PROTECT WHAT MATTERS TO YOU
Protect your family from the financial impact that a premature death or unexpected illness would cause. Afford you and your loved ones the peace-of-mind that if something unexpected were to happen, you and your family would be financially secure.
You should consider individual insurance if:
- You are concerned that your family wouldn’t be able to pay the bills if your income stopped due to an unexpected death or disability.
- You are concerned about the additional costs that a major illness would bring.
- You have purchased or looking to purchase insurance on your mortgage.
- You are an employee or a business owner relying strictly on group benefits.
- You have a shareholders agreement, business loan or high fixed operating costs.
How can I protect myself and my family?
Term Life Insurance and Disability Insurance can be used to protect the same thing, your potential earnings. Either a death or disability will cause a very similar financial impact to your family, causing much unnecessary financial stress if not properly planned for. While life insurance and disability insurance can be used to replace loss earnings, Critical Illness can be designed to give you additional funds to pay for unexpected expenses that your regular paycheque won’t be able to cover in the event of a major covered illness.
Contact us today to determine how much income your family would need to be replaced in the event of an injury, illness or unexpected death.
How can I protect my business?
Many business owners play a crucial role that directly impacts the revenue their business brings in. They also know that if they were unable to work, their business would suffer. If you are a small business, ensure that you put in place a policy that will cover your fixed expenses in the event of an injury or illness. This will allow you to focus on recovery and not be worried about paying your fixed expenses while you are unable to work.
If you have a partnership, you likely have a shareholder agreement that outlines what happens if a partner dies or becomes disabled. We can use insurance to fund this payout ensuring that the remaining partner takes full control of the business and the surviving family is properly compensated.
Contact us today to find out what other business owners are doing to protect their company.
Should I wait until I am done university to purchase insurance?
You are investing into your future, what happens if you become disabled during your post-secondary education? You will be left with a pile of debt and no income coming in. If you pass away, who will be left with your debt? Insurance is much less expensive while you are younger and you will have less health concerns which helps get you the coverage you may need.
Contact us today to find out what your options are as a student.
Should I own Critical Illness or Disability Insurance?
These two policies should not compete against each other, rather complement each other. Disability Insurance should be purchased to replace your income and Critical Illness should be purchased to give you additional funds to pay for the unexpected costs that come with a major illness that your paycheque isn’t designed to handle. For example, many decide to purchase a critical illness plan to replace their spouse’s salary, pay for health care across the border or cover the cost of expensive drugs. Could you afford to do this on your income alone?
Disability insurance will pay you out on a monthly basis until you recover or no longer meet the definition of disability. Critical Illness will pay out a lump-sum 30 days after surviving a covered illness. If you were in a position that you meet the qualifications of each policy at time of claim, both policies would pay out independently of each other if you purchased separate policies.
Contact us today to determine how much coverage makes sense for you.
How do I know if my Group Disability covers my full income?
This all depends on the wording in your group plan and how you are compensated. Does your company cover your basic salary only or your salary plus commissions/bonus? What percentage of your income is covered? Is the benefit taxable or tax-free? What are the maximums in the plan? Do you receive stock options? If business owner, do you leave profit in business or income split?
Contact us today to find out exactly how much you are currently covered for.
I am a business owner, how do you view my income?
Many business owners may show less income then what they are currently spending. Most individual polices will look at the income (salary & bonus) you pay to yourself, the income splitting to your spouse/children, and your share of the profit that is left in the company for that year. We typically will want to see your past two years of income at time of application.
There are some policies on the market that will base your earnings off of your gross business revenue in order to maximize your monthly benefit.
Contact us today to find out your options.
Do I still need individual insurance if I am covered under mortgage insurance?
If you are relying solely on mortgage insurance, you most likely not have had the opportunity to complete a full needs analysis. If your mortgage was paid off, you would still need an income to pay for taxes, utilities, food, vehicle, etc. Typically the need for insurance would be higher than your outstanding mortgage balance.
You should also consider comparing mortgage insurance offered through a lender with coverage offered through your insurance broker. You will quickly learn that individual insurance will provide you with better value and more flexibility – usually, at a lower cost.
Contact us today to help you compare your mortgage insurance with individual insurance.