All life insurance products are designed to help provide your loved ones with financial security when you die. Life insurance proceeds are paid out TAX-FREE.
There are two main types of life insurance:
- Designed to cover you for a set period, such as 10, 15, 20 or 30 years.
- It is a suitable option if you’re looking for low-cost insurance.
- Term life can be used to protect mortgage payments, children’s education and meet other short-term financial goals.
Whole Life / Permanent Life
- Whole life insurance provides permanent coverage throughout your lifetime.
- Providing lifetime coverage comes at a higher premium but you are rewarded with a greater return on your investment.
- Whole life can be used as an estate planning tool to help preserve the wealth you plan to transfer to your beneficiaries.
- Disability insurance is designed to replace a portion of your income if you become disabled and are unable to work.
- Disability can result from a number of causes:
- serious illness
- mental health issue
- Individually-owned disability insurance is a vital tool for filling the shortfall between the financial needs of your family and the coverage available through your employer.
- Government protection for disabled persons is limited to a disability pension and is shockingly modest.
- If you become seriously ill, critical illness insurance provides you with a lump-sum payment to spend as you choose, on things such as medical expenses and mortgage payments so you can focus on recovery.
- Critical illness insurance is available for you, your spouse and your children.
- If one of you becomes seriously ill, the insurance benefit could help replace any lost wages when you take time off work to recover or to help your spouse or child get better.
- The insurance benefit comes directly to you TAX-FREE.
- When the need for long-term care arises and you don't have insurance, the associated costs may have to be paid out of personal savings or financed by loved ones.
- If you are unable to afford the cost of hiring care providers, family members may be required to assist you, which means they may have to take unpaid leave from work.
- By purchasing long-term care insurance, you help to ensure that any costs associated with your care are covered, thereby lessening the financial burden on yourself and your family.
Mortgage protection helps cover your mortgage payments if you die unexpectedly or become seriously ill.
When mortgage protection is purchased through a life insurance company, it has two components:
1. Term Life Insurance
Gives you affordable, flexible protection that your loved ones could use to pay off your mortgage or cover other expenses.
2. Critical Illness Insurance
If you become seriously ill, you’ll receive a lump-sum payment to spend as you choose, on things such as medical expenses and mortgage payments so you can focus on recovery.
Alternatively, you can purchase mortgage insurance from a bank. But is it the best option for you? We suggest not. See below to discover the 7 compelling reasons why.
Mortgage Protection through a Life Insurance Company Typical Bank’s Mortgage Insurance The coverage amount remains constant unless you request a reduction. The coverage amount decreases as you pay down your mortgage. You own the policy, not your bank. The bank owns the policy. You choose the policy beneficiary. The bank is paid first from your policy. Insurance remains in effect as long as you pay the premiums or decide to cancel. You lose the coverage when the mortgage is repaid. Fully portable even if you move your mortgage. Your coverage is not transferable if you move your mortgage. Rates are based on your age, gender, health and smoking status (lower premiums for healthier people). Rates are the same for all clients of the same age and gender, regardless of health and smoking status. Protects whatever you want: family, education costs, debt repayment, etc. May only be used to pay off mortgage.
Key Person Protection
Key Person Protection
- Key person insurance is a life insurance policy owned by a corporation or partnership on the key person in a business.
- It helps fund buy-sell agreements within a corporation.
- Key points:
- premiums are paid using corporate dollars;
- life insurance policy proceeds are paid out TAX-FREE.
- The majority of Canadian private businesses take advantage of this meaningful tax-sheltering vehicle.
Our team of professionals is pleased to advise you on the following investment options:
- Annuities – An annuity is a contract between you and an insurance company in which you make a lump-sum payment or a series of payments and, at maturity, receive regular disbursements at a known future date.
- Segregated funds – A segregated fund is a type of investment fund issued by Canadian insurance companies. Unlike most investment funds, a segregated fund provides a guarantee on principal invested ranging from 75% to 100%. This guarantee becomes effective either at maturity (typically 10 years into your investment) or at the time of your death, whichever comes first. In the latter case, your beneficiaries will receive the guaranteed portion TAX-FREE.
- A Registered Education Savings Plan (RESP) is an investment vehicle available to parents in Canada to save for their children's post-secondary education.
- The principal advantages of an RESP are the access it provides to the Canada Education Savings Grant (CESG) and its ability to generate tax-deferred income.
$25 invested per week will achieve:
* These figures assume a 6% average annualized Rate of Return and includes Canada Education Savings Grant (CESG) payments.
- A group benefits plan is a cost-effective way of offering health and dental coverage for your employees.
- By implementing a group benefits plan, a company can gain in three ways:
- Benefits are a tax-efficient way to compensate your employees (health and dental benefits are TAX-FREE for employees)
- You can help protect the well-being of your employees and their families
- You can improve employee appreciation and loyalty
- Our group benefits team is comprised of highly-trained technicians with experience as insurance company underwriters who will ensure the best design and pricing for your plan.
Our life and group benefits advisors will work one-on-one with you to set goals, recommend steps you need to take, and regularly review your progress.
O: (416) 366-3333 x228
M: (416) 520-7042
Senior Life Insurance/Living Benefits Advisor
O: (416) 366-3333 x239
M: (416) 458-7866
Life Insurance/Living Benefits Advisor
O: (416) 366-3333 x269
M: (416) 835-8004
Senior Group Benefits Advisor
Group Benefits Advisor