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Insurance Policy Information from Peter Toller

The team from Peter Toller Insurance knows that choosing the best insurance policy for you, your family or your business isn’t a simple matter. Over the years, we’ve helped our clients in Mississauga find the policy that matches their needs and their budgets perfectly. Browse our list of frequently asked questions below for more information.


If I apply for life insurance, when am I actually covered?

The application form contains some key health questions which must be answered favourably. When accompanied by a cheque to cover your first month’s payment, you are then covered.


How do I know if I have enough insurance?

Often people will want enough insurance to cover their debts, such as: mortgage, student loans or other educational commitments and emergencies. They will also want sufficient coverage to replace a large portion of the income lost by the key wage earner.


Why do men pay more for life insurance and women pay more for disability insurance?

Statistically, men do not live as long as women so insurance companies need more in premium over a shorter period. There is a greater risk in a woman being disabled than a man so her price is higher to cover this risk.


How does mortgage insurance differ when purchased from an insurance broker rather than a bank?

A broker has more companies from which to select the best policy and an insurance broker’s prices are often lower.


If I become disabled, do I receive income from my individual plan as well as my company coverage?

As long as the individual plan was purchased before you were eligible for the company coverage, both plans will pay a disability claim.


I heard that with an annuity the principal stays with the insurance company if I die. Is that true?

The principal deposited to buy the annuity does stay with the company on death if a guaranteed payout period was not selected. A life insurance policy bought at the same time as the annuity will offer protection for the family.


Is there much difference between companies quoting on employee benefits?

Some companies need a minimum number of employees before they will quote. Other companies offer full benefits to a one-person company. There can also be quite a variance in price, so you should get several quotes before buying.


Does an individual disability plan only pay a claim if the injury happens at the worksite?

An individual plan usually pays out for an accident or sickness claim after a certain waiting period. This disability may have occurred on the job, at home, or even on vacation. Other, non-individual plans usually only pay if you are disabled at the worksite.


How does a broker find the best plan for me?

He can survey the companies to find the policy features that you've identified as being important to you. It may be the lowest price, a particular company name or the most favourable underwriting requirements.


Why does a segregated fund offer protection from creditors?

Segregated funds are offered through an insurance contract. Under provincial insurance laws, your contract and insurance money may be protected from creditors if the designated beneficiary is the annuitant's spouse, parent, child, or grandchild.

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