A series of solutions that are tailored to your specific situation.
Protect your loved ones with the proper guidance to best fit your needs.
Term Insurance is perfect for covering income replacement, debt repayments such as mortgage or personal loans and covering dependency from children for education and living expenses. Available in 10, 20 or 30 year policies. Typically you can purchase larger amounts of term coverage for a low cost and lock your rates in for your desired term.
Term insurance is also a great solution in business to protect a "key person" in your business that would be difficult to replace if they were to unexpectedly pass away. Maybe they possess a very particular skill or trade that would cause a major interruption in your business. You may require funds to cover expenses until you find a new employee or funds to act as incentive to bring in a top candidate. This could also be used in partnerships in part of a Buy/Sell Agreement to buy out a partner's spouse or family that may not want part of the business.
Permanent Insurance is a perfect form of coverage if you are looking for coverage for life. Similar to Term Insurance it is underwritten (blood profile, urinalysis and medical questions if required) at the time of application. With Permanent Insurance you are locking your rates in at your current age and your rates will not change for the rest of your life. A cost effective method to ensuring you have coverage at your time of death. Without the risk of losing your insurability as you age due to potential heath concerns that could come into play. Generally the premiums are higher than term coverage however you do not have to worry about rising rates at every renewal. Perfect for covering any estate taxes, any outstanding debt and inheritance for your family.
With permanent coverage you also have the option of a Participating Policy where your premiums paid are invested by the insurance company. This leads to options such as additional coverage, paid up insurance and cash surrender values. You also have the option to fully pay up the policy in 8 or 20 years.
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Mortgage Insurance is a form of term insurance. Typically through the bank you would purchase coverage for the duration of your mortgage, normally 25 years. The downside to purchasing coverage through your bank is the policy is not underwritten at the time of application, it is underwritten at the time of claim. There is potential that the coverage may not payout due to something in your medical file. Another downside is that you are paying premiums on the full mortgage amount and every payment you make on your mortgage the amount of insurance coverage you have decreases. Lastly, you are grouped onto one large bank owned policy and paying higher premiums. Just as important as picking that perfect piece of furniture is picking the best coverage.
Are you really getting the best coverage for the best money?
Critical Illness Protection
Critical Illness Protection is something that I believe in whole-heartedly and I ensure it is part of every “heart to heart” I have with my clients.
This protection covers you in the event that you’re diagnosed with a critical illness. It is available in similar terms as term life insurance and fits in perfectly on a single policy with life insurance as a rider. It can be purchased to coverage as few as 4 conditions, cancer, heart attack, stroke and coronary artery bypass. It can also be purchased to cover 25 conditions for only a few dollars more a month. With this protection if you are diagnosed with a covered condition and survive the waiting period, usually 30 days the covered amount is paid to you tax free. These funds go a long way in helping offset a spouses income when taking time off as a caregiver, replacing your own income over and above any disability coverage you may or may not have or to travel to seek additional medical treatment.
With the staggering statistics of our likelihood to experience cancer or cardiovascular disease in our lifetimes, I feel this coverage is just as important as life insurance. Critical illness coverage is available from as young as 15 days old to age 65 with most companies.
Disability insurance policies offer you the opportunity to protect your most valuable asset. Not your home, cottage, collectors car or first born, but your ability to earn income.
Disability policies protect you in the event of an accident or a sickness that results in your inability to work. Policies cover a percentage of your income and the benefits are paid out to you on a monthly basis. This will continue for the duration of your disability period, dependent on the type of coverage purchased. Coverage is available for as short as 24 months, to the maximum that covers you until age 65. If premiums are paid personally the benefit paid monthly is tax-free, if paid by your company the benefit would be a taxable benefit to you.
Premiums are based on numerous factors such as:
The field you work in
The amount of coverage
The duration of the coverage
Your age at time of application, rates do not increase as you age once approved
The waiting period for the benefits to start after claim, typically from 0 to 90 days