After years of hard work and dedication, it is finally almost here – your retirement. But, before you finally cross that finish line and are free to relax and enjoy spending more time with your friends and family, there are some valuable financial moves you should be making when planning for retirement. So, let’s take a closer look at some helpful tips to make sure you are financially ready to retire. (more…)

After purchasing a life insurance policy, most people fall into the trap of filing it away and never looking at it again until it is necessary. But it is beneficial to regularly review your coverage to ensure that the plan is best meeting your current needs. Cover you purchased 10 years ago may not work for your present situation in life. So, how should you review your life insurance policy? Let’s take a look. (more…)

Whereas practically no one can predict a severe illness or accident, there is a group of people that counts on the probability of suffering a potentially fatal accident throughout adult life: workers in dangerous occupations.

No one enjoys thinking about their mortality, but, unfortunately, those who work in high-risk jobs must prepare for any eventuality, at least financially.

Within federal, provincial, and territorial occupational health and safety legislation, all Canadian workers have some level of workplace protection. Nonetheless, this is not the same for injury compensation insurance. Even nowadays, many workers in Canada are not covered by compensation boards, which means that, if something tragic happens, uncovered workers and their respective families will have to deal with the consequences with little help.

And tragic accidents do happen.

Every year, around 1000 workers die in Canadian workplaces. Regardless of the health and safety measures that companies apply, there is still lots of room for disastrous incidents to happen. From hazardous work conditions to debilitating social environments, many factors can put someone's health and life at risk.

A few years ago, Adzuna, a search engine for job advertisements, conducted a study taking a closer look at Canada’s most risky jobs. As the research revealed, even with technological advances and stricter health and safety regulations, there are many industries where the risks to workers are still remarkably high.

To protect their families and loved ones, these workers often consider applying for an insurance plan that can guarantee their financial independence and security. At Speciality Life Insurance, we have the right solution for these cases: Accidental Death and Dismemberment insurance.

What is Accidental Death Insurance?

Accidental Death is, very often, a clause or rider connected to a life insurance policy. It refers to a payment due to the beneficiary of an Accidental Death insurance policy, and it is, generally, paid in addition to the standard benefit. However, many insurance companies also sell this product separately. That is the case of Specialty Life Insurance. We offer an Accidental Death and Dismemberment insurance plan that provides coverage up to $250,000, with no medical exams or health questionnaires required.

As the name suggests, this policy pays benefits in the case of a person’s accidental death or dismemberment - which is the loss of body parts or functions. It covers exceptional circumstances, such as traffic accidents, falls, drowning, and accidents involving heavy equipment or hazardous materials. This means that if you lose your life or ability to work while on the job, you can receive up to 200% of the principal sum amount, depending on the occurrence.

The most dangerous and deadliest jobs in Canada

While some jobs are reasonably safe, others represent a vast and continuing risk to workers’ health and life. According to AWCBC (Association of Workers’ Compensation Boards of Canada), based on total fatalities, Canada’s most dangerous industries are quite varied and can present, at times, up to five fatalities on the job per workday.

Contrary to common belief, firefighters and police officers are relatively secure in terms of workplace hazards compared to industries like mining, commercial fishing, or construction.

If your professional life is connected to any of the industries we are going to mention below, we strongly recommend considering an Accidental Death insurance plan. Assuming that your job carries a lot of risks (and potentially fatal ones), there is nothing like ensuring your family’s peace of mind and economic security by getting an insurance policy.

Mining and quarrying workers.

Mining is one of the most dangerous jobs in the world, accounting for over 12,000 deaths each year. With falls of ground and rock bursts occurring frequently, the mining and quarrying workers are often at risk. Besides, as underground mines become older and deeper, they are generally more prone to disastrous incidents.

Considering that in Ontario only mines are operating at depths approaching 3,000 meters, it is easy to assume that the risks are immensely high in a country like Canada. Mining environments are tough settings to work in, and the risks aren’t only physical - they are also ergonomic and psychological. From asphyxiation to stress and depression, the likelihood of facing physical and mental health problems in this sector is immense.

  • Median annual wage: $85,722 per year.

Construction and ground maintenance workers.

As one can imagine, construction zones can be particularly hazardous work environments, especially in a country with harsh weather conditions like Canada. Working in the construction of buildings, bridges, and city infrastructure isn’t for the faint of heart. But even the most courageous and careful workers are constantly at risk in this sector.

Getting struck by objects and materials, being exposed to the elements, air contaminants and fires, and handling heavy machinery, tools, and equipment, are some of the main dangers workers face daily. But here’s another significant threat that is not adequately recognized: in the construction industry, workplace violence is a huge problem, counting as one of the biggest causes of injuries at work. This also has a significant impact on the worker’s mental health, increasing their chances of developing chronic stress, anxiety, and even depression.

  • Median annual wage: $39,975 per year.

Iron and Steelworkers.

Iron and steel workers handle dangerous equipment on a daily basis, but, in the profession, the real killer is high heights. These workers usually work on skyscrapers, city buildings, and bridges, raising, placing, and uniting iron or steel columns and trusses. This makes any fall, slip, or trip potentially deadly.

Besides that, iron and steel workers are also at risk of suffering non-fatal injuries that can hurt them for long periods or even indefinitely, like burns, muscle strain, and even dismemberment. Many studies have found that those who work with iron and steel show a significantly increased risk of lung cancer. This is mainly due to the chemicals (like uranium, arsenic, or asbestos) and airborne toxins frequently present in work environments.

  • Median annual wage: $62,839 per year.

Air pilots, navigators and flight engineers.

While major airline pilots have low job fatality rates, practically any other flight and air professional face health risks and a high probability of fatal accidents.
Flying new planes or those recently repaired can be perilous for test pilots, especially if we consider the influence of adverse weather conditions.

Helicopter pilots also face many risks, mainly when they perform rescue missions, while engineers face daily exposure to hazardous chemicals and dangerous materials. Finally, the psychological effects can also be substantial. Pilots, navigators and flight engineers have erratic schedules and are usually away from their homes and families for extended periods of time, which can lead to loneliness and, in some cases, depression.

  • Median annual wage: between $65,000 – $85,000 per year.

Logging & forestry workers.

Canada has a proud lumberjack tradition. However, not many people are aware of how the work of a lumberjack can be extremely demanding and potentially dangerous. Falling trees, adverse weather conditions, heavy equipment, dangerous environment… These are some of the risks that loggers and forestry workers face every day, both in the woods and in the workshops.

However, one of the biggest problems relies on the fact that these jobs generally take place in isolated locations, far away from hospitals. As a result, when a severe accident occurs, workers face even higher risks of developing an untreatable injury or even dying.
Even though the industry is becoming safer, there is no way around this: logging and forestry is a dangerous career choice.

  • Median annual wage: $54,600 per year.

Commercial fishers.

Hostile marine environment, bad weather conditions, malfunctioning gear, injuries from fish spines or bacteria, and even drowning… No wonder the fishing industry has one the highest incidence of workplace fatalities!

According to the Senate Committee on Fisheries and Oceans, the commercial fishing industry has the highest death rate out of any other employment sector in Canada. But there are other risks to consider. Fatigue from long hours of work and night shifts, lack of food and kitchen hygiene, and loneliness are other significant health issues in the fishing industry.

  • Median annual wage: $27,085 per year.

Truck drivers.

Exhaustion from long hauls, bad weather and road conditions, and maneuvering large loads that can become unbalanced are just some of the dangers faced by truckers. According to the Canadian Automobile Association (CAA), more than 100 tow-truck drivers in North America die each year on the job. But non-fatal injuries are also quite common, especially musculoskeletal ones. In fact, Peripheral Arterial Disease, caused by a blockage in blood vessels around the body, is commonly known among workers as the Trucker’s Leg.

But there is more. The loneliness, lack of exercise, sleep, and healthy eating that truck drivers face, also potentiates their chances of getting depression, hypertension, diabetes, obesity, and even suffering a stroke.

  • Median annual wage: $49,854 per year.

Farmers and Ranchers.

Farming seems, for most people, like a hard and yet peaceful occupation. Nonetheless, this is far from the truth. Nowadays, modern farming practices generally involve the heavy use of motorized vehicles. As a result, many fatal injuries occur while operating these vehicles and machinery.

But that’s not all. Farming situations present many respiratory hazards to workers, which often leads to severe respiratory diseases, such as chronic bronchitis, asthma, and permanent lung damage. Skin disorders and hearing loss are also two common problems, affecting mainly those exposed to grain dust. Nonetheless, chemical toxicity and accidents related to machinery are the most dangerous risks associated with farm working.

  • Median annual wage: $34,563 per year.

Pipefitters and commercial plumbing.

Pipefitters, plumbers, and steamfitters have one of the highest rates of injuries and illnesses of all occupations in Canada. Exposure and proximity to substances like lead, sulphur dioxide, adhesives, and solvents, not to mention flammable products, is one of the risks these workers face on a daily basis.

Besides, working in confined spaces and in awkward positions also potentiates their chances of getting musculoskeletal injuries, burns, and eye injuries. For some, exposure to sewage and contaminated soil can also cause severe health problems, such as infections by E. coli, parasites, hepatitis, and tetanus.

  • Median annual wage: $64,350 per year.

Garbage and Recycling Collectors.

Garbage and recycling collection is a much more dangerous job than most people realize. In fact, it is one of the top five most dangerous jobs in America, surpassing farmworkers, steelworkers, and powerline installers.

In addition to working with big and dangerous machines, these workers are also exposed to the risks posed by hazardous materials and traffic accidents caused by fatigue - it is essential to keep in mind that commercial drivers often start their route before 2 a.m.
Injuries from broken glass, used needles, nails from construction sites, and many other waste items, are quite common. Still, being struck by a vehicle remains the leading cause of fatalities in the industry.

  • Median annual wage: $31,200 per year.

Our Accidental Death Insurance plan can help you!

Willingly or not, many people end up in jobs that continuously put their safety in peril. If this is your case, don’t underestimate the need to purchase a policy. Investing in an Accidental Death Insurance plan is the best way to protect you and your loved ones if something happens to you at work.

Qualifying for our Accidental Death and Dismemberment insurance is quite easy: you only need to be a permanent Canadian resident between the ages of 18 to 69. As already stated, you don’t have to go through medical exams or questionnaires to receive the insurance you need. Even if you had or are currently facing health issues, you can easily apply for this plan.

If you have any doubts regarding this policy or any other that Speciality Life Insurance offers, don’t hesitate to get in touch with us. Our specialized team will be delighted to walk you through the process of buying insurance and prepare a quote for you. 

Nobody likes to think about lying on their deathbed. But not thinking about it will not make life last forever. In fact, avoiding it can often lead to messy scenarios, where the family is left without guidance on how to organize the next steps - or, in other words, without a will.

We know this is not a pleasant topic. But have you thought about who will inherit your home after you pass away? Who will take care of your pension funds? Or who will be the guardian of your precious stamp collection?

According to a survey, half of Canadians (50 percent) do not have a will, and 39 percent have not discussed estate planning wishes with their family members. It is undeniably a very unpleasant matter to discuss. But not doing so can cause immense emotional turmoil for the family and even unnecessary animosities.

Whether you are in your 40s or 80s, setting up your last will is something you should be considering, especially if you hold many assets. Estate planning is an essential step in making sure that your things will be managed according to your wishes and that no one can interfere with your instructions.

Conflict over inheritance is very common, especially if there is a business involved or valuable personal property, such as houses or valuable collectibles. Therefore, having a will that clarifies what should happen to your money, possessions and investments, is the easiest and fastest way to guarantee that everything is rightfully handled. Besides, you surely don't want a judge deciding your estate's fate.

What is considered a will in Canada?

Before diving further into the matter, let us assess the first big question: what exactly is considered a will in Canada? As explained in the Government of Canada’s official website, “a will in Canada is a legal document that says how you want your estate to be divided once you die. Your estate includes what you own (called assets) and what you owe (called liabilities).”

There are two kinds of wills in Canada: a formal will and a holographic will. A holographic will is the classic do-it-yourself will, all handwritten. This type of will does not need to be witnessed or notarized, which often leads to validation issues. Besides, some provinces and territories (like British Columbia or Nunavut) do not recognize it as a legal document.

A formal will is typewritten. To be valid, it must be signed by the person making the will in front of two witnesses. It is advisable to have a lawyer preparing it, to make sure it complies with the provincial and territorial laws.
If you live in Quebec, you can also opt for a notarial will. In short, it is prepared by a notary and signed before him and a witness.

What makes a will valid in Canada?

Leaving a will is one of the most important things you can do for yourself and your family. However, it is just as essential to guarantee that the will is valid in Canada and executed according to your provincial laws. These are the basic rules it should follow:

  • Be executed according to the provincial or territorial laws (it's worth reminding that each province and territory has its particular rules and regulations);
  • Be executed according to the nature and extent of the property the testator owns;
  • When writing it, the testator must be over the majority's age in his province and of sound mind. Exceptions may be made for younger people if they are in the military or if they are married, for instance;
  • If typed, the testator must sign it with two witnesses, and they must sign to confirm they have witnessed the signature. These witnesses cannot be a named executor or their spouse and cannot be a designated beneficiary or their spouse.

What about online wills?

In Canada, online wills and will kits are legal everywhere except in Quebec. These kits offer affordable estate planning, making the whole experience seemingly simpler and faster. However, there are some drawbacks you should be aware of. For example, these online tools are not designed to accommodate anything non-standard. On top of that, some providers do not give enough advice on how to correctly complete the document, which can make it confusing for some people.

In short, an online will kit isn’t for everyone, which is why it is recommendable that you assess your situation before choosing this method. Especially if you have an atypical living and family situation (such as a blended family or shares of private corporations), nothing can substitute professional advice.

When should you write your will?

Estate planning often falls to the bottom of people's priority list, especially when they are still young and healthy. But it is important to remember that wills are not just for those who are getting older.
If you die without one, the law states that you have died intestate, which means you left no instructions on how to distribute your property. In these circumstances, the government will do the honours and distribute your estate to your surviving relatives, according to your provincial or territorial law.

If you want to avoid that (and all the conflicts, delays, and expenses it generally involves), you should start writing your will as soon as possible, regardless of your age.

Although there are many triggering events that signal to an individual that it could be time to organize their estate (like a severe disease or advanced age), there is no such thing as an"official" moment to prepare it. In Canada, a will is, after all, a simple way of being prepared for life’s unpredictability.
If you have a significant estate and want it to be distributed according to your intentions, there is no better time than now to start preparing this irreplaceable document.

How to make a proper will in Canada

Depending on your personal and financial circumstances, there are many factors to consider when making a will. However, these are the main steps you should follow to handle it the right way:

Prepare your estate

First, draw up a list of all your property: real estate, retirement plans, investments, vehicles, jewelry, etc. But keep this in mind: before giving assets away, you must make sure you actually own them. For instance, if you have joint assets with other people (such as a house or a business), they will have a right of survivorship over them.

While making this list, make sure to include the contents of safe deposit boxes, family heirlooms, and other assets that you wish to transfer. Finally, don’t forget to organize and list your key documents, such as deeds and mortgages, insurance policy numbers, or investment portfolio account numbers.

Pick an executor

The person you choose to manage your estate is an executor. This person is responsible for managing how your estate will be distributed and ensuring the directions you left in your will are followed. For this purpose, you can choose a person who is close to you (such as a family member or friend) or a financial professional.

It is recommendable to appoint a primary executor and an alternate executor because your primary executor may die before you. As an alternative, you can also appoint several executors (co-executors) to handle the task together. As an important note, you should remember to ask your chosen executor(s) whether they are willing to take on the role.

Carefully choose your inheritors

We are all familiar with the chaos – and even legal battles – that heirs frequently go through when a loved one passes away. To avoid these delicate situations, you should discuss your estate plan with your heirs while still alive. However hard or uncomfortable the discussion may be, it is essential to ensure that everyone is aware of your last wishes.

Although it’s typical to leave the inheritance to the family, you can also give a specific property (such as a collection or piece of jewelry) or sum of money to a particular named beneficiary or charity.

Finally, if you have minor children, you should also name the custodian(s) in your will. This figure will be responsible for your children's physical custody if you and your spouse pass away. Often, the custodian is the same person as the guardian (the person that manages the assets of the minor).

Seek professional help

A will does not have to be notarized to be legally valid. It is valid if signed correctly in the presence of witnesses. However, we strongly recommend you get professional legal help when you decide to make a will. This will help you make sure all your documents are prepared and witnessed properly. Especially if you have complicated personal scenarios (like dual citizenship or children with different partners), the right guidance through the process is even more critical.

Consulting a lawyer could cost from $200 to $2,000, depending on the complexity of your will. Although it is significantly more expensive than the online process, it is the best way to ensure that your will meets all the formal requirements.

Keep your will updated

As a rule, you should review your will every three to five years to ensure that it reflects any significant changes in your circumstances. When reviewing the will, you should consider several meaningful life events such as a divorce, a marriage, children's birth, the death of a beneficiary, or even a new business. Besides, you should also review your will if you or your executor move out of the province or country. Given that each province and territory in Canada has different laws governing estate succession, you should even consider re-drafting your will in the new jurisdiction.

Think about your final needs

Once again, here is something no one likes to think about: final needs. However, this is an essential aspect to consider, especially if you want to spare or loved ones from stress and emotional burden.

While the bulk of your assets are distributed on your will, there will be many financial obligations left out in the world. To spare your loved ones from the task, you might want to prepare (and prepay) for your funeral and memorial service. Taking care of these final arrangements can save your family and friends from making tough decisions in a time of grief.

This could also be an excellent occasion to make equally important decisions, such as making a Financial Power of Attorney (a legal document that allows the person you name to make decisions for you even if you become mentally incapable) and deciding whether you want any type of medical orders (like a Do Not Resuscitate order).

How Speciality Life can help you with your final expenses

At Speciality Life Insurance, we are experts in making insurance easy, affordable, and customized to everyone’s needs. With that in mind, we created the Excelsior plan designed to help you take care of your loved ones, even if you are no longer around.

This policy aims to protect your family from having to deal with financial distress upon your death. It is a type of whole life insurance that your beneficiary (or beneficiaries) can use to pay for your funeral, settle debts, or in however way they find useful. It’s up to them to decide how to use the benefit.

To apply for our plans, you don’t need to go through medical exams, face-to-face meetings, or endless paperwork. You only need to be a Canadian citizen aged 18 - 80, eager to protect your family’s financial future. Even if you have been denied life insurance in the past, that will not affect your eligibility with us.

Making a will communicates your wishes and instructions clearly to your family and loved ones, making it an irreplaceable document that you shouldn’t leave to chance.

Furthermore, if you are worried about leaving a financial burden to your loved ones, or if you simply want to leave them a more meaningful legacy, our Excelsior plan might be just what you need to complement your final obligations and wishes.

Don’t hesitate to contact our team of experts if you have any questions surrounding our plan or application process.

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