Other Product & Services

Travel InsuranceDo not leave home without it! Anyone could have an accident away from your country of residence. Without travel insurance and travel medical assistance services the cost of hospitalization and medical treatment could and often is astronomical. We have all heard horror stories about friends who wound up in the hospital in the United States. Not a pretty picture. If you are fortunate to be part of a group benefits plan, usually there is a group travel insurance benefit. If not, then you will want to purchase either a single trip or multi trip policy to cover your travel plans. We can assist you with this.

Mortgage Insurance –  It pays to compare!

Obtaining mortgage insurance from your bank will always be more expensive than purchasing life/mortgage insurance from an insurance company. Bank premiums are costly, and the provisions for the insurance are quite inflexible compared to a personal home owner’s mortgage insurance policy. Compare the differences below. If you would like a free price comparison between your mortgage insurance policy and comparable personal home owner’s mortgage insurance policy, that can be used to protect your mortgage and much more, please call or email Group Insurance Toronto. (see contact information).

Questions  to Ask  Yourself

Bank  Mortgage Insurance

Life  Insurance Product

 Who owns the Policy?   The bank owns the insurance policy.  The client owns their own Policy.
Who controls the Policy? The bank controls all the options. You the insured have control of all the options.
Can I guarantee I will always have coverage? Your policy lapses when the mortgage term ends or your mortgage goes into arrears. Policy will not lapse if you miss a mortgage payment.
 Who is the beneficiary?   Your beneficiary is the bank. You can name any beneficiary you want. i.e. wife, children, sister and brothers,   friends.
 What kind of coverage do I have?  Your coverage is decreasing term with level cost. No riders are available. It is   not extendable past the date the mortgage expires. Your coverage is level term coverage with fixed premiums.You can have additional riders added for minimal cost -Example Automatically   renewable(without medical) & convertible. Children can be added etc.
Can I be covered if I change mortgage companies? Moving the mortgage means reapplying for insurance. New medical information   required. You are covered continuously even if you change mortgage companies.
 How   much insurance do I have? The face amount of the policy cannot exceed the current value of the outstanding   mortgage. Monthly principal payments will be constantly reducing the mortgage   coverage.  Your coverage is determined by your original needs and can be increased or   decreased based upon your decisions only not the banks.
 What options do I have if I or my spouse dies?  No options. The mortgage will be paid off automatically. There are many options. The survivor can pay off the mortgage or invest the   insurance proceeds and continue to pay the mortgage payments from the   interest.  
 How are the insurance costs determined? All rates are blended between smoker and non-smokers, male and females. Thus   depending on health, age, smoking status and sex insurance costs could be   considerably higher than proper term insurance. Your rate is determined on your specific profile. There is no blending. If you are   healthy and a non smoker for example then your rate will be based upon these   facts specifically. Therefore, your rate will be less than with the bank.
 Who guarantees that I am covered?  Underwriting   is done at time of death. Errors by the insured, if any, will therefore not   be discovered until there is a claim. It is entirely possible that these   inaccuracies could invalidate your coverage.    Underwriting done at time of application. Once the policy is issued by the insurance   company it is binding and coverage begins. Invalidation of the policy is   therefore impossible.

 

Home and Auto Insurance – Join our group home & auto plan! – The key to buying home and auto insurance is to have both your cars and home or condo insurance with the same carrier. That way you will be entitled to a multi product discount. (Usually around 15%). Also if you can buy your insurance through an association or other type of group, you will be entitled to even further discounts. At Group Insurance Toronto (GIT), we offer a Group Home & Auto Insurance product. If your company has their group health and dental insurance with GIT, then you will be entitled to subscribe to our group home & auto insurance program which is managed through our affiliate broker Aaxel Insurance Brokers Ltd. (Discounts could be up to 30% depending on your driving record). Enrolment is fast and easy. Either call our customer care office and tell them your company is a member of GIT or you are able to subscribe over our web portal and request a quotation once you fill in the appropriate information.

Credit Insurance can help! – What would happen to your profit margin if a customer didn’t pay?  It’s a situation that many companies face, some with devastating results. What if a customer has ordered, or has even taken shipment of your product, but now can’t or won’t pay.

Even if you know your customer and have confidence in their ability to pay, what about your customer’s customer? With integrated supply chains, one bad debt or bankruptcy can have a domino effect.

Our flexible insurance options protect you against non-payment. This insurance is available for either Canadian or foreign receivable, although it tends to be purchased to cover a single U.S. or foreign customer, a single contract, or all of your U.S. or foreign receivables. In addition, credit insurance could help you attract more customers because knowing you are covered means you can afford to offer more generous payment terms. Call us to discuss terms and rates in more detail, as these will depend on who your customer is and where he is located.

Employee Benefits