Insurance has long played a very important role in a solid financial plan. So important, in fact, that it takes up two of the four cornerstones. Death benefits as well as living benefits are crucial components in putting in place a complete plan for individuals as well as businesses.
Your ability to earn an income is your most valuable asset, worth far more than your car or home. Unfortunately, the likelihood of being unable to work due to an illness or injury is more common than most people realize. Income replacement insurance – also called disability insurance – can help protect your ability to provide for yourself and your loved ones, by providing an income if you’re unable to work due to an illness, injury or disability.
First, the good news. People are living longer, and if you experience a critical illness, such as a heart attack, cancer or stroke, you’re now more likely to survive and live for many years. The bad news is these life-altering illnesses can turn your life upside down. A critical illness can affect your family life, your ability to work, and your future, well beyond recovery. As part of your financial security plan, critical illness insurance can provide you with financial resources to help pay for the unexpected personal, family or business expenses that often accompany a critical illness or condition.
Life insurance is an important part of any sound financial security plan. It can mean the difference between leaving your loved ones financially secure or struggling with debt and an inadequate income. We can help you find the right life insurance protection to ensure that those who matter most – your spouse, your partner, your children, a family member or friend – will be taken care of if you are no longer here to support them.
Permanent insurance - Permanent life insurance provides insurance coverage for life. It also offers cash values that can grow over time to either increase the value of your death benefit or help pay for future goals like an education fund, starting a new business, or supplementing your retirement income. Permanent insurance provides life insurance protection for the insured's lifetime. Cash values and paid-up values are available on the majority of permanent insurance plans. Permanent insurance is available in two forms, namely participating and non-participating.
Participating life insurance - Also called whole life insurance, participating life insurance provides lifelong insurance coverage with an opportunity for a tax-advantaged cash value component (a guaranteed amount of money that grows inside the policy) and death benefit growth.These policies give you the opportunity to earn policyowner dividends which can be used to purchase additional insurance coverage, or reduce your annual premium payments. Dividends when credited to the policy have a cash value. You can withdraw cash from these policies or borrow against the policy’s cash value.
Non-participating life insurance - Universal life insurance combines the benefits of a lifetime insurance policy with a tax-advantaged investment component that you select and manage based on your risk profile and objectives. It also offers the added convenience and flexibility of adjustable premium and payment schedules.
Term insurance – Term life insurance is a simple and affordable way to help you meet short-term protection needs over a defined period of time, 10 or 20 years. It is ideal for those seeking basic coverage when insurance needs/financial risks are highest but available funds are limited – for example, a couple with young children and/or mortgage. As the name implies, provides insurance protection for a specific length of time. The majority of term contracts end without any values, once the client has reached the age of either 70, 75 or 85.
We provide a health and dental benefit plan designed for individuals and families who are looking for help to pay expenses not covered by their provincial health plan. Our group benefit plans can help protect you against unexpected healthcare expenses such as prescription drugs, visits to the dentist, eye exams, paramedical services, transportation by ambulance, etc. From basic coverage to the maximum protection available, our plan selections, optional benefits and valuable services can make it easy for you to prepare for your healthcare needs.
When you own your own business, you want to take the necessary steps to protect it. And that should go beyond protecting the physical aspects. Your most valuable asset is your ability to drive revenue.
Key person insurance or personal insurance on business owner - What would happen if something happened to you or one of your key employees that impacted their ability to work? The ripple effect could be significant, impacting your business and jeopardizing your lifestyle. Insurance on you and your key people can help protect the business you’ve worked so hard to build by helping to cover drops in revenue, to provide funds to maintain staff levels or to hire the additional staff needed to transition through a difficult time.
Protecting your business also means thinking about what will happen after you die. Will your heirs and your surviving owners be able to work together? Will your heirs need to sell the business to cover capital gains, estate administration tax (probate fees) and other costs? Life insurance can help ensure an orderly and economical transition of your business, giving you and your loved ones financial security.
When you own a business, you know how quickly your financial obligations can add up. Employee salaries, lease/mortgage, utilities, loans: How would you cover those expenses if you were disabled and couldn't work for months and months? How long could your business survive if you weren't there due to illness or disability? A business overhead expense insurance plan can help keep your company viable. Whether you return after a disability or choose to sell your business - help keep its marketable value intact with business overhead insurance. If you become disabled, the Plan reimburses you for your business expenses. Separate from your Disability Income Protection coverage that protects your personal income, Office Overhead Expense coverage could make the difference between keeping the doors of your practice open during a disability and having to close them permanently.
Find the right strategy for selling your business or handing it over to someone else, whether it be an employee, a family member, a friend or another entrepreneur. A good succession plan will help the transfer of your business go smoothly, and allow you to maintain good relationships with employees and business partners. Succession planning helps you protect the legacy of your business, maintain a service for your community, build value for your business, provide financial security for your family and your stakeholders, deal with unexpected events (illness, accident or death) and, prepare for the future.