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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 Plumbing Advise on Water Heater Problems


WATER HEATER PROBLEMS: SHOULD I REPAIR OR REPLACE?

Without a doubt, a well-maintained hot water heater performs better and, therefore, costs less to run over the long-term. If you are having problems with your water heater and are unsure if you should repair or replace it, see below some common water heater problems and what action you should take if this is happening to yours.

Water Heater Problem #1: Water Discoloration 

Discoloration of water could be due to the anode rod. The anode rod is a sacrificial component inside your tank that attracts minerals in the water. Those minerals eat away at the anode rod instead of your tank. Most people will need to have their anode rod changed every 5-8 years. If you have a water softener in place you will want to have that checked every other year. 

Problem #2: Not Enough Hot Water

This could be a variety of things. Demand, faulty gas valve, electrical element, or even dip tube. These are items that require a service technician. Gibbon Heating & Air Conditioning can help repair your water heater.

Problem #3: Water Heater is Leaking

If it is leaking from the pressure, relieve the valve (located at the top side of the tank) or the drain. Parts may just need replacement. If it is leaking out the bottom, the tank will more than likely require full replacement. 


Trusted Saskatoon Air Conditioning & Furnace Experts at Gibbon Heating & Air Tip About Programmable Thermostats

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 your heating and cooling needs. They provide prompt, courteous and professional service. In their latest Tip they share advice on what programmable and smart thermostat could be best for you. Gibbon Heating and Air Conditioning are TRUSTED SASKATOON Air Conditioning & Furnace Professionals.

Programmable and Smart Thermostat: Which One is Best For You?


A new thermostat is a relatively small investment that delivers great rewards. If you are currently using a manual thermostat in your home, it is important to know what your options are.

With both a programmable and smart thermostat, it gives you the opportunity to feel more confident in your energy savings, environmental footprint, and ability to maintain a comfortable home throughout the year. Modern thermostats are digitized, accurate, and capable of providing more usability than their older style manual counterparts did. But what is the difference between a programmable and smart thermostat?

Programmable Thermostat

A programmable thermostat allows you to set automatic schedules for heating and cooling, delivering the temperature you require at the time you want. This is a great feature if you are away from your home during the day, allowing you to set a temperature so your system is not running when no one is home but kicks in when you typically return for the day.

Programmable thermostats are very convenient since you do not have to manually increase or decrease the temperature. You could also save money on your energy bills with the ability to not run your heating or cooling unit while not at home.

Smart Thermostat

You can further maximize your overall experience with a smart thermostat that’s right for your indoor space. Smart thermostats learn from your behaviour and start making the temperature adjustments on their own over time.

Smart Thermostats can be very beneficial, however there are a couple things to remember with this application. They are Wi-Fi enabled thermostats meaning the more Wi-Fi usage in your home, the slower the entire system can be. Many times the installation of a Wi-Fi stat requires an additional “fast stat” that is installed to communicate between the equipment (kind of like a mini router).

A benefit of the smart thermostat being Wi-Fi enabled is that they can be adjusted through an app accessible from your cell phone or computer.

Programmable or Smart, Which Should You Pick?

It depends! Your choice depends on what works best for you and your home. Regardless of which one you choose, making the upgrade to a digital thermostat from a manual thermostat is a great decision to better control your heating and cooling and optimize your home’s investment.

Gibbon Heating & Air Conditioning can help you decide with the expert knowledge of heating and cooling professionals. Contact Gibbon to explore your thermostat options 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 we are proud to provide prompt, courteous and professional service that is required by Lennox’s Quality standards!

7 Signs It’s Time to Replace Your Windows From Trusted Saskatoon Window Pros at Wiebe Windows & More

Owner, Bradley Wiebe has been installing windows and doors in Saskatoon and area for over 10 years. They only install Canadian manufactured windows and doors. These products are built for the Saskatchewan climate. Brad takes pride in ensuring that his client’s windows and doors are installed correctly and that quality products are being used. In their latest Saskatoon windows and door tip they share a helpful article originally written by Ply Gem on the 7 signs your windows need replacingWiebe Windows & More are Trusted Saskatoon Windows & Door Experts!

7 SIGNS IT'S TIME TO REPLACE YOUR WINDOWS


Connecting the inside to the outside, windows have the important job of helping to keep your home well-ventilated, comfortable, and safe. Windows can last anywhere from 20 to 40 years, depending upon the type of window, where it’s located and the amount of maintenance provided. Wear and tear from exposure to the elements also affects their condition over time, decreasing energy efficiency and comfort by creating drafts and leaks

So how do you know when it’s time to replace your windows? You probably pay little attention to them until they stop working properly, but here are 7 signs that the time is now!


Opening and closing them has become difficult.


When your windows are difficult to open and close it will prevent you from allowing fresh air into your home. If they don’t close properly or you have trouble locking them, the window won’t provide a tight seal against leaks and drafts and can also impact the safety of your home. New windows and doors are designed to open and close with ease, provide protection from wind and rain and help keep your home safe. Learn more about how different types of windows operate and the benefits they can provide for your home.


You notice a draft.

If you can never seem to get your house warm enough during the winter, you may be suffering from drafty windows. Over time, deterioration and normal wear and tear will cause old windows to stop protecting your home like they should and allow significant amounts of cold air inside. Noticeable drafts mean your windows are not functioning properly and you should consider replacement windows.


They look old and outdated.

 
You may not realize it, but replacing old, worn-out windows can drastically improve the look of your home’s exterior. Faded paint, antiquated storm windows, and old-fashioned window grilles often detract from your curb appeal, making your home look and feel outdated. New windows give you a refresh and can better complement the overall design of your home. (Yes, you can replace your windows during the winter!).
 

You struggle with “dropping" windows.

 
Windows that slide down when you raise them are not only annoying but can also be dangerous. This occurs on double and single hung windows when the spring system is broken or has deteriorated over time. For parents with children, it’s important to watch your children around windows that have the potential to fall down and injure them. If you’re tired of propping up windows that won’t stay up and have safety concerns, it’s time to look for newer, safer windows that function properly.
 

Your energy bills spike.

 
During the winter, an abnormally high energy bill may tell you that your windows aren’t operating efficiently – letting cold air in and warm air out. This means your heater has to work overtime to compensate for the loss of heat. Instead, reduce your heating and cooling costs by installing energy-efficient windows that are good for your wallet and the environment.
 

You can hear outside noise.

 
Your home is where you find peace and quiet away from noisy neighbors and busy traffic. However, when your refuge is disturbed you can possibly blame poorly sealed windows and outdated glass. Noise-reducing windows with dual-insulating glass units decrease sounds coming into your home. For added protection against unwanted outdoor noise choose a sound-reducing glass package.
 

You can see visible damage.
 

Signs of chipping, deterioration, or water stains on or around the window may indicate rot and water infiltration. Visible damage to the windows not only looks unattractive but can also reveal that the integrity of your windows may be compromised. Leaky windows can lead to unwanted water infiltration that can also cause additional water issues in your home.

Have questions about this article or anything else you need advice on?  Contact Brad and Anna today! 


Wiebe Windows & More - Services & Info:


"A VIEW YOU CAN TRUST"

Wiebe Windows & More are Trusted Saskatoon Windows & Door Experts!

Trusted Saskatoon Realtor Clark Dziadyk Shares Investments Worth Making In Your First Home

Whether you’re buying a house for the first time, the second or the seventh time, it’s still one of the biggest decisions you ever have to make. In order to ensure sheer success, you need Trusted Saskatoon Realtor Clark Dziadyk! Clark will ease your mind by taking the pressure off of you to find your dream home! Be assured Saskatoon Real Estate Agent Clark Dziadyk Clark puts 100% effort into everything he does. Don’t you hate it when the grass is greener at your next-door neighbour’s place? This summer you could have the lawn that turns everyone’s eyes green with envy and admiration, but you’ve got to get on it right now! Follow these tips to grow the best lawn. 


4 Investments Worth Making In Your First Home



Advice for first-time homeowners on areas where spending a little bit more is likely to pay off in the long-run. From
valuable aesthetic updates in key areas such as the kitchen, bathroom and living room to installing smart heating
systems and insulation to prioritize energy efficiency, these tips will leave you inspired to make the most out of your
first home update. 

Replace Flooring


Flooring has the power to change a room entirely, so it should go without saying that this is an essential aspect of
the home where you should consider spending a little extra. Since flooring in areas such as the hallway, kitchen and
bathroom is likely to undergo high footfall traffic, your material choice should always look to combine durability
with that visual wow-factor where possible.

When it comes to updating your flooring, choose neutral colours to create a luxe look that goes the distance.
Generally, neutral colours offer you the freedom to change your furniture or accessories without updating all the
fixtures and fittings in the process, and will even allow you to keep up with trends as they change.

Whether you’re opting for some stylish, large format floor tiles which offer a contemporary touch in the kitchen or
some hardwood flooring which adds warmth to your living room, quality flooring is a great way to add personality
to a new space from the off – meaning showing your floors a little TLC should be high up on your list of investment
priorities.

Update Key Areas Of The Home


As the hub of the home where friends and family alike come together to relax, the living room is the best place to
start when it comes to fixtures and fittings. Lighting can have a huge impact on the overall aesthetic in your living
room – so it’s worth spending a little bit more on lamps or downlighters to add that cozy, homely touch to the
lounge.

Additionally, art is a great way to change the ambience in your living room, so choosing pieces with comfort and
calmness in mind is a great way to add a tranquil theme that makes you feel right at home from the get-go.

Naturally, ensuring your bathroom looks fresh, well maintained and hygienic is important when moving into any
new home. Modern or high tech touches are an effective way to add an extra luxe appeal, so consider investing in a
rain shower or waterfall taps to create a relaxing oasis that washes away the stresses of moving and unpacking.

Elsewhere in the home, high-end fittings such as granite or quartz worktops are practical choices that will go the distance. Though these may be a high investment initially, investing in durable, hard-wearing and practical
materials in areas of frequent use ensure longevity and, as such, a great return on your investment in the long run.

Invest In Quality Furniture

Nothing makes a house feel like home quite like furniture – after all, furniture is the most effective way of adding
character to any space. When opting for your style, try to prioritize items that will stand the test of time, as this will
ensure your first few years in your new home isn’t spent constantly renovating in-line with the latest trends.
When choosing timeless furniture, wood is often the first material that springs to mind. While solid wood is often
more expensive than other types, it boasts a distinctive aesthetic and durability that will look great year after year.
Whether you’re purchasing an oak cabinet for the living room or some luxury walnut bedroom cabinets, solid
wood is an effective way to add a high-end, comforting appeal to your home.

Prioritize Energy Efficiency

Energy efficiency is now one of the highest priorities for homeowners as it can make a significant difference in the
cost of utility bills. While adding energy-efficient features may be a large initial investment, the sooner you start
making the changes, the greater your savings will be – so we recommend optimizing your new home right away.

Some essential areas to evaluate energy efficiency are the boiler and the loft. Poorly insulated lofts can be a major
cause of energy wastage, even if all of your other appliances are in premium condition. If appliances such as your
boiler aren’t in a premium condition, however, this could only add more costs to your energy bills, particularly if it
breaks down during the winter months.

To keep track of your heating usage and spot issues early, a smart heating system is a great way to monitor your
spending. Smart heaters allow you to add more thermostats and controls to different rooms, including hot water
and heating – making this a logical investment for any first home.

Read what clients have to say about Clark on his listing by clicking on the link below! 

Clark Dziadyk is a Trusted Saskatoon Realtor 


Contact Clark today for your Saskatoon Real Estate needs.


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