Why do I need life insurance?

 

If you love someone who depends on your income, you need life insurance. Having the right plan in place means that you can sleep at night knowing that if something were to happen, your family would be able to maintain the lifestyle you have worked hard to provide for them.

If you have children, or are planning to, a question you should ask yourself is; do I want to provide money for my kid’s education? If the answer is yes, this is something that should be looked at with your advisor in determining the appropriate amount of coverage needed.

 

Disability Insurance

 

What is your biggest asset?

 

Most people would say it is their house. In reality it is your ability to work. For example, a 35 year old male earning an annual salary of $50,000 can expect to earn over $2 million until age 65 (assuming a 2.5% annual increase in earnings).

Disability Insurance is paycheque insurance. If you cannot earn an income, everything you work so hard for could be at risk. Disability Insurance provides employees and business owners with an income as long as they can’t work for due to any injury or illness.

A lot of people have coverage at work. However, there important questions to ask when evaluating whether or not your plan at work is sufficient, or if there would be a need to top it up privately.

 

How long do I have to wait until I start receiving benefits?

 

A typical waiting period for group long term disability is 120 days. We will review this with you.

 

How much will I receive?

 

In a lot of cases, group disability plans may only cover half of your income. How would a 50% decrease in pay impact your lifestyle?

 

What is the definition of total disability?

 

Most group insurance plans have a regular occupation definition for the first two years and an “any occupation definition thereafter. This means that after two years, you will be forced to return to work if you can perform any job, despite not being able to perform the essential duties of your job.

 

Critical Illness Insurance

 

Critical Illness Insurance is lifestyle protection. How many people do you know that have been diagnosed with cancer, had a heart attack or a stroke? Most Canadians assume that the government will cover all their costs associated with dealing with such a serious health concern, but in a lot of cases they are left to pay out of their own pocket for a lot of these costs. These costs can include travel to and from treatment, home care and drugs not covered by our government. It was actually a doctor who invented critical illness, after he treated a patient who had lung cancer. After she passed away, her life insurance paid out a lump sum of money to her beneficiaries. He thought; wouldn’t it have been better if she was paid out before? He realised that there a huge financial impact that having a major illness had on individuals and their families. He spoke to an insurance company about the idea of a new type of insurance, and in 1983 critical illness insurance was born.

 

You can be covered for up to $2 million and can get your premiums back if you never make a claim.

 

 

Life Insurance

 

What type of life insurance is right for me?

 

There is no one size fits all solution for everyone. Term life insurance is there to protect your day to day needs eg; mortgage payments, groceries, utilities, monthly savings contributions, car payments, extracurricular activities for kids.

Permanent life insurance includes whole life and universal life insurance. Permanent insurance is there for estate needs. If you are planning to pass down a property or business to a family member, it is there to fund the tax implications of such an inheritance. It also acts as a vehicle to shelter savings from taxes.

 

 

The convenience of the mobile advisor

 

After a hard day’s work, you don’t need to worry about driving anywhere.

We can come to you.

 

Hours: Open Mon-Thurs 9 AM-8 PM, Fri 9 AM-5PM, Sat 10 AM-4PM

Please call at least 48 hours in advance to cancel an appointment.