Name: Lakeview Insurance
Address: Calgary, AB
Telephone: 403-287-2521

Thinking about our death and the ways in which our loved ones will have to respond is not a popular or enjoyable train of thought. However, while we’d like to focus on the now, planning for the future and what we leave behind is also important.

Life insurance is one such way that we can take care of our loved ones, even after we’re gone. By contacting your Calgary insurance broker, you can get set up today, affording you some peace of mind.

But what exactly is life insurance, and why should you get it? Let’s take a look at a few reasons below.

Defining Life Insurance

Life insurance aims to protect your family financially. By purchasing a policy, you are forming an agreement with a life insurance company, in which they will bestow a lump sum of tax-free money to the person of your choosing if you die. In exchange, you pay the life insurance company a set amount of money periodically; this amount is known as your insurance premium.

4 Reason To Get Life Insurance

You Have Children

The birth of a child is generally the number one motivator to get life insurance. You want to feel confident that your child or children will be financially secure, and if you’re the breadwinner, this pressure can seem to amplify. On the off chance that you don’t make it home one day, life insurance will cover bills, such as for the mortgage, food, and education, thus maintaining your child’s quality of life.

You’re Supporting Ageing Parents

Assisted living or nursing homes can be expensive– even government-subsidized ones. If your parents rely on you for financial support to ensure their quality of life, consider investing in life insurance. This will ensure that they can continue to live comfortably, despite your absence.

You Have Student Loans

Did you know that student loans are the only form of loans that don’t disappear once you’ve passed? This means the financial burden will be shuffled onto family or a loved one, thus forcing them to continue with monthly payments. Life insurance benefits can be put towards your student debt, thus alleviating the pressure from another’s shoulders.

Your Job or Hobbies Are High-Risk

If you work in a dangerous or high-risk environment, you have a greater risk of dying at work than someone who sits at a desk all day. Extreme hobbies also increase the likelihood of you dying from unnatural causes. By purchasing a life insurance policy, you can ensure you are covered each time you step out the door.

Lakeview Insurance Brokers Ltd. has been a highly dedicated member of the Independent Brokers Association of Albert and has been family-run since 1979. Our brokers take the time to ensure you get the best policy that suits your needs. Contact us today to get started at 403-287-2521 or send an email to [email protected].

We want to protect our loved ones, even after we’re gone. One such way in which we can accomplish this is by purchasing life insurance. By contacting a Calgary insurance broker, you can feel confident that your family will be looked after, despite your absence.

But what exactly is life insurance, and what does it cover? Let’s explore that below.

Understanding Life Insurance & Its Coverage

What is life insurance?

It is up to you how much money would be paid out to your beneficiary upon your death, which in turn impacts your insurance premium. Naturally, the more your policy is worth, the higher your premium will be.

What can life insurance be used towards?

Your beneficiary is able to use the life insurance death benefit in any way they choose. However, the money is usually put towards financial responsibilities that the policyholder would have contributed to while alive, such as the mortgage, bills, tuition, and other costs of living. The money also typically goes towards covering funeral costs.

What types of death are covered by life insurance?

Life insurance policies cover the majority of deaths, with few exclusions. As long as your policy is active and up-to-date at the time of your death, life insurance will cover:

Natural causes: This can include old age, illnesses such as cancer, and unexpected health conditions, such as a heart attack.

An accident: This can include a car accident or an accidental overdose on prescription drugs.

Suicide: This is typically covered, provided it occurs after the policy’s “suicide clause” period has ended. If your policy has this clause, its average lifespan is approximately two years.

Homicide: This is applicable unless the beneficiary has played a role in the policyholder’s murder.

What does life insurance not cover?

There are a few instances in which your own actions, or failure to act, can impact your life insurance coverage. You will not be covered if you die while engaging in criminal activity and may not be covered if you die while participating in a dangerous hobby, such as skydiving. Additionally, your eligibility is put at risk if you allow your policy to lapse or lie on your application.

It may surprise you how affordable life insurance is. For more information, reach out to your Calgary insurance broker today!

No one likes to think of travel plans going awry when they’re dreaming of adventure and relaxation. However, being prepared and planning ahead can save you money in the long run, ensuring a bump in the road doesn’t ruin your entire vacation.

Trip cancellation insurance is a great way to protect yourself and your finances. But exactly what does this type of insurance do for you? Let’s take a look.

Exploring Trip Cancellation Insurance

What is trip cancellation insurance?

Unfortunately, we can’t see into the future when we’re booking our vacations. This means that, despite best efforts, issues can arise, whether due to our own fault or to uncontrollable circumstances. That’s where trip cancellation insurance comes in.

Trip cancellation insurance protects your trip before departure. This means it reimburses you for non-refundable and/or non-transferable deposits on prepaid travel arrangements and cancellation penalties that a hotel, airline, transportation provider, or tour operator may charge.

This means you can be sure that you’re not losing money on extra fees that are designed to make cancelling a hassle.

Does trip cancellation insurance cover expenses during your trip?

Trip cancellation insurance only covers you before you leave. That’s why it’s often bundled with trip interruption insurance, which protects you after departure.

Happy mature woman exploring her travel destination before going on a journey

Trip interruption insurance covers extra costs if you need to return home earlier or later than you had planned and reimburses you for non-refundable and/or non-transferable portions of used, prepaid travel arrangements.

Cutting your trip short is already stressful enough; don’t worry about adding additional cancellation fees to your plate as well.

How much does trip cancellation insurance cost?

The cost of trip cancellation insurance is largely dependent on the price of your vacation. When purchasing travel insurance in Calgary as a package, which includes trip cancellation, trip interruption, and medical insurance, you can expect to pay between 4% and 10% of your trip costs. This means that you might pay between $40 and $100 for a $1000 trip.

If you are hoping to simply purchase trip cancellation insurance, rather than the entire bundle, then it will naturally cost less. For a more definite quote, it’s recommended that you contact a trusted travel broker.

Trip cancellation insurance allows you to take some of the uncertainty away that can come with planning in the future. If you are wondering if it makes sense for you, don’t hesitate to reach out to a professional and ask for advice.

As a business owner, it’s important to protect your company and its finances. You’ve invested a lot of time and money into your business, so it would be a shame to put that at risk. Accidents can happen on and off the job site, so it’s critical to ensure you’re covered if such an event occurs.

Commercial general liability insurance is one measure you can take to prevent additional hardships and to protect your investments.

We elaborate on how commercial general liability insurance can benefit you and what the cost of such insurance might be.

Understanding the Cost of Commercial General Liability Insurance

What is commercial general liability insurance?

Commercial general liability insurance (CGL) is a type of insurance policy. It provides financial coverage to businesses and corporations for bodily harm, personal injury, and property damage that occurs on the company’s premises. Said injury or damage can also be a result of interacting with the business’s operations, equipment, or products.

How much does commercial general liability insurance cost?

Some business owners grimace at the idea of having to spend additional money to maintain the operation of their company. However, this extra cost can save you from thousands or even millions of dollars worth of legal fees in the long run.

The cost of CGL does vary depending on the insurance plan you decide on. There are several options when it comes to the level of coverage that your CGL can provide.

Insurance agent explain consulting with customer to signing the policy form.

Some coverage levels focus primarily on the premises, which includes any worker injury that occurs on the property. Other levels extend to damages that are a result of finished products or services done off-site. Naturally, the latter will cost more, as your insurance coverage will need to have a greater reach.

Purchasing CGL can feel intimating due to the amount you can be insured for. If you are insured up to $1 million, most may assume the monthly rate will be incredibly high. However, the average yearly amount that companies pay is around $450. Therefore, when broken down into monthly payments, it can seem much more manageable.

How much should I be paying?

As the Insurance Bureau of Canada notes, you want adequate coverage without being over-insured and overpaying. Some aspects to consider when looking into CGL are:

The value of your property
Your potential liability exposure
Past losses

Speaking with an insurance broker regarding commercial general liability insurance can help you determine the level of coverage you need and gain a better understanding of the cost.

As an employer, one of your top priorities is the safety of your workers. That said, accidents can happen, leading to the injury of your employees or property.

Ensuring you have financially protected your company in the event of such injury is an important consideration to make. Commercial general liability insurance is one measure you can take, giving you a certain peace of mind in times of crisis.

But what is commercial general liability insurance, you may ask? We break down the term below and explore its coverage.

Learning About Commercial General Liability Insurance

What is commercial general liability insurance?

Does CGL cover all claims resulting from injury or damage?

Overall, CGL is considered to be comprehensive business insurance. However, this answer may be dependent on the level of coverage your CGL provides. As a business owner, you have the choice of the degree of coverage you feel your company requires.

Business woman examining insurance policy

Speaking with a professional insurance broker is always a great start in deciding which coverage level is right for you.

Are there different types of CGLs?

There are two types of commercial general liability policies:

Occurrence

For the claim to be valid, the injury, harm, or damage must have taken place during a specific period of time.

Claims-made

These claims are covered during any period of time, as there are no restrictions surrounding when the injury, harm, or damage must have taken place.

Taking care to ensure your company is protected if the worst happens is a smart precaution to take. Don’t hesitate to talk to an insurance broker about getting commercial general liability insurance or whether your current coverage level is the right one for you.

Insurance companies in Canada are just like any other business: they have to follow along with rules and regulations set by a provincial and federal body.

Having an understanding of who manages insurance companies and how Calgary insurance brokers are impacted can be useful when it comes to measuring their legalities and filing complaints.

How Manages Insurance Companies in Calgary?

Federally, the Office of the Superintendent of Financial Institutions (OSFI) regulates and oversees the financial soundness and management of most P&C (Property and Casualty) insurance companies.

These regulators are called Superintendents of Insurance, and according to their website, they “conduct prudential reviews of the federally regulated insurers to determine their financial soundness, while the provinces regulate the licensing of insurers operating within their jurisdictions as well as the marketing of insurance products”.

However, each province has its own regulatory body that oversees, regulates and provides licenses for companies. Part of their roles include regulating insurance products and market conduct, such as underwriting, rating, claims, and marketing practices. The Alberta Superintendent of Insurance oversees the marketplace within the province.

Who Do I Complaint To About Calgary Insurance Companies?

Federally, the industry-funded, non-profit organization Property and Casualty Insurance Compensation Corporation (PACICC) will handle and respond to any claims of policyholders insured under P&C Companies. Their aim is to provide protection for policyholders and claimants.

In Alberta, individuals who have concerns about insurance companies can reach out to the Alberta Insurance Council or the Alberta Superintendent of Insurance. Both these departments work in tandem with the Alberta Treasury Board and Finance to handle any issues regarding insurance companies in Calgary.

However, the insurance brokers in Calgary at Lakeview Insurance can help you in solving your concerns regarding your insurance, be it auto, home, travel or life. We pride ourselves on offering all our clients straightforward, effective and comprehensive insurance plans, and assisting them with issues that arise.

The world of car insurance in Calgary has many moving pieces and components. Luckily, your friendly insurance brokers are here to make sense of the insurance landscape, and this also applies to new drivers. However, there are a few things to establish off the hop.

Considerations for Car Insurance in Calgary

Typically, new drivers have an extra burden when it comes to getting insurance. There are several reasons for this, such as their risk category. We will touch on the risk category more later, but at this point, you can simply consider it as the likelihood of a driver to experience a collision.

Additionally, there is a legal requirement for all drivers to have basic coverage insurance. In Alberta, basic coverage includes both third-party liability and accident benefits insurance. Third-party liability refers to the coverage you receive if someone, or something, other than you causes damage to your vehicle. In a similar vein, accident benefits cover your recovery or your family in the event of serious personal injury.

Sale agent deal to agreement successful car loan contract with customer and sign agreement contract Insurance car concept.

Now that we have established the insurance requirements, and why it might be a higher rate for new drivers, we can dive into the costs. Ultimately, there will be many factors to consider for your car insurance in Calgary, which can considerably fluctuate the cost. However, both your risk category and the AIRB will play pivotal roles in determining this price.

Factors Affecting Calgary Car Insurance Rates

Auto Insurance Grid Rate

The Automobile Insurance Rate Board (AIRB) has developed a sliding scale that establishes the maximum premiums for insurance companies offering basic coverage. This is called the Auto Insurance Grid Rate, and it essentially enforces the lower cost choice of two options. The first option is the driver’s premium through the Auto Insurance Grid Rate calculator, and the second is the insurance company’s current rating program.

This is a beneficial way to keep car insurance in Calgary under a reasonable standard and is often quite effective. The AIRB reports only 6% of drivers use the Grid Rate, which means that new drivers can usually expect to pay less than the $2,531 per year mandated by the program.

Risk Category

The risk category will adversely affect new drivers for a few reasons. Naturally, new drivers are at the highest risk for collisions and driving infractions. Additionally, fresh male drivers are at even higher risk than females because they tend to engage in risky behaviours. Therefore, an 8-year term applies to all new drivers that see their insurance rates increase to compensate for the possibility of danger.

New Driver’s Best Calgary Car Insurance

At Lakeview Insurance Brokers Ltd., we pride ourselves on offering all our clients straightforward, effective and comprehensive insurance plans. Further, we work with you to determine the optimal insurance level for your needs and combine deals from insurance providers around the province. Give us a call to learn more today!

A Calgary insurance broker performs many of the same functions you would expect from a typical insurance agent. However, where they differ is in their ability to offer you a wide range of options from several different insurance providers. In contrast, an average insurance agent would only provide you with the options of their company.

However, before we get into the benefits of this service, first, it seems necessary to review the ordinary functions of insurance brokers and agents alike.

The Tasks of Calgary Insurance Brokers

Providing Insurance

Of course, the task that you are probably most familiar with, when it comes to insurance brokers is their ability to sell insurance. Often, people have multiple insurance policies for their vehicles, homes, lives, and much more. A Calgary insurance broker can provide coverage for each of these policies.

Combining Policies

However, they can additionally provide better savings because of their relationship with multiple insurance providers. For instance, they can bundle your home and life insurance under one provider, and your vehicles through another. This versatility gives you the chance to take advantage of different deals or specials the insurance companies offer, such as savings or rate reductions.

Insurance protecting family health live, house and car concept.

Continuing Support

Insurance brokers are also responsible for other tasks, such as study and research. Every year some changes affect insurance policies, regulations, and more. It is up to each insurance broker to ensure they know about the changes so they can better inform their clients and provide useful information.

As a result of insurance brokers’ knowledge, they can also provide relevant information. For instance, showcasing how different plans or bundles can save money for their clients. Or, advising on what insurance policies are necessary for different items, such as basic versus comprehensive coverage for vehicles.

Why Choose a Calgary Insurance Broker?

At this point, you may be wondering why you should choose a broker over an agent. The reasons above speak to their ability to find you the best promotions and packages. But, if that isn’t enough, there is one additional reason.

The final reason, and perhaps the most convincing, is that insurance brokers work for commission. This means they only get paid if they work out a deal between their clients and the insurance companies. The reason this is so convincing is its offer of a continuing incentive for the broker to learn about new sales and changes within each company.

Finding cheap car insurance in Calgary can be a difficult search, but with the right information and a winning attitude, the process is much simpler to complete. Here you will find some of the most relevant tips for getting a deal on your car insurance, so let’s get started.

Ways to Find Cheap Car Insurance

Bundle Your Policies

If you are like many Albertans, chances are you have additional vehicles or items that require insurance. Consider your home, boat, off-road vehicles, and more to fall into this category. Simply by bundling each of their insurance packages together under the same company, you can reduce your rates. Insurance companies will be glad to reduce the overall rates for the benefit of a larger bundle overall.

Decrease Coverage

Indeed, decreasing your coverage is one of the most effective ways to lower our car insurance in Calgary. However, this can also have harmful effects on your payments and insurance in the event of an accident, so make sure you are comfortable with the added risk before pursuing this option. Further, it is essential to note that basic coverage is a legal requirement for driving in this province, so don’t get rid of it!

Consider Your Options

In a similar fashion to cell phone coverage providers, one of the best ways to decrease your payments is through shopping around. With over 40 different insurance companies operating in Alberta, there are many options for your consideration and finding the right one should be a part of your process every time you renew your insurance.

Good Driving Habits

Easily the most effective option on this list, honing your driving habits to follow all relevant laws, will always result in a reduction in your car insurance. The more tickets and problems indicated on your record, the more likely you are to face an uphill battle during insurance negotiations.

Change Your Vehicle

Insuring new vehicles will often have a higher associated cost, as they are valued higher than older vehicles. Consider choosing an older vehicle for your daily needs if you want to save some money on your car insurance. Similarly, select car brands known for the availability of their parts and service for an even more significant discount.

Filing an insurance claim can seem like a daunting task because you may not have done it before. Thankfully, it doesn’t have to be a difficult process; a little planning and knowledge about the process can boost your confidence. Here’s how to file a claim with insurance companies in Calgary.

5 Steps To Making A Claim With A Calgary Insurance Company

1) Determine the Type of Claim

The first thing to determine is what type of claim to file. Often this is straight forward. If your car was damaged in an accident, file an auto insurance claim. If your home was broken into or damaged, file a claim for home insurance in Calgary. Depending on the type of claim you file, the process varies a little, but the basic structure is similar.

2) Contact the Authorities

The first thing to do in the case of an accident, injury, or damage is to contact the proper authorities. Often this is the police, but it may also be a contractor who can assess the damage to your home and provide a quote for repairs.

3) Document the Damage for Calgary Home Insurance

Resist the urge to get things back to normal as quickly as possible; you’ll need to carefully document the damage to your home, vehicle, or property. Take pictures or video of the damage.

4) Contact Calgary Insurance Companies

Contact your insurance company immediately to start the claim process. Usually the easiest way to do this is by making a phone call, but many insurance companies in Calgary also offer online forms for submitting claims.

5) Work with a Claim Specialist

Once your claim is reported, you’ll get assigned a claim specialist or adjuster. They’ll investigate the claim and work to get it settled. Provide any additional information they need to complete the process.

Filing a claim for auto or home insurance in Calgary isn’t difficult once you know how.