Trusted Tips and Resources

Trusted Tips & Resources

Trusted Saskatoon Insurance Pro's at Wiegers Financial & Benefits Explain Critical Illness Insurance

Wiegers Financial & Benefits is one of the largest private financial planning and employee benefits consulting firms in Saskatchewan. Its Saskatoon Financial Planning Division provides business ownershouseholds, retirees, and students with expert investment and insurance planning services to help them reach their long-term financial goals. They also have a Benefits and Personal Insurance planning division. In this latest Wiegers Financial tip they explain the importance of critical illness insurance. Wiegers Financial Benefits are Trusted Saskatoon Financial Advisors and Trusted Saskatoon Insurance and Group Benefits experts


Unpacking Critical Illness Insurance and Why It Matters

No one wants to be told they have a terminal or critical illness. If you suffer from a heart attack, stroke, or cancer you could lead a normal life again. However, you need to plan for the financial cost of surviving a life-altering illness. In this article, we discuss key points about critical illness insurance and ask two Wiegers Financial & Benefits staff members with firsthand experience to explain the impact it has had on their lives.

Pat Kyle’s husband was diagnosed with a critical illness a few years ago after suffering a stroke at the age of 52.

Pat says: “You never think it’s going to happen to you. Everyone lives in a bubble. Even the healthiest people may have an illness at some point. In the moment, you’re so removed from your day-to-day and fixated on your situation that you don’t even think about it. In my case, I came back to work and it wasn’t even on my mind to apply. I was so concerned about my husband’s health. It wasn’t my top priority to fill in the application to submit the claim, but I knew it was there.
As the first employee at Wiegers to go through the critical illness insurance process, it was emotional and gratifying to know that I have that piece of the program to support me. It was very helpful to be able to put a claim in and ease the financial burden. It took away stress. Just the fact that we had it made all the difference in the world. That lump sum payment is a beautiful thing.
I’m now an advocate of both critical illness and life insurance. To me, they’re more important than purchasing an RRSP. My husband had a stroke, then a heart attack, and it builds. These things all work together. Strokes can happen at any time. It doesn’t matter what age. There are so many fundraisers or steak nights for people who are sick. You may know someone who has pulled money out of RRSPs to help their child have a chance to survive. Critical illness insurance protects the wealth that you’ve created and that others around you have created, too. It supports the family, not just the person affected by the illness.”


Kim Chicoine’s husband was involved in a serious accident at a young age that left a lot of uncertainty about whether he would survive.

Kim says: “Sitting in the hospital beside my husband, I didn’t have to worry about the finances if things went the other way. Knowing that there wasn’t going to be a change in our finances because we had that critical illness piece in our puzzle was so huge. There was the potential that if his condition didn’t improve, we could have a critical illness payout. We ended up not getting the payout because he got better. It’s great when it pays out, but it’s also great when it doesn’t. The money stress is not there. You know your finances aren’t going to change and you’re covered.”

What is critical illness insurance?

Critical illness insurance is meant to relieve the financial burden of recovery, so you can focus on the task at hand. It can be purchased for children as young as 60 days up to those at or nearing retirement.

It’s one of the newest products on the personal insurance market, having been available in Canada for approximately 20 years and internationally for nearly 40 years.

Critical illness insurance is a “wealth-protecting product”, says Pat Kyle. It keeps your finances at status quo – maintaining your debt, bills, mortgage, etc. – while you focus on getting better.

Why did the need for critical illness insurance arise?

A South African cardiac surgeon, Dr. Marius Barnard, pioneered critical illness insurance after he noticed his surviving patients were struggling financially. While it was excellent that his patients were living after experiencing a life-threatening illness like heart disease, Dr. Barnard observed they experienced a significant drop in their standard of living. The patients who had overcome surgery had emerged to a world where their quality of life suffered due to the costs associated with recovery.

Which conditions are classified as a critical illness?

Each insurance carrier’s definition of critical illness differs slightly. In general, there are 26 covered conditions with the top three being stroke, heart attack, and cancer.

What’s the benefit of using critical illness insurance?

The payout is designed to help support yourself and your family during extremely difficult personal health challenges. You can get policies starting as low as 25 thousand dollars in a tax-free cheque that you don’t need to declare on your tax return.

The value of critical illness insurance is totally dependent on your personal situation, for instance:

  • a stay-at-home parent could provide for their family with their partner’s critical illness payout;
  • a self-employed individual would need critical illness insurance to cover them in the absence of workplace benefits such as long- and short-term disability;
  • or a recent grad would be able to maintain their student debt payments, etc. while going through treatments.

It’s important that you consider both life insurance and critical illness in tandem. Each situation will vary in priority as to when they’re paid out. There is no one-solution-fits-all insurance product.

When is the best time to buy critical illness insurance?

The ideal time to buy critical illness insurance is when you’re healthy. If you’re not in good health, it’s a more difficult application process.

Kim Chicoine’s husband is still young, but his health has changed. If the Chicoine’s didn’t have critical illness insurance prior to the accident, they would likely be declined. Because they had it, they will continue to have it in the future.

Family history also comes into play during the underwriting process of critical illness. Your parents’ diagnoses can affect your application, so it’s best to apply while they’re healthy.

What happens to your life insurance after using critical illness insurance?

Nothing happens to your personal life insurance after you use critical illness insurance. It depends on your personal life insurance that you’ve been medically underwritten for with an insurance carrier. If you’ve continued to pay the premiums, your life insurance is still enforced. It is difficult to get life insurance after making a critical insurance claim, so it’s better to have both products beforehand. You’ll want your advisor to package life insurance with critical insurance when you’re healthy.

How long, on average, does it take to get paid after a diagnosis?

There is a clause that says you need to pass a survival period of 30 days. After that, payment can take anywhere from a few weeks to a month. After the survival period, your doctor will need to give evidence to support the need. The decision to payout is dependent on the attending physician’s statement and all other sources.

How can the funds be used once they’ve been distributed?

If you pass the 30-day survival period, there are no restrictions on how you use the money once it’s been paid out. You decide how to use it. For example, you could use it to cover experimental medical treatment to see specialists that may not be covered by the Canadian health care system.

What will purchasing a premium do?

You can upgrade a base policy with a simple lump sum payout by adding riders. When you add additional riders it adds additional costs, but it can help in certain situations to have the return of premiums.

Here are a few riders to consider:

  1. Return of premium on death rider: the lump sum won’t get paid out, but your beneficiary will be paid out what you have paid into the policy.
  2. Disability waiver premium: if you become disabled, the insurance company waives the premiums.
  3. Rider name? If you have a policy for 15 years, you can give back the policy and get back everything you put into it. Once the policy is finished you get all your premiums back.
  4. Second event rider: pays out if the second condition is different than the first.

Prioritize your future self

Pat Kyle says: “Critical illness insurance manages the risk of what could happen in your early years, so you don’t have to take money out of savings. My financial priorities are 1. life insurance, 2. critical illness insurance, 3. slush fund, 4. RRSP. Yes, saving is important. But if something comes up your savings aren’t going to last. In my opinion, it’s not about 'should I get critical illness insurance?' it’s 'why shouldn’t I have critical illness insurance?' Protect your future self.”
Kim Chicoine says: “Peace of mind is important. In Pat’s situation, it paid out, in mine it didn’t. But I wouldn’t have wanted to be in the hospital without it. I wouldn’t have been able to focus on my husband; I would have been stressed out about our finances.”


Your ability to earn an income is worth more than your house and vehicle combined. Everyone gets coverage for their material possessions and it’s important to insure yourself, too. The best time to start the process is when you’re healthy and you don’t think you’ll ever need it. Speak to a financial advisor at Wiegers Financial & Benefits about finding an affordable critical illness policy.

Wiegers’ Benefits Consulting Division includes many consultants and support staff who custom-design the most employee-valued and cost-effective group benefit, personal insurance, employee assistance programs, and retirement plans available. Contact Wiegers today for a no-obligation consultation to determine how they can help you.

Wiegers Financial & Benefits are Trusted Saskatoon Insurance and Group Benefits Advisors 


Trusted Saskatoon Electricians Flash Electrical Contracting Share 5 Projects DIYers Should Not Attempt

Flash Electrical Contracting in Saskatoon has based its business on 100% customer satisfaction and referrals! They take great pride in being a team of young and ambitious entrepreneurs that are keen to stay on top of the latest innovations when it comes to your Saskatoon residential or commercial electrical needs. Flash Electrical Contracting are Trusted Saskatoon Electricians. 

5 Electrical Projects DIYers Should Not Attempt


We know people out there in Saskatoon love to DIY, but when it comes to electrical work there are some projects better left to the professionals at Flash Electrical.


1. Replacing Wiring

The main factor when deciding whether an electrical project can be tackled by a DIYer or whether it should be handled professionally is the complexity of the project. Replacing wire is one of the jobs that are simply too complicated for even experienced DIYers. There’s just too much that can go wrong to make DIY wire replacement worth the risk. Faulty wiring leads to electrical shorts that can single-handedly cause a disastrous house fire. According to statistics Canada in 2014, in Saskatchewan, 50% of the house fires were caused by electrical appliances or electrical distribution equipment.


2. Repairing or Replacing a Circuit Breaker

Another sure-fire (no pun intended) way to cause serious electrical problems in a home is to mess with the circuit breaker. Circuit breakers might seem simple from the outside, but they’re basically the brains of your house’s entire electrical system and is there to keep you safe. Making a mistake when you’re working on a breaker can cause power surges and damaged wiring throughout the home. Familiarize yourself with your circuit breaker so that you know when it’s not functioning properly and needs repair, but when it comes time to do the actual electrical work, hire a pro.


3. Replacing Burnt Outlets

Replacing outlets on their own is actually fairly simple and should not present too much of a challenge for experienced DIYers. But if an outlet is blackened, burnt, or even hot to the touch, don’t work on it. The issue here is probably related to overheated wires or overloaded circuits. If you just replace the outlet without looking deeper, you’re basically just applying a bandaid to an electrical problem. A professional electrician will be able to accurately diagnose whatever more advanced problem is causing the issue and then repair it correctly.


4. Installing Dedicated Circuits

Some appliances, especially those on the more heavy-duty side, require their own dedicated circuit for power so that they don’t cause the wiring to overheat. If you’re trying to set up a high-wattage appliance in a room without a dedicated circuit to spare, you might be tempted to try and install another one on your own - don’t. Installing a dedicated circuit requires more advanced knowledge of wiring and outlet installation, and if you get any of it wrong you’re just going to end up wasting time and money and creating a potential fire hazard.


5. Light Switches

Replacing switches that have gone bad or upgrading to a different kind of switch is not all that complicated. Installing an entirely new switch is. Avoid installing a new switch as a DIY project. A professional electrician will be able to do the job much safer and more efficiently.


Contact Flash Electric Contracting today to see how they can help you keep the lights on.

Flash Electrical Contracting is owned and operated by Journeyman Electrician Brodie Johnston. Their business has been built on 100% happy customers who have recommended Flash Electrical Contracting to others. Flash Electrical Contracting are Trusted Saskatoon Electricians. 


 



Trusted Saskatoon Electricians Flash Electrical Contracting Explain How to Troubleshoot Dead Outlets

Flash Electrical Contracting in Saskatoon has based its business on 100% customer satisfaction and referrals! They take great pride in being a team of young and ambitious entrepreneurs that are keen to stay on top of the latest innovations when it comes to your Saskatoon residential or commercial electrical needs. Flash Electrical Contracting are Trusted Saskatoon Electricians. 

Troubleshooting Dead Outlets and When a Ground Fault Circuit Interrupter (GFCI) Won't Reset


Usually, when an outlet goes dead, the fix is something simple and you can save the cost of a service call by doing the work yourself. Flash Electrical Contracting will explain what's involved in troubleshooting a dead outlet. This article covers how to start your search for the problem by checking in the most likely places. If that doesn't work, they'll explain where to look for loose connections that may be to blame, and how to fix them. 


Tools Required: 

  1. 4-in-1 screwdriver
  2. Flashlight
  3. Needle-nose pliers
  4. Safety glasses
  5. Voltage tester

Troubleshooting the Outlet: 

  1. Go to the panel to check the breaker. The cause for receptacles not having power starts at the panel, if there is a breaker tripped you will have to reset this breaker which sometimes needs to be pushed in the off direction first to reset and then back on position.
  2. With your voltage tester at the receptacle, you should be able to test for power if the breaker needed to be reset. If there was no tripped breaker then you will have to determine if this receptacle is Ground Fault Interrupters (GFI) or not. Typically a GFI receptacle has a test and reset button right on the receptacle, if this is the case you will need to hit the reset button. If this a GFI but it still didn’t fix the problem, the receptacle will likely have to be changed. 
  3. If the receptacle is not a GFI, then you will have to remove the receptacle and the cover. Pull the receptacle straight out from the wall and test with your voltage tester for power on all screws. If there is no power in this box at all then you will likely need an electrician.
  4. If there is power there, you will need to shut the breaker off and confirm at the receptacle that you no longer have power.  Once there is no power there you can verify there are no loose wires or screws where connections are made. Return all wires back to their normal position (black wire/gold screw, white wire/silver screw, ground wire/ green screw).
  5. Re-test the receptacle for working condition and put everything back to normal.

When an outlet goes dead, it's easy to jump to conclusions and assume the worst. But more often than not, the problem is something simple and you can save the cost of a service call by taking a few steps to trace the cause. Don't worry if you're not comfortable doing electrical work. Better than half the time, you'll solve the problem without even lifting a tool. We'll explain how to start your search for the problem by checking in the most likely places. If that doesn't work. we'll explain where to look for loose connections that may be to blame, and how to fix them.  


Of course, there will always be problems that are best left to an electrician at Flash Electric but if you take these steps first, there's a good chance you'll find the solution. 


Contact Flash Electric Contracting today to see how they can help you keep the lights on. 

Flash Electrical Contracting is owned and operated by Journeyman Electrician Brodie Johnston. Their business has been built on 100% happy customers who have recommended Flash Electrical Contracting to others. Flash Electrical Contracting are Trusted Saskatoon Electricians. 


 



Trusted Saskatoon Electricians Flash Electrical Warn About Potential Electrical Equipment Fires

Flash Electrical Contracting in Saskatoon has based their business on 100% customer satisfaction and referrals! They take great pride in being a team of young and ambitious entrepreneurs that are keen to stay on top of the latest innovations when it comes to your Saskatoon residential or commercial electrical needs.


Potential extension cord fire - overloaded extension cords, hidden electrical shorts, bad connections, oversized bulbs and fixtures, and other careless use of electrical devices can melt wire insulation, ignite nearby combustibles, and cause a fire.

The statistics: electrical equipment causes 9% of home fires and 10% of deaths. 

A true Saskatoon fire story 

September 13th, 10:00 p.m.

A Saskatoon fire investigator says electrical failure is to blame for a basement fire in the city's Erindale neighbourhood late Tuesday night. Crews arrived on the scene just before 10 p.m. at a home on the 100 block of Epp Avenue. Upon arrival, firefighters say they noticed flames showing from inside the basement window at the front of the house.
Several fire trucks attended to the scene, and crews attacked the blaze from the outside before containing the fire in the basement. Crews searched inside the home and found no one inside. The homeowners arrived on the scene as firefighters were wrapping up.
Damage is estimated at around $200,000. No one was injured.

Important Things to Know: 
  • Electrical cords that are warm to the touch can signal overloading.
  • Charred or plastic burning odours may indicate oversized bulbs and light fixtures.
  • Warm switch or receptacle plate covers may mean a poor electrical connection.
  • Frequently tripping circuit breakers may be caused by a defective breaker or possibly a short in the cables buried in walls or ceilings.
The Solution:
  • Replace extension cords that are undersized or frayed. 
  • Never run extension cords under rugs.
  • Replace undersized cords with larger-gauged ones or plug appliances directly into outlets.
  • Call an electrician to track down hidden problems causing frequently tripping circuit breakers.
  • Call an electrician to open up and troubleshoot electrical boxes that have warm covers.
Check all the light bulbs in your home to make sure bulb wattages don’t exceed the fixture’s recommended maximum.

A Word About Smoke Alarms: 

According to statistics, this year fires will claim the lives of 30 and the homes of 500 others. Don’t become part of this statistic. Well over 60 percent of housefire fatalities occur in homes that are missing smoke alarms or have disabled alarms or alarms with dead batteries. Test your smoke alarms every month and replace units that are more than 10 years old.

Contact Flash Electric Contracting today to see how they can help you keep the lights on.


 


Flash Electrical Contracting is owned and operated by Journeyman Electrician Brodie Johnston. Their business has been built on 100% happy customers who have recommended Flash Electrical Contracting to others. Flash Electrical Contracting are Trusted Saskatoon Electricians. 

Trusted Saskatoon Air Conditioning & Furnace Pros at Gibbon Discuss Home Heating Tune-Up

Gibbon Heating & Air Conditioning has been serving Saskatoon and surrounding areas for over 40 Years. They are a "total service" company with trained technicians who are able to provide customers with solutions to all their plumbing, air conditioning, and heating (HVAC) related requirements. As an Independent Lennox Premier Dealer, the Gibbon Heating and Air Conditioning team are proud to provide prompt, courteous, and professional service that is required by Lennox’s Quality standards. They are regularly evaluated through an independent customer satisfaction survey process. They are trained to design, install, service, and maintain home comfort and indoor air quality systems in Saskatoon and area. In their latest tip, they discuss booking your annual home heating tune-up.

HAVE YOU BOOKED YOUR HOME HEATING TUNE-UP?

Annual home heating maintenance helps keep your furnace running safely and at peak efficiency. As a qualified SaskEnergy Network Member, we are offering a hands-on furnace examination and annual maintenance. Book with Gibbon Heating & Air Conditioning for your home furnace tune-up for just $149.95 (plus taxes) or 12 easy payments of $14.67. Please contact Gibbon to book or if you have any questions.

What Happens During a Tune-Up?

  • During a Tune-Up, your local heating professionals at Gibbon will: 
  • Examine chimney and clean out debris         
  • Clean/lubricate motor and fan 
  • Clean/reset burners 
  • Examine the operation of fan and high limit controls
  • Inspect gas pilot system 
  • Test thermostat and furnace switch 
  • Provide a free carbon monoxide alarm 
  • And more!

Book Today at Gibbon Heating & Air Conditioning

Trust Gibbon to satisfy all your furnace home heating tune-ups. When it comes to heating systems, there really isn’t anything that Gibbon doesn’t do: furnaces, rooftop units, hot water, and steam heating systems, air to air exchangers, boilers, chimney replacement, the design of new mechanical systems, or the modernization of existing equipment, and more! Contact Gibbon to book your tune-up today!

Gibbon Heating & Air Conditioning has been serving Saskatoon and surrounding areas for over 40 Years, a “Total Service” company with trained technicians who are able to provide customers with solutions to all plumbing, Air conditioning and Heating/ Furnace (HVAC) related requirements. As an Independent Lennox dealer, Gibbon Heating and Air Conditioning they are proud to provide prompt, courteous, and professional service that is required by Lennox’s Quality standards!

Categories

Previous Posts

ADDRESS

S & E Trusted Online Directories Inc
TrustedSaskatoon.com
129 21st St E #500
Saskatoon, SK   S7K 0B2
Ph: 306.244.4150

GET THE APP

App Store Google Play
Follow us on Facebook Instagram Linked In Twitter YouTube RSS Feed
Abex
Abex
Stevies
Sabex
NEYA
Website hosting by Insight Hosting