Insurance is essential to any comprehensive financial security plan. If tragic events like death, disability or critical illness strike, insurance can protect you and your family from undue hardship. Some life insurance policies also provide tax-advantaged savings that you can draw on to achieve goals like buying a house or retiring comfortably.
I have access to a variety of insurance products that can help meet your financial security planning needs. No matter your personal situation—if you’re single or in a family; a professional or a seasonal employee; an executive or small business owner—we will work together to design a customized plan.
In the event of death, life insurance offers surviving family members increased financial security. As a tax-free lump sum payment, it can pay for final expenses and debts, as well as provide income for the deceased’s dependents.
The advantages of life insurance include:
- An instant estate for your loved ones at a time when funds are most needed
- Death benefits that are almost always non-taxable for named beneficiaries
- Avoid probate costs if you name a beneficiary other than your estate
- Potentially offer your loved ones creditor protection through some life insurance plans
- Build tax-advantaged capital for retirement purposes or provide liquid savings through some permanent life insurance plans
As a licensed independent insurance agent, I can help you select coverage from a variety of life insurance options and top rated, ‘best-in-class’ insurance products tailored to meet your unique insurance and financial security needs and goals.
How Much Life Insurance Is Enough? … As a point of reference, New York Times best-selling author and founder of the Financial Peace University program, Dave Ramsey, recommends that people buy term life insurance coverage equal to about 10 to 12 times their gross annual income.
A large part of choosing a life insurance policy is determining how much money (i.) your dependents will need in the event you die which takes into consideration how much debt you have, income replacement, and future obligations (e.g., home mortgage, college expenses, etc.), and (ii.) you and/or your spouse would need in the event you were to develop a critical, chronic, or terminal illness – and couldn’t work, but still needed money to live off of.
Life Insurance With Accelerated Living Benefits …A term life insurance policy with Accelerated Living Benefits is the type of insurance coverage that EVERY individual should consider having in place given that (i) the cost of coverage is relatively inexpensive, and (ii) the benefits and peace of mind this type of insurance provides is significant to you and your family in the event you were to develop a critical, chronic, or terminal illness -- or die unexpectedly.
Unlike traditional life insurance policies that only pay out a benefit upon your death, newer policies that include Accelerated Living Benefits allow you to access up to 90% of the face amount of your policy in the event you were to develop a critical, chronic, terminal illness. If needed, the funds could be used during your lifetime to help provide for your or your family’s everyday needs such as:
- Paying daily living expenses or other debts and keeping financial commitments.
- Providing necessary income for your family.
- Paying your family's home mortgage and other related expenses.
- Funding college or other expenses.
'Critical Illnesses' typically covered by the Accelerated Living Benefits feature of life insurance policies include: Heart Attack, Stroke, Cancer, End Stage Renal Failure, Major Organ Transplant, ALS, Blindness, and Paralysis.
'Chronic Illnesses’ typically covered by the Accelerated Living Benefits feature of life insurance policies include the inability to perform any two of the following six activities of daily living which are: Bathing, Continence, Eating, Toileting, Transferring, and Dressing.
Life insurance can play a vital role in your financial security plan - contact us today to find out how.
Help protect one of your most valuable assets – your income – from unexpected events through long-term care, disability and critical illness insurance.
Long-Term Care and Disability Insurance
Income is important for both current financial obligations (e.g. grocery bills and mortgage payments) and for future financial security (e.g. planning for your children’s education or for retirement). Just think what might happen if you suddenly lost your income stream through a long-term illness or disability.
Long-term care and disability insurance products help protect your ability to earn an income, which can be affected if you are afflicted by a disability or other condition.
I can help you choose the long-term care and disability insurance products that provide advantages like:
- Helping maintain your financial independence, lifestyle and long-term financial security plan in the event your income is impacted by disability
- Assist with paying fixed expenses for your business if you become disabled
- Support the buy-out of a disabled partner’s share of a business
I can help you tailor your financial security plan so it protects your income through long-term care and disability insurance. Contact us today to find out how.
Critical Illness Insurance
Suffering a critical illness is distressing for both you and your family. Help ease the burden through insurance that will reduce financial stresses and can complement disability and life insurance protection needs. By helping pay for the additional expenses often associated with a critical illness or condition, insurance offers you, your family, and if applicable, your business, added financial security—so you can focus on recovery.
The advantages of critical illness insurance can include:
- Coverage for up to 22 critical illnesses or conditions
- An initial lump-sum benefit you can use however you wish—from making mortgage payments to seeking medical treatment outside Canada
- Home-care costs during illness and recovery periods
- Even if you’re not disabled from working, you may receive payment
- The ability to provide a return of premium benefit (optional)
- Individuals who cannot obtain disability insurance in some cases still qualify for critical illness coverage (e.g. a non-income earning spouse)
Contact us today to determine whether critical illness insurance fits into your financial security plan.