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Life and health insurance

Protect yourself and your loved ones with life and health insurance. Get coverage for medical expenses, disability, and even death. Stay secure.

Life and health insurance might not be top of mind for Ottawa residents, but they are crucial components of financial planning. At Rowat Insurance, our brokers can ensure that individuals and their families are protected against unexpected financial burdens due to health issues or untimely death with plans tailored specifically to their needs.

What is Life Insurance?

Life insurance is a contract between you and an insurance company. Under this contract, the insurer commits to paying a designated beneficiary a sum upon your death. This financial protection is vital for ensuring that your loved ones are not burdened with financial strain during an already difficult time. Choosing life insurance in Ottawa can help cover various expenses, such as funeral costs, outstanding debts, and mortgage payments, and can also be a source of ongoing income to support your family’s living expenses.

What is Health Insurance?

Health insurance in Ottawa, and by extension, Canada, covers the cost of medical expenses, ensuring that you have access to necessary and varied healthcare services. These move beyond basics covered by OHIP to help with specialist needs that may result in significant out-of-pocket costs. 

While Canada has a publicly funded healthcare system known as Medicare, which covers many healthcare services, there are still several expenses that are not fully covered for much of the population. These can include:

  • Prescription medications
  • Dental care
  • Vision care
  • Certain types of therapy and rehabilitation services

Health insurance provides coverage for these additional costs, ensuring comprehensive healthcare access and financial protection. It can include coverage for doctor’s visits, hospital stays, prescription medications, preventive care, and sometimes even dental and vision care. This type of insurance includes several plan options, which provide peace of mind by protecting you from high medical costs and ensuring you receive timely medical attention.

Types of Life Insurance Policies

Term life insurance

Term life insurance provides coverage for a set period. Beneficiaries would receive a death benefit if the policyholder were to pass away during that period. Term life insurance is generally more affordable than permanent life insurance and is ideal for those who need coverage for a specific time, such as while raising children or paying off a mortgage. Once the term expires, the coverage ends, and you may need to renew or convert the policy.

Whole life insurance

Whole life insurance covers an entire lifetime, ensuring a guaranteed death benefit and incorporating a cash value savings element. A portion of your premium payments is allocated to this cash value, which grows over time and can be accessed through loans or withdrawals. 

This type of insurance is known for its stable premiums and continuous financial protection, making it a strong choice for those interested in long-term financial planning and estate management. 

In Canada, whole life insurance is appreciated for its stability and the ability to accumulate tax-deferred savings, which can be particularly advantageous for long-term financial security and wealth transfer.

Universal life insurance

Universal life insurance combines the benefits of term and whole life insurance. It offers flexible premiums, a death benefit, and a cash value component that earns interest. Policyholders can adjust their premium payments and death benefit amounts over time, providing more control over their insurance plan. 

Universal life insurance is ideal for those seeking flexibility in their coverage and the potential for cash value growth.

Get expert life and health insurance advice from our trusted partner, MDL Financial Group

For further information on your life or health insurance options in Ottawa, let us connect you with our trusted partner, MDL Financial Group, which is affiliated with Rowat Insurance. MDL Financial Group is licensed and has the expertise to give life and health insurance advice and quotes.

If you prefer to have someone contact you during regular business hours to discuss any questions you may have or to obtain any additional information, please enter your information in the contact form, and someone will contact you shortly.

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