Settlers life insurance is a type of life insurance that covers the policyholder only if they die while traveling outside of their home municipality or country.
This type of life insurance was created in 1874 by the Settlers Life Insurance Company, located in London Ontario. The company was created because settlers were traveling to Canada from Europe and dying abroad without any means for their family back home to manage funeral costs or provide for the future care of their children.
What are settlers life insurance?
Settlers life insurance is an insurance policy that covers the policyholder for a period of time as long as they are traveling outside Canada. Since 1874, settlers have been able to enjoy the benefits of insured travel while they explore the wide world. Unlike traditional life insurance policies, settlers do not need to wait until they return to their home country in order to access their funds. In fact, settlers can use the funds from their policy to settle back home or even to take a vacation.
In addition to the insurance coverage, settlers in many cases have the option of purchasing additional benefits such as trip cancellation and medical coverage.
What is covered by a settlers insurance policy?
A settlers life insurance plan comes with a variety of benefits. The benefits include pre-paid funeral and medical expenses coverage, funding for travel and study opportunities, and coverage if the policyholder dies while traveling outside Canada.
The pre-paid funeral expenses coverage is a critical part of the settlers life insurance plan. The policyholder is covered for pre-paid and unused funeral expenses in the event of an untimely death while they are traveling outside Canada.
This benefit can provide financial support to families, who are unable or unwilling to pay for the funeral expenses even after applying for government benefits.
What can you do with this life insurance?
Settlers life insurance will allow you to enjoy all kinds of travel opportunities without worrying about the financial responsibility that accompanies company policies. If you choose to take out a settlers life insurance plan, not only will you be able to enjoy inexpensive medical care whenever necessary, but you will also be able to travel the world with peace of mind.
Benefits of this insurance
One of the biggest benefits of settling is that you will never have to worry about not being cover. Unlike travel insurance, settlers life insurance plans will provide you with coverage no matter where you are heading, allowing you to explore the world at your own pace.
What are the limitations of a this insurance policy?
Settlers life insurance does have limitations and exclusions. Here are some of the exclusions that you can expect to find in a settlers insurance policy:
Medical and hospitalization expenses.
The company does not pay for care costs for any condition that is list as pre-existing unless it is discover during a routine physical examination. This includes conditions such as diabetes, high blood pressure, heart conditions, kidney problems, and anemia.
Death of an immediate family member.
Even though a settler’s life insurance policy covers pre-paid funeral expenses, the company will not pay for any costs associated with a death in the immediate family. This includes parents, spouses, children, grandparents, and more.
Death due to auto accidents and suicide.
The death of the policyholder is consider suicide or auto accident. If they were committing a crime that resulted in their death. The settler’s life insurance policy will not pay out for medical or funeral expenses if this occurs.
Types of insurance
There are different types of insurance that you can purchase. In order to cover you in the unfortunate event that something happens to you. Insurance is a financial protection policy against risk. It provides protection in the case of an event that could have lasting effects on your financial situation. Such as health care costs or damage to property.
There are two types of insurance: buy-sell and coverage based. The difference between the two is how well they protect you from risk. Buy-sell insurance is usually used as an added convenience. You can pay a small amount of premium to enjoy many of the benefits of a policy while you are alive. Then donate the policy to your heirs after you die.
Most buy-sell policies are write as coverage-base. This means that they expand your responsibilities. Beyond what is typically require for protection in order to provide complete protection against risk. This type of insurance could have very high premiums and the coverage offer may be quite limit.
How much does this insurance cost?
The cost of insurance is usually based on a number of factors. Including the type of insurance policy purchased. The specifics of the agreement, your age, and what industry you are employe in.
A good way to find out how much an insurance policy will cost is by getting quotes from different companies. Insurance companies are in competition and they will all offer special deals to get you as a client. This means that there may be opportunities available that you would not see otherwise.