True Benefits Blog

2010 Government Benefits Update

Each year, government benefits such as EI and CPP are updated. The figures for 2010 have been summarized on a PDF available at our website.

Rachel von Sturmer, BA, GBA, CFP

www.truebenefits.ca

Be Mortgage Insurance Savvy

Just bought a home or renewed your mortgage? Protect your loved ones with the right insurance.

If you want to protect your family with life or critical illness insurance, make sure it’s with an individual policy and not through the bank. Here’s why:

• The right to choose your own beneficiary; with bank insurance, the bank is the beneficiary.
• Coverage is portable and you are the owner. If you move, your insurance moves with you, and there's no need to reapply. With a bank plan, if you change lenders, you need to reapply for new coverage.
• Lock in your rates with guaranteed pricing and coverage. With a bank plan, your coverage and rates may not be guaranteed.
• Bank insurance does not allow your family to decide how to spend the money; with an individual plan, your beneficiary can use the money as they wish: to pay the mortgage, take time off work, or pay for a child's education.

On top of these important reasons not to buy from the bank, we're often able to save our clients money, usually between 10% and 30%, over their bank insurance with individual life, and critical illness coverage!

Every client receives a customized insurance needs analysis report that gives a personalized picture of what type and how much coverage they need. Our recommendations are prepared based on a full market survey of top Canadian carrier rates and products. We shop the market on your behalf.

Please give us a call at 604.872.2866 or email info@truebenefits.ca for more information.

Rachel von Sturmer, BA, GBA, CFP

What's an Insurance Medical?

Depending on the type and amount of insurance you are applying for, as well as your age, you will be required to provide certain information and medical evidence in order to qualify. This is paid for by the insurer.

Commonly, a nurse will be sent to your home or office to take a blood and urine sample and do a health history questionnaire with you. They will also take blood pressure readings, and measure your height and weight.

For certain age groups and for higher insurance amounts, the nurse may do an electrocardiogram reading (EKG). An EKG records electric impulses of the heart through a band across your chest while you rest.

There are several things you can do to prepare for your insurance medical, and make sure you are going to get the best possible results:

• Get a good night's sleep the night before
• Consider booking a morning appointment with the nurse so that you don't have to fast during working hours
• Avoid alcohol, caffeine, nicotine, strenuous exercise and salty/fatty/rich foods 24 hours before your medical
• Have a glass of water an hour ahead of the meeting
• Rebook if you are feeling upset or particularly stressed

For more information, please contact our office at 604.872.2866 or info@truebenefits.ca.

Rachel von Sturmer

2010 EI Maximum Update

The federal government recently announced new Employment Insurance (EI) premium rates and maximums for 2010.

Previously, the annual maximum for insurable earnings was $42,300 and the corresponding weekly EI benefit max was $447.

This is increasing slightly for 2010 to $43,200 and $457 respectively.

Benefits plans that have Short Term Disability (STD) or Weekly Indemnity coverage may be affected by this. If your plan has a set weekly maximum, such as $450, the contract may need to be amended. If your plan has a description such as "equal to the current federal maximum", then the coverage automatically updates each year and nothing need be done. Ideally, STD plans are set up with a floating definition for maximum coverage.

PS: if your business offers STD or WI coverage to employees, make sure you take advantage of the EI Premium Reduction program.

If you have any questions, please feel free to call our office at 604.872.2866 or email info@truebenefits.ca.

Rachel von Sturmer, BA, GBA, CFP