Insurance Protection

Financial planning with insurance

The foundation of a solid financial plan involves utilizing insurance to protect against risks and uncertainties. An unexpected death or illness can cause an extreme amount of stress, both financially and emotionally. It is important to ensure that you and your family have sufficient insurance coverage. There are many different types of insurance, and certain products involve a savings component, and hence may not necessarily be purchased solely for insurance purposes, but for savings and investment purposes as well.

Term insurance

Term insurance is a temporary insurance that will protect your family in the event of a premature death. The death benefit will pay to your beneficiaries tax-free. As the most affordable type of insurance in the short-run, it is best used to cover liabilities such as mortgages and other debts. However, as one ages, insurance costs significantly increase, so for estate planning purposes, one may consider permanent insurance.

Whole life insurance

Whole life insurance is a form of permanent insurance that will insure you until you pass away, regardless of your age. There is a savings component involved, as dividends are paid out every year, resulting in a cash value that accumulates within the policy. This form of insurance may also be utilized as a retirement plan, since withdrawals can be made from the cash value in the long run. The basic death benefit will also grow significantly throughout the years; therefore, this form of insurance is widely used for estate planning purposes.

Universal life insurance

Universal life insurance is another form of permanent insurance. You have the option to deposit additional money into the policy to invest in a tax deferred manner. This type of insurance also allows you to choose your own investments, hence you may choose your portfolio based on your own risk tolerance. If your investment earns a return, there will be growth within the policy which may serve as your own income in the future, or become added onto the basic death benefit, creating a higher death benefit than initially purchased.

Critical illness insurance

A critical illness can happen to anyone. About 40% of Canadians will develop cancer throughout their lifetime, and there are over 70,000 heart attacks in Canada every year. When diagnosed with a critical illness, one will not be able to work, so family income will be decreased. Financial burdens may also arise due to the costs of medical care. Critical illness insurance will pay a tax-free lump sum of money when an individual is diagnosed with a critical illness. Most policies cover over 25 types of illnesses, and adding certain policy riders may entail a return of all the premiums upon expiration should no claims be made. This type of insurance is a powerful risk management tool, while potentially acting as a means of savings as well.

More products & services

The products listed are just a subset of what we offer. It is also important to consult a professional to decide which type of insurance is most suited for you.

Contact us today to set up a consultation.