Life Insurance is an important part of a sound financial plan. There are 3 primary reasons to purchase life insurance, to financially support dependents, to create or enhance an estate, or to fund a corporate buy-sell agreement. As independent brokers we can find you the best products available through the various carriers that we are contracted through. We are agents for Ivari, Empire Life, Desjardins, Manulife, Standard Life, Sunlife, I.A. Pacific, Equitable Life, Canada Life, Assumption Life, RBC Insurance, BMO Assurance, and Canadian Protection Plan.
There is no additional cost to use an agent, as opposed to going online and applying through a website. We can advise you on how to set up beneficiaries, trustees, or testamentary trusts. It is important to name beneficiaries correctly to ensure that the funds pass to the person that you intended and not disputed in an estate settlement.
Critical illness insurance offers help to pay costs associated with life-altering illnesses. If you become sick with an illness covered by your policy and survive the waiting period, you receive a lump sum cash payment. You decide how to spend the cash. The funds can be used to cover lost wages or renovations to your home to accommodate your illness. These funds can be used to pay for a care aid to assist in your home, you decide.
Disability insurance is designed to protect you and your family from the possible loss of your income. What’s the possibility of this happening? It’s more than you’d imagine. Why should you consider it? It’s the only sure way to provide guaranteed coverage and guaranteed premiums. If you become disabled on the job you may receive Worker’s Compensation, but only if the disability is work related. Unemployment Insurance will cover you for 15 weeks, and if you are disabled severely you may qualify for coverage through the Canada Pension Plan.
If you become disabled away from work you will not be covered by Workers Compensation, the coverage through Unemployment Insurance is too short (15 weeks), and the Canada Pension Plan may or may not be available in the future. Remember, a custom designed individual disability insurance plan will provide you with a guaranteed coverage at a guaranteed premium.
Segregated funds or Seg Funds are an investment product sold by life insurance companies. They are individual insurance contracts that invest in one or more underlying assets, such as a mutual fund. Unlike Mutual Funds, Seg Funds provide a guarantee to protect part, or all, of the money you invest. Even if the fund loses money you are guaranteed to get back some or all of your principal investment. You have to hold the fund for a certain length of time to receive the guarantee, usually 10 years.
Seg Funds are issued with a death benefit. The death benefit is guaranteed to leave your beneficiary some, or all, of your contributions. The Seg Fund benefits are not subject to probate fees if your beneficiaries are named in the contract.
Seg Funds have potential creditor protection. This is a key feature for business owners in particular.