Frequently Asked Questions
Can I name my minor children as beneficiaries on my Life Insurance policy?
Yes. However if your child/children are under the age of 18 you must name a trustee for the proceeds of the policy.
Can I insure my parent/parents?
Yes. However your parents will have to complete a medical for medical evidence of insurability. Your parents will be required to sign the application as the “insureds” and you will have to sign as the “owner” of the policy. Either party will have to sign as the “payor” of the policy when it is determined who will pay for the premiums.
What factors affect my ability to purchase Life Insurance or Critical Illness Insurance?
Your personal medical history, family medical history (immediate family only), your financial situation, personal lifestyle habits (alcohol and tobacco use, non prescription drug use, hazardous activities), and occupation.
When does my insurance coverage begin?
Your coverage begins when the application for insurance is signed and the first premium is collected either by cheque or by an electronic withdrawal from your bank account. There is a ninety day window (interim insurance) in which the insurance company will gather all necessary information in order to assess their risk. The applicant/insured will be required to continue to pay the premium until the policy is issued. If for some reason the application is declined all premiums paid to that date will be returned.
How do I go about getting a will?
The best way is to see a lawyer that specializes in wills and estates. We are able to provide our clients with a checklist of items that they should consider and documents that should be gathered prior to meeting with their attorney. Make sure that Power of Attorney (POA) for financial and health reason be included. A competent lawyer will automatically include POA’s. Avoid self made wills since they may not hold up to scrutiny should the will be contested.
How do I choose an executor for my estate.
Very carefully. Accepting the responsibilities of an executor could be a very formidable exercise depending on the complexity of the estate so it would be prudent the ask the individual(s) if they would accept the responsibility. It is advisable to name two executors so that the individuals can consult with one another throughout the process of settling the estate. Another consideration should be the age of the executor and their financial competence and knowledge.