Archive for the ‘Life Insurance Claims’ Category

New Legislation for Genetic Data to Target Insurance Coverage and Workplace Discrimination

Friday, January 17th, 2014

Genetic testing – it can be both a blessing and a curse. It can reveal the presence of genes that make one more susceptible to certain critical illnesses and can impact insurance ratings and even form policy exclusions.

According to a recent article published in the Globe and Mail, physicians and patient advocacy groups are supporting changes to federal legislation and provincial legislation, namely, the Ontario Human Rights Code that would prevent people’s genetic information from being used by employers and insurers.

If genetic testing becomes more widely available, the concern is, what will happen with the information?

Canada is the only G8 country who does not protect genetic information.

Insurance companies have been making decisions about coverage and policy eligibility based on medical history and the presence of a specific gene can impact the decision process.

An individual can be denied insurance due to a genetic predisposition to a condition that is manageable and that one can live with, such as celiac disease, as mentioned in the article.

A concern with unprotected genetic information is that it harms future generations in cases where a hereditary disease is present when it comes to applying for insurance coverage.

A genetic test may show that someone is a carrier of that specific gene, but it does not mean that specific disease will ever manifest itself. Scientists have yet to figure yet the direct health implications of the various traits and there could be inaccurate assumptions being made by insurance companies.

An application for insurance must be honest and disclose all relevant medical history and information to the insurer, as part of the insured’s duty of good faith.

If your critical illness protection or life insurance benefits have been denied, contact the Toronto Disability Lawyers at Aaron Waxman and Associates.

Your initial consultation is free.

 

Checking in with your Insurance Needs

Thursday, March 22nd, 2012

Are you ready for life’s unexpected curveballs?

How would you manage financially if you were diagnosed with a serious illness and were unable to work? Or suffered a serious injury that rendered you unable to work?

Changing lifecycles are changing insurance needs. People are living longer, supporting adult children and are more active later in life compared to previous generations. The average life expectancy for men and women has increased. Due to medical advancements, more and more people are surviving critical illnesses.

Another change that has been happening is that people are choosing to have children later in life. Statistics Canada has revealed that more women are giving birth in their 40s.

What does this mean? Critical illness insurance is becoming more and more important. Why? It protects a family’s income and savings.  It protects a business person’s income and savings.

Having adequate insurance is important if you are self-employed or have a family or are planning to start a family. The sooner you obtain insurance, the better your premiums will be given your age, and it reduces the risk of being declined for coverage due to health issues.

To read more about the changing need for insurance, read the press release, “70 is the new 50″  issued by TD Insurance found here.

A recent article in the Globe and Mail, called “Lessons learned from a tragic game of touch football” also visited the necessity of critical illness and financial preparedness.  Changing work and family dynamics have made protecting income and finances necessary, especially as the health-care system deals with an aging population that is living longer and the federal government discusses possible changes to Canada Pension Plan and Old Age Security.

 

There are growing numbers of people who are self-employed or who have contract jobs, or are employed without benefits and insurance plans that supplement or protect their income and assets.

Critical illness insurance is a very important product. It’s been available in Canada since 1996. Consider the following:

  1. 1 in 3 Canadians will develop cancer
  2. 1 in 2 heart attack victims is younger than 65
  3. 3/4 of the 50,000 Canadians who suffer from a stroke annually will be left with a disability

Critical illness insurance pays a lump sum amount if the policy holder is diagnosed and meets the survival period. The general idea is that the lump sum covers the amount of income that may be lost while the person is off work for treatment or recovering. It can also offset the cost of private nursing care, attendant care, medications or other such needs.

Aaron Waxman & Associates handles critical illness insurance claims. In the event that your claim is denied, contact us for a free consultation.

 

 

 

 

 

Myths about Life Insurance/Why you should consider Critical Illness Insurance

Tuesday, January 24th, 2012

Forbes.com posted an article about 5 Life Insurance myths. The article relates to myths concerning the needs for life insurance primarily.

Our firm handles all types of insurance claims that have been denied, including life insurance claims and critical illness claims.

One myth that is examined is ‘Everyone Needs to Have Life Insurance’ – this is speaking to people who have dependents and large estates. But, what about people who do not fall into these categories? The key is to purchase as much insurance as you need, so that your policy is affordable. It is worth looking into life insurance sooner rather than later, before you develop health issues as life insurance policies are medically underwritten and premiums do depend on the type of health you are in. If you anticipate you will need life insurance, then you are the type of person who should have it.

Another interesting myth that is examined is ‘You don’t have to worry about your life insurance policy after you purchase it’. A change in your marital status, familial situation, financial situation can affect your policy. You should make sure your policy is up to date and will provide adequate coverage for all beneficiaries.

So why would someone want to have critical illness insurance on top of a life insurance product?? Well, the answer is, you just never know. You don’t. Illness can strike at any time. We have previously posted about the benefits of critical illness insurance and how it provides a lump sum payment when a serious illness occurs. A life insurance policy’s benefits are known.

The critical illness policy begins when the ‘critical illness’ happens and is in place to help cover medical expenses, and ease the financial stress of a difficult situation.

You can and should have multiple insurance products to protect yourself. Long Term Disability benefits can help with income replacement, a Critical Illness Insurance policy can help when serious illness occurs and a Life Insurance policy protects your loved ones when you are no longer around.

In our next blog post we will look at why purchasing long term disability benefits and critical illness insurance benefits is a wise choice.