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Insurance Planning
& Advisory
Using our initial plan data and subsequent conversations, we will develop a highly researched “needs analysis” that outlines your need for risk management solutions such as insurance products. This analysis will consider multiple factors, including but not limited to life expectancy, inflation risk, tax liabilities, estate transfer, and whether insurance as an asset class can be incorporated into your portfolio for additional success.
Importance of Insurance
Everyone should have a well-constructed insurance plan that is reviewed regularly. Life, employment, housing, and financial obligations change all the time, so ensuring your plan is up to date and reflects your unique circumstances is crucial.
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Our practice has a wide reach across all major insurance providers in Canada. This means that we’re not interested in forcing you to fit a limited product selection but will diligently use our resources to create customized solutions using the full scope of what our industry can offer.
Understanding Life Insurance
Permanent Life Insurance
Permanent life insurance covers the insured's entire lifetime as long as premiums are paid. In Canada, individuals have access to various permanent life insurance products, including Whole Life, Universal Life, and Term to 100 policies, each tailored to meet different needs and circumstances.
Unlike term life insurance, which expires after a specified period, permanent life insurance guarantees a death benefit to beneficiaries upon the policyholder's passing. This form of insurance often includes a cash value component that accumulates over time, allowing policyholders to access funds during their lifetime.
Permanent Life Insurance Includes:
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Lifelong coverage, ensuring that your loved ones are protected regardless of when you pass away.
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Accumulation of cash value over time, which can be accessed for loans or withdrawals, providing financial flexibility.
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Potential tax advantages, as the death benefit is typically tax-free for beneficiaries.
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Can play a crucial role in estate planning, helping to cover final expenses and taxes, thereby preserving your legacy for future generations.
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Permanent life insurance is designed to offer long-term financial security, making it an essential consideration for individuals seeking to protect their loved ones and plan for future financial obligations.
Term Life Insurance
Term life insurance provides coverage for a specified period, known as the "term," which typically ranges from 10 to 30 years. During this term, the policyholder pays fixed premiums, ensuring their beneficiaries receive a tax-free death benefit if the insured passes away within the coverage period.
Unlike permanent life insurance, term life does not accumulate cash value. It is designed solely to provide financial protection for dependents during critical years, such as raising children or paying off a mortgage. It offers a more affordable solution for those needing coverage for a specific period. With level premiums for set terms, this type of insurance ensures that your loved ones receive a tax-free death benefit if the unexpected occurs.
This straightforward and affordable option makes it a popular choice for many Canadians.
Did You Know?
Reasons Life Insurance is So Important
4 in 10 Canadians say their families would face financial hardship within six months should the primary wage earner die unexpectedly.
Almost 1 in 3 of Canadians don't have any life insurance coverage.
Understanding Disability Insurance
Also Known as 'Living Benefit'
Disability Insurance protects your income if you cannot work due to illness or injury. It provides financial support to maintain your lifestyle and meet essential expenses even when your ability to earn an income is compromised.
When you experience a disability that prevents you from performing your job, a Disability Insurance policy provides a monthly benefit, replacing a portion of your income. The amount you receive can be up to 67% of your pre-disability earnings,
depending on the terms of your policy.
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Benefits of Disability Insurance include:
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Income Protection
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Covers both Short and Long-Term Disabilities
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Financial Security
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Protects your Savings
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Supplement to Workers' Compensation
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Flexible Coverage Options
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Peace of Mind
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Tax-Free Benefits
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Customizable for Specific Occupations
Disability Insurance is crucial for anyone who relies on their income to support themselves and their family. Whether self-employed or working for a company, Disability Insurance ensures you are financially protected in case of unforeseen health challenges. It offers peace of mind, knowing that your financial well-being is safeguarded, even in the face of unexpected life events.
Did You Know?
Reasons Disability Insurance is So Important
In 2022, 27.0% of Canadians aged 15 and over, or 8.0 million people, had at least one disability
1 in 3 people, on average, will be disabled for 90 days or more at least once before they reach age 65?
Understanding Critical Illness Insurance
What is Critical Illness Insurance?
Critical Illness Insurance is a form of coverage designed to provide financial support in the event of a diagnosis of a serious medical condition.
Typically, these policies cover illnesses such as cancer, heart attack, stroke, and other life-threatening conditions that
can lead to significant medical expenses or a prolonged recovery period. The benefit payment is called a living benefit because it is paid out while you are living.
When a policyholder is diagnosed with one of the covered conditions, the insurance company pays out a lump-sum benefit. This payment is made directly to the policyholder and can be used at their discretion.
While traditional health insurance may cover hospital bills or medical treatments, Critical Illness Insurance offers a broader financial safety net, allowing the insured to address non-medical costs. This could include mortgage payments, home modifications, specialized care, or even helping to supplement lost income during recovery.
How Does Critical Illness
Insurance Work?
Critical Illness insurance works by providing you with a financial cushion. In the unfortunate circumstance that you are diagnosed with one of the critical illnesses listed on the policy, you are given a lump sum cash payment.
Critical Illness Insurance is often sought as part of a comprehensive financial strategy, especially for individuals who want to mitigate the potential financial strain that a severe illness could impose on themselves or their families. This coverage provides peace of
mind, helping ensure that personal and family finances remain stable in the face of unexpected health challenges.
Did You Know?
Reasons Critical Illness Insurance is So Important
Heart disease affects 1 in 12 (about 8%) Canadian adults over age 20.
Cancer is the leading cause of death in Canada, accounting for 30% of all deaths.
