Dental Insurance (Individual & Group Benefits)

What is Health and Dental Insurance?

Health and dental coverage is the most common insurance plan provided in Ontario. It pays for us to get our prescriptions, health services, and it also covers us for dental issues we may have such as cleaning, scaling, and topical treatments. It includes travel insurance and vision care as well.

Dental treatment is very expensive in Canada; it can significantly disturb your budget if you don’t have a good health and dental insurance plan. we offer outstanding health and dental plans to ensure our clients and their families have access to better hospitals equipped with advanced facilities. Both individual and family coverage plans are available.

Travel Insurance

What is travel insurance?

Travel insurance is your best companion when you travel abroad or domestically as it protects you in the case of an emergency. Your Canadian insurance is not valid outside Canada. And, your provincial or territorial health plan may cover a very small portion of the costs if you get sick or are injured while abroad, if anything at all.

Hospitals and clinics in some countries have been known to refuse to treat patients who become ill or who have had an accident if they don’t have adequate travel health insurance or the money to pay their bills. You could face years of debt paying off the costs of treatment for an illness or accident you suffered abroad. The Government of Canada will not pay your medical bills.

Benefits of Travel Insurance

• Complete support in a medical emergency

• It includes dental and health treatment plans

• Enjoy a stress-free stay

• Peace of mind

• Low cost options

• Multi-trip options available for frequent travelers

• 24-hour customer support

• Specialized benefits for you and your dependents

• Custom travel options and riders for the “Adventure Seeker”

• Trip cancellation and trip interruption options

• Baggage loss options available

Visitor Visa Insurance

What is Visitor Visa insurance?

Similar to Travel Insurance, a Visitors Insurance is for foreign nationals visiting Canada for a short or long period of time, either with a purpose to explore the country or visit their family and friends living in the country. Many visitors believe that they do not require Visitors Insurance as they are covered under their regional health plans, not realizing the fact that most insurance providers from across the globe do not cover you for medical expenses incurred in a foreign country.

As per Canadian Law, tourists visiting Canada are not covered under free medical facilities as Canadian citizens. They have to pay for their medical bills by themselves. Medical services are quite expensive in Canada and difficult to bear. This can put a heavy burden on visitors hampering their travel plans. To save visitors from financial burden, the Canadian Government encourages every visitor to have medical insurance prior to their visit to Canada.

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SUPERVISA Insurance

What is SUPERVISA insurance?

It is a new visa for parents and grandparents who want to visit their families in Canada for longer periods without having to renew their status. Applicants are required to purchase private Canadian medical insurance valid for at least one year.

Hospitals and clinics in some countries have been known to refuse to treat patients who become ill or who have had an accident if they don’t have adequate travel health insurance or the money to pay their bills. You could face years of debt paying off the costs of treatment for an illness or accident you suffered abroad. The Government of Canada will not pay your medical bills.

Benefits of SUPERVISA Insurance

• Complete support in a medical emergency

• It includes dental and health treatment plans

• Enjoy a stress-free stay

• Peace of mind

• 24-hour customer support

• Specialized benefits for you and your dependents