Life Insurance

I am no stranger to long term illness. I counsel my clients from my personal experience of being diagnosed with a critical illness and receiving a tax-free benefit.  Critical Illness insurance provides a tax free lump-sum payout should you become diagnosed with one of the 24 life threatening illnesses and survive the waiting period of 30 days.

Would you like to know if Critical Illness Insurance is really worth it?
Read the Globe and Mail’s article here.

If you become disabled and unable to work due to an accident or sickness, your ability to pay for expenses and save for retirement can be compromised. Disability insurance is designed to provide you financial security by compensating you with a tax-free portion of your monthly income.

Consider other sources of income that are available to you. Are they truly viable options?

• your spouse/family income
• your savings, RRSPs, other investments
• selling your property and downsizing
• bank credit line and credit cards

​

Long Term Care Insurance provides financial security in the event you require home care or a permanent stay in a nursing home. It pays individuals a weekly tax-free benefit in the event that they can no longer complete 2 of the 6 activities of daily living. Those activities include bathing, dressing, eating, maintaining continence, toileting, and transferring (ask your advisor for more details).

Without the necessary funds to take care of you, it can have a devastating effect on your savings and or/force your family members into debt and stressful situations with unforeseen medical expenses.

One of the greatest assets you will ever own in your lifetime is your home. Protecting it with mortgage insurance from the unexpected events that can occur is vital. When applying for a mortgage through a lender, a popular question the representative will ask is, “Would you like mortgage insurance to pay off your mortgage in the event something happens to you and your spouse?” Of course, this all sounds good, but there are a few questions you as a consumer must ask in return. Don’t be misled by what you think you are applying for. Know the difference between Creditor Mortgage Insurance and Individual life insurance.

To find out more, read How to Protect One of Your Most Valuable Assets.

What happens when things don’t go exactly as planned? Whether you are a Canadian resident or visitor from out of country, I can ensure your travel insurance needs are taken care of.  My goal is to ensure you are financially protected against the unforeseen events that can take place during your travels. I will design an affordable travel package that protects you and your family against medical emergencies, accidents, trip cancellation or interruption, and more.

When speaking to business owners regarding the success of their company, many agree that it is the “key employees that make the company successful.” I often ask them, “What would happen to the growth or existence of your company if something drastic were to happen to that key employee?” Most admit that it would have a devastating effect both on the financial and daily operation of the company.

At this point, I encourage the implementation of Key Person Insurance to help preserve the value and continuation of the business in the event that a death occurs to a key employee or owner. The proceeds are received tax-free to the corporation, allowing for time to rehire and train, thus resulting in minimal financial impact.

A Buy Sell Agreement is contract between shareholders or numerous owners that governs what happens if one of the co-owners dies, leaves the company or becomes disabled and no longer contributes to the business. It is a binding legal document drawn up by a lawyer.

An Insured Buy Sell Agreement is used when one of the owners dies and the executor of the deceased shareholder sells his interest in the company and they are bought by the remaining owners or shareholders from the proceeds of a life insurance policy.

If you are self-employed and a business owner, protecting yourself with disability insurance is imperative. At the same time, protecting your employees’ salaries and monthly expenses is also crucial.

Business overhead insurance is designed to reimburse a business for overhead expenses in the event a business owner becomes disabled.

To find out more about the details of the policy and what eligible expenses are covered, contact me.