Risk Management Solutions
Insurance is essential to any comprehensive financial plan.
If tragic events like death, disability or critical illness strike, insurance can protect you and your family from undue financial hardship. Some life insurance policies also provide tax-advantaged savings that you can draw on to achieve goals like buying a house, retiring comfortably, building a legacy.
We have access to a variety of insurance products that can help meet your insurance protection 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.
There are many uses for life insurance and the range of options is endless. We will explore the right kind and the right amount of insurance for you and your family. As a tax-free lump sum payment, your surviving spouse or beneficiary can pay for final expenses and debts, as well as provide income to maintain their lifestyle with as little financial impact as possible. 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
We can help you select coverage from a variety of life insurance options to help protect your loved ones financial future.
Disability Insurance – When asked, what is your most valuable asset? Most people will say it’s their house. We beg to differ. Your most valuable asset is your income! In your lifetime you will likely earn over a million dollars. If something happened to you and you were unable to earn income, what would you do? Here are your options:
- if you have group insurance through your employer, you may be eligible to receive a monthly benefit which often only covers about 50-67% of your full pay;
- you could draw from your retirement savings but depleting your retirement investments early can dramatically alter your retirement lifestyle;
- move in with family.
We’re sure you get the picture. In a nutshell, disability insurance pays you monthly if you are unable to work. There are many options that will allow you to customize your coverage and still make the premiums affordable for your budget.
If you currently have group disability coverage and you live off your full pay cheque you should consider a “top up” policy that can help close the gap. If you don’t have any disability insurance we highly recommend that you look into your insurance options now. Protect your most valuable asset – YOU!
Critical Illness – A risk of a critical illness is very real and we’ve all heard the stats:
- 40% of Canadians will develop cancer in their lifetime.¹
- Someone in Canada has a stoker every 10 minutes.²
- Someone in Canada has a heart attack every 7 minutes.²
- Canada ranks #1 in the world for incidence of multiple sclerosis.³
¹(source: www.cancer.ca); ²(source: www.heartandstroke.com); ³(source: Multiple Sclerosis International Federation)
With advancements in medical technology and procedures, more people today are surviving and living with not only the physical, but also the financial effects of their illness. A critical illness would most certainly occupy the center of your universe. It would affect your daily activities, your energy levels, your expenses, and your financial future.
Critical Illness Insurance will pay a lump sum tax-free benefit if you get diagnosed with a serious illness, the main 3 are heart attack, cancer, and stroke. Some companies will cover as many as 26 illnesses. You may use the benefit at your discretion to:
- recover fully without financial stress
- pay uncovered medical expenses (ex: prescription drugs which could be hundreds of dollars a month are not covered by Alberta once you leave the hospital)
- travel and treatment expenses for out-of-country procedures
- time off work
- your spouse’s time off work to assist you with getting to and from doctor’s appointments
- pay mortgage payments
- make other bill payments
- maintain your quality of life despite the illness/condition
- preserve your retirement savings
- anything else you may need
There are many options to customize your policy – even one where you can get your money back if you stay healthy! Contact me to learn how to take care of your financial worries so you will be able to focus on your recovery.
Long-Term Care (LTC) Insurance – LTC insurance is meant to help pay for care so you have choices without being a financial burden on your loved ones or impacting your retirement plans. Your LTC insurance benefits can be used to pay for long-term care services in a variety of settings: at home, through adult day care, in a retirement home, assisted-living setting, or long-term care facility. Services may include:
- nursing care
- rehabilitation and therapy
- personal care (help with activities of daily living such as dressing, eating and bathing)
- homemaking services (cleaning, laundry, preparing meals)
- having another person there to watch over you and help you when and where you need it
LTC Insurance pays a weekly or monthly benefit if you need assistance with 2 of the 6 functions of daily living such as dressing, feeding, bathing, toileting, transferring to and from a chair &/or bed, experience diminished mental capacities. The benefit can be paid to you or to an assisted living facility. If you are expected to be a caregiver for your spouse or parent and would like to have the financial freedom to care for them – you can insure them and protect yourself. Contact me to find out more.
As essential as it is to pack your swimsuit for a vacation, it is also important to have adequate travel and medical insurance for your get-away. Even if you are healthy, you need to have at least the basic coverage in the event of sickness or an accident while out of your province or country, and if you are traveling to the USA, WE recommend $5 million in coverage. If you have employer health benefits, it may not cover you when you are outside of Canada or even be enough coverage. It’s imperative to check with your provider BEFORE you leave so that you can top up your coverage if needed. The travel insurance we recommend also covers the costs associated with: trip cancellation, lost baggage and even pays some of the cost to return home for care of a loved one. Many people are partially covered through features offered with their credit cards and may have partial coverage included with the medical plans at work, it is important to note that these policies may be limited in the scope and time of coverage. One last tip; save your nice jewelry to wear at home. One cannot count on the safety of the hotel rooms. There is plenty of evidence that hotel rooms are broken into. Thieves are looking for portable property that’s easy to sell for cash. This includes cameras, jewelry, laptop computers, etc. so use your common sense. Travel insurance coverage can be applied for over the phone and can usually be completed in 15 minutes, so contact me before you say, “Aloha!”