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Term Life Insurance
Term insurance is low cost temporary life insurance for a specific period of time. The most popular term insurance plans are 10 and 20 years.
Example, if you purchase Term 10, then the premiums are level but increase significantly every 10 years. Usually, term insurance policies expire between ages 75 to 85 depending on which insurance company.
You should consider this product if you are:
- Looking for inexpensive premiums.
- Having a temporary insurance need such as a mortgage, loans, and family reasons.
Permanent Insurance
Permanent insurance premiums will be higher because the premiums could be guaranteed level until age 100. Some policies can be guaranteed paid up in either 10, 15, or 20 years with the policy continuing up till age 100 without further premiums.
You should consider this product for the following reasons:
- Lifetime protection for your family.
- A way to get all your premiums back with interest.
Cash values in the policy can grow tax free.
If you have an estate or capital gains tax problem caused by the growth of your investments such as real estate, RRSPs, RRIFs, stocks and mutual funds.
Disability Insurance
Disability insurance pays you a monthly income if due to accident or sickness you are unable to work. The amount paid is up to 66% of earned income.
You should consider this product if you are:
- Self-employed or a business owner.
- Not covered by a company group plan.
Critical Illness Insurance
Critical Illness Insurance pays a lump-sum benefit to you if you are diagnosed with heart attack, stroke, cancer, and 20 other covered illnesses.
You should consider this product if you want:
- to cover significant expenses for recovery not covered by government or group plans.
- to substitute reduced or permanently lost income.
- to pay out mortgages or other loans.
- to change lifestyle. (change a career, take an early retirement, change place of living, alter a home, take time off to focus on recovery, buy new services, etc.)
Individual Extended Health and Dental Insurance
Extended Health and Dental Insurance covers health care benefits beyond what is provided in government plans such as private hospital rooms, prescription drugs, registered massage, chiropractor, travel, dental, etc.
You should consider this product if you are:
- Looking for protection from unanticipated qualified medical or dental expenses.
- Not covered by any company group insurance plan.
Long Term Care Insurance
Long Term Care Insurance provides a benefit during the lifetime of the insured for home health care, chronic-care, medical equipment, etc.
You should consider this product if you are:
- In need for care when getting old.
Mortgage Insurance through us
In the event of a death or critical illness, you will have the funds to pay off your mortgage. If you have an extended disability it could pay your mortgage payment for a specified number of years.
You should consider this product if you want:
- Funds to pay down or pay off your mortgage in the event of death or critical illness.
- The death benefit is paid to your family, not the bank.
- If you change lenders, this will not affect your policy.
Segregated Funds
Segregated funds are basically mutual funds with insurance features such as up to 100% principal guarantee and some even guarantees the market gains. Other features include the ability to bypass probate fees and the potential for creditor protection.
You should consider this product if you are:
- Protection of your capital and market gains (only some companies) when there are downturns in the stock market.
- Creditor protection if you are self-employed or a business owner.
- To name a beneficiary on a non-registered account which can bypass probate where you cannot do this with mutual funds.