Will my credit card or employee group plan provide enough travel insurance coverage?

You always travel insured, but does your plan meet your individual needs? Not all policies are created equal, so if you’re relying on credit card or group plan travel insurance coverage, you may want to reconsider.

Ask yourself these questions to ensure you understand your coverage limits and plan requirements.

For credit card plans:

  • Do I have to pay for the trip in full with my credit card to be covered?
  • Does the plan offer Trip Cancellation or Trip Interruption?
  • Who do I call in an emergency?
  • What’s the maximum number of days covered for one trip?
  • What’s the maximum amount of travel insurance coverage?
  • Am I covered for pre-existing medical conditions? Does my age affect coverage? What’s the stability period?

For group plans:

  • Does the plan provide Trip Cancellation or reimburse me if I need to return early due to a family emergency?
  • Do I have an insurance certificate with plan details and know where it is?
  • Will the plan coordinate payment with the provincial government or pay the hospital directly?
  • If I lose my luggage in transit, is it covered?

If you’re still uncertain about your coverage, contact us with any questions or concerns.

Feel confident that your travel insurance provides all the benefits, from flight cancellation and lost luggage to 24-hour emergency medical assistance.

January 2015 Investment Commentary

In an effort to keep you updated, please find below salient points from the January 2015 Investment Commentary from GLC Asset Management. The full report is attached for your reference:

Key points:

  • The S&P/TSX Composite finished 2014 with relatively good returns overall coming in at 7.4% and more than 10% on a total return basis. The downhill slide of the resource sectors in the second half of the year created significant divergence in sector results. Defensive sectors benefited, as investors shied away from the riskier cyclical sectors. Consumer Staples achieved a market hat trick – outperforming the other sectors on a month, quarter and year basis.
  • US equities outperformed every other developed market in 2014. That’s a third straight year of double digit gains! The Utilities sector performed the best in 2014.
  • Among its global economic peers, the Chinese equity market stands out for its break-away rise in 2014. The Shanghai Composite gained 53% in 2014, with more than 35% of that taking place in the last quarter aided by speculation that the new trading link with Hong Kong would boost foreign demand for Chinese equities.
  • Fixed income indices rose across the board, with longer duration bonds and provincials as the top performers within the Canadian fixed income market. Faltering global growth and a series of international crises kept investors’ demand for bonds high and revived the refuge appeal of Canada’s debt investments. The flight to quality and risk reduction has been very rewarding for Canadian fixed income investors
  • Crude oil prices experienced a massive yearly slump of -46%. Excess oil supply was exacerbated by US producers and OPEC ceding no ground in their bid for market share (i.e. the US producers hit new output highs, while OPEC refused to cut its supply quota). Europe’s fragile economic outlook and China’s declining pace of economic growth are contributing to oil demand expectations that have been insufficient to stem the drop in oil prices.

Why young people should be looking at insurance.

It’s not a topic many young people want to spend too much time thinking about, but the fact of the matter is that death is life’s only guarantee. Are you or your loved ones prepared in the event that something happens to you sooner than expected? What if you encounter and illness or injury that prevents you from working and you cannot afford your basic utilities or mortgage payments? When you’re young and still in good health is the best time to be looking at and purchasing insurance; it will never be less expensive than it is now. We have gathered a few articles of interest to highlight the points you need to know to create a succession plan, and to alleviate further stress on grieving spouses, family & friends.

GLC Money Matters highlights

Canada’s economic backdrop may be better than feared, as there are signs of positive momentum. While the evidence is not uniformly positive, during the quarter signs of an improving Canadian economy did emerge, including better than expected GDP growth and retail sales, along with evidence that a weaker Canadian dollar is beginning to help – noting the first trade surplus since the fall of last year. For more highlights on the first quarter of 2014, take a peak at the GLC Market Matters April 2014 newsletter

No travel coverage can cost you big.

To put it simply: Get medical insurance, or stay home. Existing coverage can have loopholes, especially when you are travelling to other countries. Don’t assume you are covered for all types of emergencies; Just because you don’t think an accident will happen, doesn’t mean it won’t. Get yourself covered for all of life’s big, little and in between “oopsies” !!

News & Articles of Interest

  • To put it simply: Get medical insurance, or stay home. Existing coverage can have loopholes, especially when you are travelling to other countries. Don’t assume you are covered for all types of emergencies; Just because you don’t think an accident will happen, doesn’t mean it won’t. Get yourself covered for all of life’s big, little and in between “oopsies” !!
  • Canada’s economic backdrop may be better than feared, as there are signs of positive momentum . While the evidence is not uniformly positive, during the quarter signs of an improving Canadian economy did emerge, including better than expected GDP growth and retail sales, along with evidence that a weaker Canadian dollar is beginning to help – noting the first trade surplus since the fall of last year. For more highlights on the first quarter of 2014, take a peak at the GLC Market Matters April 2014 newsletter
  • For years your focus has been to save for retirement. Now you need innovative solutions to help you transition your hard-earned savings into income that will your lifetime. You also need to protect your savings from the retirement risks laid out in this article about the GWL Lifetime Income Benefit option.
  • First time home buyer? Think twice before you agree to the mortgage lender’s insurance, it may not be protecting you for what you think it is. Mortgage insurance is primarily to protect the company lending you the money, not necessarily you and your family should something happen to you. This article is a great starting point to seeing what product may be a better fit for you.