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  • Retiring but want to keep your benefits? A simple guide to converting your employee benefits to an individual plan

    Retire with protection for you and your family

    By Savannah Menton · October 4, 2021 · 0 Comments

    Congratulations! It is finally time for you to retire and enjoy the fruits of your hard work. Perhaps you are considering converting your existing life and/or health insurance into an individual plan because you will no longer be covered with a plan from your employer. There are many terrific insurance plans to choose from, however many find the abundance of options to be overwhelming. Here’s how you can decide if you need insurance, how to find a plan that suits your ever-changing needs, and most importantly, how to do it with peace of mind.

    Health & dental insurance

    When deciding if you need health insurance or not, it is important to first consider your needs and what you’d like in your plan. While healthcare is free for many necessary services for those 65 and over, the reality is that this standard coverage is not sufficient for many Canadians as their health needs extend beyond what is covered.

    For example, most provincial healthcare plans offer reductions on deductibles and copayments for prescription drugs for individuals who are 65 and over. However, you may still find yourself paying out of pocket for drugs that are not publicly funded. If you take drugs that are already not covered, or want to make sure you’re covered for future prescriptions, you may want a plan that has drug benefits included. 

    Additionally, services like physiotherapy, dental, dentures, vision, and chiropractic are rarely covered by provincial plans. Insurance plans typically cover these services, in addition to others, with the option to opt into a dental or drug plan. If you do receive one or more of these services, you can save a considerable amount of money with an insurance plan.

    For early retirees, opting for a healthcare plan is strongly encouraged because many provinces do not provide coverage or financial assistance for these types of services to those under 65.

    Life insurance

    How about your existing life insurance plan? Life insurance conversion options are available to carry over some or all your insurance benefits, and it depends on several factors, like age, coverage term, and current insurance.


    I’ve decided that I want to purchase my own plan? Now what?

    There is an abundance of insurance options to choose from, which can be overwhelming to do alone. Convert Benefits understands the importance of choosing only what is right for you and has simplified the process for protecting you and your loved ones. Easily find and compare coverage between providers, and get a quote by using our search tool here.

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