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TERMS AND CONDITIONS OF WWW.CANADABENEFITPLAN.CA

Last revision: June 12, 2020

PLEASE READ THESE TERMS OF USE CAREFULLY BEFORE USING THIS WEBSITE.

The following Terms and Conditions govern and apply to your use of or reliance upon this website maintained by Canada Benefit Plan Insurance Inc. (the “Website”).

Your access or use of the Website indicates that you have read, understand and agree to be bound by these Terms and Conditions and any other applicable laws, statutes and/or regulations. We may change these Terms and Conditions at any time without notice, effective upon its posting to the Website. Your continued use of the Website will be considered your acceptance to the revised Terms and Conditions.

1. INTELLECTUAL PROPERTY

All intellectual property on the Website is owned by us or our licensors, which includes materials protected by copyright, trademark, or patent laws. All trademarks, service marks and trade names are owned, registered and/or licensed by us. All content on the Website, including but not limited to text, software, code, designs, graphics, photos, sounds, music, videos, applications, interactive features and all other content is a collective work under Canadian and other copyright laws and is the proprietary property of the Company; All rights reserved.

2. USE OF COMPANY MATERIALS

We may provide you with certain information as a result of your use of the Website including, but not limited to, documentation, data, or information developed by us, and other materials which may assist in the use of the Website or Services (“Company Materials”). The Company Materials may not be used for any other purpose than the use of this Website and the services offered on the Website. Nothing in these Terms of Use may be interpreted as granting any license of intellectual property rights to you.

3. AFFILIATE MARKETING & ADVERTISING

We, through the Website and its services, may engage in affiliate marketing whereby we receive a commission on or percentage of the sale ofservices on or through the Website. We may also accept advertising and sponsorships fromour licensedaffiliates 2/5and businesspartnersor receive other forms ofcompensationthat may inclusive of bonus, commissions,award and conferences.

4. ACCEPTABLE USE

You agree not to use the Website for any unlawful purpose or any purpose prohibited under this clause. You agree not to use the Website in any way that could damage the Website, the services or the general business of Canada Benefit Plan InsuranceInc.

You further agree not to use and/or access the Website:
a) To harass, abuse, or threaten others or otherwise violate any person’s legal rights;
b) To violate any intellectual property rights of us or any third party;
c) To upload or otherwise dissem inate any computer viruses or other software that may damage the property of another;
d) To perpetrate any fraud;
e) To engage in or create any unlawful gambling, sweepstakes, or pyramid scheme;
f) To publish or distribute any obscene or defamatory material;
g) To publish or distribute any material that incites violence, hate or discrimination
towards any group;
h) To unlawfully gather information about others.

 

5. PROTECTION OF PRIVACY
Through your use of the Website, you may provide us with certain information. By using the Website, you authorize us to use your information in Canada andwith legalauthorities when requiredwhere we may operatein Canada.Youmay visittheaddress www.canadabenefitplan.ca/privacy-policy.

 

We may receive information from external applications you use to access our Website, or we may receive information through various web technologies, such as cookies, log files, clear gifs, web beacons or others

 

We use the information gathered from you to ensure your continued good experience on our website. We may also track certain of the passive information received to improve our marketing and analytics, and for this, we may work with third-party providers, including other marketers.

If you would like to disable our access to any passive information we receive from the use of various technologies, you may choose to disable cookies in your web browser.

6. ASSUMPTION OF RISK

The Website is provided for communication purposes only. You acknowledge and agree that any information posted on our Website is not intended to be legal advice, medical advice, or financial advice, and no fiduciary relationship has been created between you and Canada Benefit Plan Insurance Inc. You further agree that your purchase of any of the products on the Website is at your own risk. We do not assume responsibility or liability for any advice or other information given on the Website.

7. REVERSE ENGINEERING & SECURITY

You may not undertake any of the following actions:

a) Reverse engineer, or attempt to reverse engineer or disassemble any code or software from or on the Website;

b) Violate the security of the Website through any unauthorized access, circumvention of encryption or other security tools, data mining or interference to any host, user or network.

8. INDEMNIFICATION

You defend and indemnify Canada Benefit Plan Insurance Inc. and any of its affiliates and hold us harmless against any and all legal claims and demands, including reasonable attorney’s fees, which may arise from or relate to your use or misuse of the Website, your breach of these Terms and Conditions, or your conduct or actions. We will select our own legal counsel and may participate in our own defence, if we wish to so.

9. SPAM POLICY

You are strictly prohibited from using the Website or any of our services for illegal spam activities, including gathering email addresses and personal information from others or sending any mass commercial emails.

10. THIRD-PARTY LINKS & CONTENT

We may occasionally post links to third party websites or other services. We are not responsible or liable for any loss or damage caused as a result of your use of any third party services linked to from our Website.

11. VARIATION

To the extent any part or sub-partof these Terms and Conditions is held ineffective or invalid by any court of law, the prior, effective version of these Terms and Conditions be considered enforceable and valid to the fullest extent.

12. SERVICE INTERRUPTIONS

We may need to interrupt your access to the Website to perform maintenance or emergency services on a scheduled or unscheduled basis. You agree that your access to the Website may be affected by unanticipated or unscheduled downtime, for any reason, but that the we will have no liability for any damage or loss caused as a result of such downtime.

13. NO WARRANTIES

Your use of the Website is at your sole and exclusive risk and any services provided by us are on an “as is” basis. We disclaim any and all express or implied warranties ofany kind, including, but not limited to the implied warranty of fitness for a particular purpose and the implied warranty of merchantability. We make no warranties that the Website will meet your needs or that the Website will be uninterrupted, error-free, or secure. We also make no warranties as to the reliability or accuracy of any information on the Website or obtained through the Services. Any damage that may occur to you, through your computer system, or as a result of loss of your data from your use of the Website is your sole responsibility and we are not liable for any such damage or loss.

14. PRIVACY

Internet communications are subject to interception, loss or alteration and, as consequence, you acknowledge that information or data you provide by electronic means by accessing or using this Website are not confidential or exclusive, except to the extent required by the applicable laws, and that communications by email may be intercepted, altered or lost.

For more information, please refer to our Privacy Policy, available on the Website.

15. LIMITATION ON LIABILITY

We are not liable for any damages that may occur to you as a result of your use of the Website, to the fullest extent permitted by law. The maximum liability of Canada Benefit Plan Insurance Inc. arising from your use of the Website is limited to the greater of one hundred ($100) Canadian Dollars or the amount you paid to Canada Benefit Plan Insurance Inc. in the last six (6) months. This appliesto any and all claims by you, 5/5including, but not limited to, lost profits or revenues, consequential or punitive damages, negligence, strict liability, fraud, or torts of any kind.

CALCULATE YOUR BENEFIT AMOUNT

Life Insurance Needs Calculator | Canada Benefit Plan

An easy-to-use calculator to help determine your insurance needs.

Step 1- My debts and final expenses?

The first step is to determine your liabilities (mortgage, loans) and final expenses (funeral costs, tax bills and final medical bills)

How much do I owe on my mortgage?
  (Your total outstanding mortgage balance) includes your home line of equity


How much other debt do I have?
  (Your total debts are all types of loans, credit card balances, used portion of your line of credits, auto loans etc.) includes your home line of equity


How much do I expect in final expenses?
  (Your expected cost of funeral, any tax bills and unpaid government bills, and final medical bills such as parking costs, family attendant wage compromise in your final times etc.


Step 2- My family's financial needs?

This step is to consider how much income your family would need and for (how many years) in case of your unexpected death. You are financially worth for your family as your family is depending on your income and financial decisions

What is my current annual income?
  Your total gross annual income from all sources


How much annual income would my family need if I die today?
  (This should be your total annual household expense: groceries, travel, out of pocket medical and emergency expenses) Generally it is equal to your annual spending on your family living expense needs.


How many years would my family need the income?
  (Consider your elder child to grown up and could be potential replacement of your income. Generally, it is 15 to 20 years in considering to provide your family family with an income for next 20 years after you die.


How much will my family need in an emergency fund?
  Consider once in a while emergency: natural disasters, pandemic diseases, family incidents, necessary travel, shortage on unexpected expenses etc.


How much do I expect to pay for my childern's education?
  (Consider all of your dependent children educational cost, Books, tuition fee, student expenses, other college and university expenses). Generally it is $50,000 per child subject to change in inflation and cost of education.


How much do I expect in child-care expenses ?
  Total expense of your toddlers or any dependent children: babysitting cost, mental, social, physical development costs like swimming, additional learning & development activities etc.


Step 3- Are my parents dependent on me?

In this step, you should consider your parents if they are relying on you for basic needs and how they will continue to meet those needs if you are not there.

How much money would my parents need if i died today?
  Consider the amount you are spending today on your parents needs: health & wellness, transportation bills, phone bills, shortages in their regular living expenses etc. Generally, it is $3000 to $12000 annually per person depends on their need and your support level. If your parents are not receiving any pension or other income and fully dependent on you then it could be higher need depends on the unique situation.


How much will i need to cover for my parents funeral costs?
  (Consider funeral cost: inflation, rising property and land prices etc.) Generally, it is $6,000 to $15,000 per deceased. The funeral cost could go higher as per unique situation and the time.


Step 4 - My favorite charity?

This step is the opportunity to continue to taking care of your favorite charity after your death. What is a better gift than charity?

How much would you like to donate in one lump sum?
  Consider the total amount you are donating now in one or more charities: Your long distance relative, friend, kids foundations etc.


Step 5- How much are my assets worth?

This final step is to help you evaluate your financial position and add up your total debts (mortgage, loans etc.), final expenses (funeral costs, tax bills, medical bills etc.) family’s financial needs (family income needs for the desired number of years, family emergency need, children education costs, child-care expenses etc.) Dependent parents’ financial needs (parent support, parents funeral cost etc.) charity (lumpsum donations) and subtract all this from your total assets to calculate your life insurance needs.

How much do I have saved?
  Consider all your registered, non-registered savings, TFSA current value, other liquid savings: Stocks, bonds, mutual funds, segregated funds, GICs, etc.


What is the value of my real estate assets?
  Consider the total current market value of all of your properties today: Primary residence, commercial or investment property, apartments, condos etc.


How are my other assets worth?
  Consider the total other assets: Any valuables


-RESULT SUMMARY-



Mortgage$ {{quantity}}.00
Debts $ {{price1}}.00
Expected final expenses $ {{price2}}.00
Current Annual Income $ {{price3}}.00
Family's income after death $ {{price4}}.00
Years of income needed {{price5}} Year/s
Emergency funds for family$ {{price6}}.00
Expected childeren education cost$ {{price7}}.00
Expected child care expenses$ {{price8}}.00
Amount for parents after death$ {{price9}}.00
Parents funeral cost$ {{price10}}.00
Would like to donate$ {{price11}}.00
Savings$ {{price12}}.00
Real Estate Assets$ {{price13}}.00
How much my other assets worth?$ {{price14}}.00
 

My life insurance need is : $ {{quantity + price1 + price2 + price4* price5 + price6 + price7 + price8 + price9 + price10 + price11 | number:'1.0':'en-US'}}

The Amount of Life Insurance I Need Is:


$ 0.00

$ {{quantity + price1 + price2 + price4* price5 + price6 + price7 + price8 + price9 + price10 + price11 | number:'1.0':'en-US'}}


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