Your Premium News - June 2019
I’m taking my own vehicle on a summer road trip around Canada and the U.S. Is there anything I should know about my Autopac coverage when outside of Manitoba?
As a Manitoba resident, when you’re travelling in another province or state, their laws apply to you. Most traffic laws are similar across Canada and the U.S., but it’s important to be aware of any variances, such as no right turns on red in Montreal, or in Oregon, drivers turning right at a stop sign don’t always have to stop and may treat the stop sign as a yield when permitted.
The Personal Injury Protection Plan (PIPP), which is part of your Autopac coverage, protects you everywhere in Canada and the United States. It provides compensation for specific costs you may have from injuries or death caused by an automobile, no matter who is at fault or where the accident occurs.
However, you may still be responsible for compensating others if you are at fault, so we recommend that you have enough liability insurance to cover you when leaving Manitoba. We suggest increasing your Third Party Liability coverage to $10 million, especially when travelling into the United States.
More Autopac questions? Visit us in store for Autopac services or call 204-262-6065.
What do you mean by stability?
If you have a pre-existing medical condition, then there are certain requirements that need to be met to obtain travel insurance coverage. There are defined periods of time that your pre-existing condition must be stable before your trip. “Stable” means that you have NOT experienced any of the following sickness, injury or medical condition (other than a minor ailment):
- hospitalization or referral to a specialist (made or recommended) and you are not awaiting results
- a new diagnosis, treatment or prescribed medication
- any test results showing deterioration
- a change in medication
- a change in medical treatment
- vnew or more frequent symptoms
- are requiring investigation (other than a routine check-up)
Please note that there are certain exceptions. For example, a reduction in dosage or elimination of a medication resulting in an improved health condition, when approved by a physician, would not be considered a ‘change in medication or dosage’ as listed above.
To ensure you are getting the right coverage and to help answer any questions you might have, we recommend speaking to one of our Member Services Counsellors.
Call us at 204-262-6000 for a travel insurance quote or get a quote online.
Term Life Insurance
Coming to terms with the realities of home ownership.
If you’ve purchased a new home or condo recently, you know that mortgage payments will be just one of your many ongoing financial responsibilities in the coming years.
And although mortgage rates are near historic lows, history tells us that rates will undoubtedly rise in the future, putting you and your family under financial pressure.
But a sobering reality is that higher mortgage payments or a leaky roof aren’t the worst things that can happen when you own a home.
If the unthinkable were to happen and you died, would your loved ones have the means to continue to pay the mortgage for your family home?
Term life insurance versus mortgage insurance.
One of the easiest ways to give your family the security they deserve is to ensure you have enough insurance in place to cover your mortgage and more, in the event that you pass away.
Some homeowners opt to go with the mortgage insurance that banks offer when you sign the mortgage papers. It’s fast, easy and convenient – and you only have to answer a few basic health questions. But here are some important things to note…
Term life insurance is generally a less expensive, more flexible solution.
Mortgage insurance pays out the amount left owing on your mortgage when you pass away. As your mortgage balances declines each month so does your coverage, yet your premiums remain the same. With term life insurance, the amount your beneficiaries will receive never declines. It remains the same throughout the term of your policy.
Moreover, if you die, term life insurance pays the entire tax-free, lump sum death benefit to your beneficiaries, so they have the freedom to decide how the money should be spent. Mortgage insurance pays the remaining balance of your mortgage to your bank
Mortgage insurance doesn’t move with you. Term life insurance does.
If you have mortgage insurance and switch homes – or lenders – you’ll have to apply for a new mortgage insurance policy, and will have to undergo medical underwriting, which may, depending on your age and health, increase your premiums.
Term life insurance, on the other hand, isn’t attached to your debt. It’s attached to you – so it moves with you, no matter where you call home.
If you’re a first-time home buyer looking to purchase long-term protection to cover your mortgage and your family’s other financial obligations, CAA Term Life insurance is the ideal choice.
• Coverage amounts available from $50,000 up to $1,000,000
• Insurance rates are locked-in for the term you choose: 5, 10, 15 or 20 years
• Save 25% every year on coverage more than $250,000; 30% on amounts more than $500,000
And if you already have mortgage insurance? Consider the many benefits you’ll enjoy by increasing your term life insurance coverage to include your mortgage debt as well.
Buying a home may be one of the smartest decisions you’ll ever make. Protecting that asset and your loved ones with CAA Term Life insurance may be one of the wisest decisions.
Or for more information, call 1-888-334-4568.