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What's New at Svab
Insurance?
Instant Quotes for Critical Illness
We now have a new
online quoting tool for critical illness!
Critical Illness
Insurance protects you when you need it most. It should be a part of your
overall financial strategy. During recovery of a critical illness the funds
from this policy can help you with any type of expenses you feel
necessary. CLICK HERE for an online
quote for critical illness, or call us to find out about
different critical illness options. Plan now to protect you and your family
when you may need it the most.
Keep an eye on our
website for more updates like this. We are building our
online services in order to provide our clients with quotes and
the ability to purchase from the comfort of your own home. We know
that life does not give us much time to plan, so use our online
services for quicker and easier insurance solutions!
We Need Your
Testimonials!
We would like to add
testimonials to our website. Do you have any positive feedback about
Svab Insurance? Send your testimonial to marcie@svabinsurance.com
and it will be posted to our website. We appreciate any type of testimonial
and look forward to your responses!
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In This Issue
Svab Insurance
Inc:
In The
News:
International
Life Insurance
Interruption
and Cancellation Insurance
Online Travel Insurance Quote
Our Newsletter
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free to forward this newsletter to anyone you wish.
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New Ways To Connect
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Ever
consider Long-Term
Care Insurance? This could be a vital part of your
financial plan, and could also give you planned comfort in the
years to come. See next issue for more information or visit our website
today!
Home and Auto Insurance
Don't
forget, we offer Personal & Business Auto, Home & Liability
Insurance. We are partnered with a successful personal and accident
protection company. Call us today if you are interested in a quote.
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New Changes to Generic Drug Prices
The Ontario government has proposed changes to its drug system that will
result in greater equality in generic drug pricing. Ontario plans to
provide better access to lower-cost generic drugs. This will provide
savings for individuals, group insurance plans, and for the province.
Ontario's proposed changes are:
- Lower the cost of
generic drugs for all Ontarians (at least 50%)
- Ensure pharmacists are
compensated fairly
- Support access to
pharmacy services in rural communities with new funding
These changes will save the province an estimated $500 million, with
about half of that being reinvested back into the healthcare system.
The change will at first apply only to drugs made available through the
Ontario Drug Benefit Plan, which supplies prescription drugs to the
elderly and some disabled people. The changes will be phased in to cover
drugs sold to people covered by private health insurance programs as well
as people who have no coverage.
How will this
benefit you? If you do not have health insurance or if you
only have partial coverage, you will now be able to get generic brands
for almost half the cost. Not to mention the benefits of about 250
million dollars of savings being reinvested to improve our
health care system. Employers may see benefits because the dollar
amount of claims made by employees will decrease significantly. If
you do not have a group benefits plan, this may be a
good time to look into your options, call us today.
For more information check out Ontario Ministry of Health website:
International Life Insurance
LIFE INSURANCE
AND INVESTMENT PRODUCTS FOR NON RESIDENTS OF CANADA
Do you have
friends or relatives who live outside Canada who may want to consider
life insurance or investment products that Canadian residents can
purchase? At one time not too many years ago, many Canadian companies
were able to sell products to non residents of Canada as long as the
person was in Canada to take care of the medical underwriting
requirements. Today however, only residents of Canada can purchase life
and investment products distributed by life insurance companies operating
in Canada.
Tell your
friends and relatives not to lose hope! There is a source they can go to
in order to purchase high quality insurance and investment products from
well known Canadian companies such as Manulife Financial and Sun Life
Financial.
Until the last few years, non residents
of Canada could access insurance products in their own country of
residence manufactured by domestic insurance companies. While these
domestic products might assist someone to meet their overall financial
planning goals there was a lack of understanding as to how international
life insurance policies could assist them.
In order to make an informed decision,
clients and their advisors need to be aware of the differences between
domestic and international policies. Here are some of the guidelines and
features of an international life insurance policy.
International
insurance policies issued by companies domiciled in such countries as
Bermuda are not available to residents of Canada, citizens of the U.S.A.
or residents of Bermuda. They are available however to residents of more
than 130 countries, ranging from Andorra to Vietnam. Residents of
countries such as Afghanistan, Iran, Iraq or any country linked with
terrorism are not eligible.
- Bermuda is a jurisdiction
with a reputation for the highest
integrity and has long been selected by individuals
with an above average high net worth as the jurisdiction of choice
for conducting their financial affairs.
- Bermuda imposes no
income, estate or capital gains taxes on non Bermuda
dollar assets held in Bermuda. There is no exchange control on
taking money out of Bermuda.
- Bermuda issued life
insurance offers greater premium payment flexibility than policies
issued in Canada, or for that matter the U.S., since the policy does
not have to comply with the Canadian or U.S. definition of life
insurance.
- Custodianship, or trust
ownership, in Bermuda of international insurance policies “anchors”
the life insurance contract in Bermuda, ensuring that all the
benefits of Bermuda issued life insurance are available.
- International insurance
can be issued in U.S. dollars, Euros or U.K. pounds, facilitating
currency diversification as well as asset class diversification,
- The insurance companies
are not required to file information about their policyholders with
the Bermuda government, nor will the Bermuda government release information
to other countries without verification that the person has been
indicted for a crime in the country requesting the information.
- All communication to the
policyholder from the insurance companies is directed to the Bermuda
custodian or trustee which holds the original policy to ensure there
is no direct communication from the insurance company to a client in
his/her home jurisdiction.
- All international
insurance application materials, including personal, financial and
medical information are received and retained in Bermuda.
Underwriting, policy issue and policy administration and service are
carried out in Bermuda.
- Death benefit proceeds of
an international insurance policy can pass directly to the
beneficiary – typically a trust in Bermuda or another approved
jurisdiction – without passing to executors or through the probate
process. This ensures:
- Payment outside the insured’s country of
residence is often preferred for reasons of political or economic
volatility;
- Flexibility to provide benefits to a
family member, loved one or entity not permitted to receive the
proceeds of an estate under “forced heirship” laws in countries
governed by Civil Law code;
- Liquidity for the payment of
in-country estate or inheritance taxes;
- Flexibility to benefit a charity or
to provide funds to the family to replace the value of assets
donated to a charity;
- Ability to ensure the continuity of
a business.
- If a policy is held in a
foreign trust, lifetime distributions from an international
insurance policy may provide tax free funds to a U.S. beneficiary of
the trust and the income earned by the life insurance assets held in
the trust may not be taxable to the U.S. beneficiary.
What are some of the rules for someone to be able to
purchase an international life insurance policy?
You must be between the ages of 20 and 80. You must be able to pay a
minimum premium of $10,000 per year. You have to purchase a minimum of
$1,000,000 of life insurance. You must leave your country of residence in
order to have the medical exam and associated tests. All premiums must be
wire transferred to the insurance company’s bank account in Bermuda. No
cash or cheques. You must provide the insurance company with a letter of
introduction from someone, such as a banker, who can attest to your
character, income and assets.
Should you have friends or relatives living outside Canada who might have
an interest in investigating the fascinating world of international life
insurance then Nick Svab of Svab Insurance has links with high quality
companies in Bermuda who can assist with their questions about
international insurance. Nick is only a phone call away from being able
to introduce you to his Bermuda partners.
Life and Annuity
Services Ltd
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TRAVEL INSURANCE 
Travel
Interruption Is A Must Have!
Are you planning on
taking a trip? Whether you are travelling across the sea or just across the
country, make sure you are prepared for unexpected travel
interruptions. For example the recent sudden closure of
SkyService stranded many unexpecting travelers. Many of those
people not insured with travel interruption insurance lost
their trip expenses and spent precious time rebooking their flights.
Also, consider the thousands of travelers who were stranded at
airports due to the volcanic eruption in Iceland. This problem
could be far from over as there still is the possibility of
new volcanic eruptions and intense weather changes, and not to mention
problems that may arise from the vast amount of money the airlines
have lost. Be prepared for unpredictable weather conditions or airline
closures by choosing travel insurance with cancellation and interruption
coverage. We
also offer delay protection where if you trip is delayed for more than 12
hours you can receive funds to help pay for accommodations, meals, phone
calls, etc. Prepare yourself when you travel, unexpected problems can ruin
your trip and your budget.
We offer Travel
Insurance online. Click Here to quote and purchase online!
 Health Tip
The deep freeze
is over! The clocks have moved ahead and spring is officially
here. There are a few reasons why spring is the best time to work on
your health. With the clocks moved forward, we now see hours of sunshine
after a day of work. Perfect for providing us time to get active outside
and soak up some natural vitamin D. The warmer weather also gives
us a great chance to get outside and exercise, instead of trying to drag
ourselves to a gym. You also have no excuse to drive to work or out for
lunch, walk instead! Spring time also brings lots of fresh options
to our local food markets. Take this time of year to really
concentrate on your health. So get out and walk, run, bike or
whatever you like to stay active!
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