Insurance Planning
Insurance is essential to any comprehensive financial security plan. Insurance can protect you and your family from undue hardship if tragic events like death, disability or critical illness strike.
Life Insurance
A tax free lump sum benefit payable to your beneficiary upon death. Life insurance is typically put in place to help pay your final expenses, debts and replace your income for a period of time. Life insurance may help to ensure a business can be wound or sold at a fair price up on the death of the entrepreneur.
Term life insurance is considered ‘temporary’ as it is put in place for a certain period or term; typically to cover a debt such as a mortgage or to replace income for a young family. The cost is initially reasonable and increases at the end of each term. Term insurance can be compared to renting a house, where you have the insurance as long as you continue to pay premiums. Once you stop paying your premium the insurance terminates. We put term insurance in place for young families and entrepreneurs who want to ensure their current needs are met in case of unexpected death.
Permanent life insurance provides a guaranteed death benefit. It can be compared to owning a house where you pay higher premiums than a term policy. The premiums remain level and over time accumulate guaranteed cash values. You may also choose to access the cash values within your policy during your lifetime. We have parents and grandparents use permanent insurance for children to start an insurance plan where cash values will continue to grow, while the premiums remain based on the young child’s age.
Before you purchase life insurance it is important to complete an insurance needs analysis which will help to determine what your family would need in the event of your death. We work with you to determine whether term or permanent insurance, or a combination, works best for your situation. Remember Term life insurance can cover your needs at a reasonable cost ‘if you die’ during the term. Permanent life insurance can cover your needs ‘when you die’.
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Disability Insurance
If you had a goose that lays golden eggs would you have insurance on the goose in case it could no longer lay golden eggs? Well, you are that goose!
Most everything you pay for in your daily life is because of your income. If your income is gone so is your ability to maintain your financial obligations. Disability insurance offers a tax free monthly benefit to replace a portion of your income when you are unable to work due to injury or illness.
Disability is often overlooked because it can be difficult to qualify and cost. Once in place the premiums remain level for the duration of the policy, typically to age 65, or as long as the goose is laying golden eggs.
Critical Illness Insurance
A tax free lump sum benefit payable to you upon diagnosis of a critical condition after a waiting period. Critical illness is meant to help you and your loved ones manage during a stressful time. Your benefit can be used to pay for additional treatment, or additional expenses not covered by our health care system; transportation, hospital parking, support person, housekeeping help, family help (babysitter), drugs not covered, private appointments, alternative treatments and treatments outside Canada. It allows you to focus on your recovery.
Similar to life insurance you can purchase either term or permanent critical illness coverage. Permanent critical illness coverage can provide you a return of your premiums if you are not diagnosed with a critical condition, sometimes considered a forced savings plan. You either receive the lump sum benefit if diagnosed with a critical illness, or you receive your premiums back if you are fortunate enough not to suffer a critical illness.
Health Insurance
While we are fortunate to have basic health care coverage provided by the government, there are still many health-related expenses we are responsible for covering ourselves, such as visits to the dentist or eye doctor, prescription drugs and eyeglasses, physio and massage therapy.
If you do not have group benefits through your employer you may want to consider private health insurance to help cover costs for you and your family. There are numerous options available for you based on you and your family’s needs. If you are leaving a group benefit plan you may want to look at options for an individual plan, which can include coverage for any pre-existing conditions.
If you are a business owner you may consider benefits of a health and dental group plan for your employees. Providing coverage for employees shows you care about their well being and can help in recruiting and keeping employees. We are able to provide options that suit your business and your employees.
If you are an incorporated business owner or sole proprietor, you may also consider a Health Spending Account (HSA). With an HSA, you can expense personal medical costs through your company, and the funds submitted through an HSA are 100% tax-deductible for your company.
Travel Insurance
Whether it is for a week vacation to another province or a trip out of the country you need emergency medical insurance. You may also want to add trip cancellation and interruption for you and your travelling companion. Check your group benefits before you leave as you may just require some top up coverage for additional days or coverage for sports or activities typically excluded on policies.
