RISK (INSURANCE) MANAGEMENT
When thinking about a Financial Plan, many people tend to focus immediately on investments, bank account balances, or paying down debt.
Yet, life happens. Insurance protection and risk management for your family sometimes gets put on the back burner - often because of misconceptions.
Personal risk management begins with Life Insurance, Critical Illness and Disability Insurance.
Life Insurance* (lump sum payout on death)
This provides a benefit in the event of a death, tax free.
The various types include term insurance (10, 15, 20, 30 or 40 years), and there is permanent coverage (Term100, Universal Life and Whole Life).
Obtaining life insurance has become easier. We offer simplified underwriting, no medical options, and even insurance for those who have experienced critical illnesses such as cancer, heart attack, etc..
It can be offered to children as young as 30 days old and can be still obtained by seniors into their respective 80's. Often the first experience is to cover your mortgage, but it can do so much more.
*Some coin the term Life Insurance as actually death insurance - this is true for most policies. Yet we offer a type of permanent whole life insurance that can do so much more, and it is used your whole life as an asset.
We now also offer International Solutions as well.
"If I die, why do I need money?"
You don't -- but your family, your business or even your favourite charity might.
Critical Illness Insurance (lump sum payout)
This excellent risk management tool is considered a 'living benefit'. It provides a one-time payment if you are diagnosed with a covered medical condition. This benefit can be used to help support the daily needs of you and your family while you are unable to work.
One may have this included in an employee plan, yet owning this coverage (just as a life insurance policy) makes this a personal potential asset.
We are able to offer various simplified issue coverage that will not require a medical and will pay out on cancer or other diseases. Most people believe that eventually we all end up with a disease to manage. Focus on living and your recovery - not finances.
Canada is considered to have the best options for CI Insurance as one can lock in the premium rates. Other countries issue this protection with variable rates.
Disability Insurance (income replacement)
Often this product is relied upon as part of an employee benefit. Yet, often the employee benefit has limitations that are not ideal (90 day waiting period and only a 2 year benefit period) - often there is a shortfall.
Many disabilities require more than a 2 year recovery rate. These regular payments help replace your lost income when unable to work. It can also be structured to just cover debt payments or something as simple as rent.
This is especially important when your job or business is your family's primary source of income.
We are able to offer coverage even if you have experienced claims and illness or injury before.
It's more common than you think. The most common are Mental Disorders, Cancers, Cardiovascular diseases, Musculoskeletal diseases, and Injuries.
We look forward to helping you assess your exposures in order to find the most prudent way to protect yourself financially with long term peace of mind.
