Personal health insurance plans are policies purchased by individuals for themselves and/or dependents to cover expenses related to health, dental, and vision care. Even for individuals covered by a group health care plan through an employer, personal health insurance plays an important role in protecting the well-being and financial health of the policyholder by ensuring affordable coverage regardless of future health issues.

Pre-existing medical conditions are illnesses an individual has at the point in time when he or she begins to look for a personal health insurance carrier. Insurance companies limit their exposure to risk by charging individuals with pre-existing health issues elevated rates or by rejecting an application for insurance coverage altogether.

The risks of developing certain health issues such as Type II diabetes, heart disease, liver disease, arthritis, cancer, etc. increases with age. Individuals with an illness who have relied on insurance benefits provided by an employer often find themselves in a difficult situation when they look to purchase supplemental personal health insurance or move to part-time work, start their own business, or retire.

Purchasing personal health insurance before mid-life helps to negate that financial risk. With personal health insurance in place, policyholders can rest assured that their financial health won’t be at risk due to high premiums or lack of coverage. An insurance company cannot refuse to cover treatments for conditions that arise while a policyholder or dependents are covered by a policy.

While it’s impossible to predict the future, some of the financial risk associated with illness can be avoided through the purchase of personal health insurance. With the variety of plans available today, there is an accessible option available to most individuals.

Doucett Insurance protects the interests of our clients through insurance-related services.
Established in 1939 to serve Eastern Ontario, Doucett Insurance has a deep understanding of personal insurance. We collaborate closely with our clients to ensure their insurance needs are met.

Contact us today to learn how we can help secure your financial future.

Purchasing a house is likely the biggest investment of your life, and insuring the mortgage makes sense – but there are options.  Your lending institution will want to sell you mortgage insurance.  Purchasing Life Insurance to cover the amount of the mortgage offers much greater flexibility.

Mortgage insurance only covers the outstanding balance of the mortgage.  The benefit amount continues to decrease as you pay off your mortgage, yet the cost stays the same.  Life Insurance has a level death benefit for the duration of the policy, leaving additional protection for your family.

The bank can change the policy and/or rates of your mortgage insurance at any time.  With Life Insurance your premiums are guaranteed for the length of the policy (10, 20 or 30 year terms or lifetime), and the renewal rates quoted when you purchase a term policy are guaranteed.

With mortgage insurance, the lending institution is the beneficiary.  On a Life Insurance policy you name the beneficiary.

Mortgage insurance does not offer any price advantages to healthy non-smokers, while life insurance rewards healthy lifestyles with premium discounts.

If you refinance or renegotiate your mortgage, or move, you cannot transfer your mortgage insurance policy.  You will have to re-qualify at current rates.  You can increase or decrease the amount of your life insurance or convert it to permanent protection if your needs change.  Most Term Life Insurance policies are guaranteed convertible for the duration of the policy, or to a certain age.

You’ve done your homework for buying your new home.  Take a little bit of time to investigate the option of Life Insurance to cover the mortgage.  You will have better protection, and often better rates!