Individual Insurance
Individual Insurance
We offer a wide variety of insurance and investment products to satisfy individuals, families and business owners. Insurance can help you manage risk. But it also has many tax advantages. We can help you decide which insurance products are right for you.
Life Insurance
Whether you want to cover estate taxes or maintain your family’s lifestyle after you die, we have a life insurance product to suit your needs. Even while you are living, some life insurance policies can build a savings fund you can draw upon as needed for personal or business opportunities.
Disability Insurance
We can provide a wide range of products designed to help protect your most important asset which is your ability to earn an income. We offer disability insurance for professionals, business owners and employees.
Critical Illness Insurance
The chances of suffering from and surviving a critical illness are greater than you think. Our critical illness insurance can help you meet the financial burdens caused by a critical illness or condition. It offers a one-time, lump-sum benefit that you can use however you choose.
Mortgage Life Insurance
Most lending institutions offer mortgage life insurance as a part of their mortgage packaging. But look carefully before you sign on the dotted line. You could find yourself locked into insurance that does more to protect your lender than you.
Life Insurance
Life insurance contracts are typically utilized to provide a tax-free benefit upon the death of the life insured. Life insurance provides money when it’s needed most, in order to protect your spouse, loved ones and estate. Some personal life insurance policies can also offer you access to funding during your life. This cash can be used to buy a home or educate your children, or supplement your retirement income.
What is Life Insurance?
Life insurance is a contract with an insurer that promises a set amount of money will be provided for your beneficiary or your estate upon your death.
The premium charged for this coverage depends upon many factors including the policy you choose, your age, sex and health, and the amount of death benefit you require. The appropriate amounts of coverage, along with the type of policy applied for is best determined by meeting with a qualified financial planner or insurance advisor. Be sure that the advisor you select is able to offer you coverage from a wide variety of insurance companies, as premiums can vary widely between carriers.
Why Do You Need It?
Life insurance can provide you with peace of mind knowing that, if something should happen to you, your family can continue to live in their world without being burdened with debt or financial worry.
Life insurance can also be used in a business situation. Partners, shareholders, and key people often carry life insurance so that the business can survive the death of a key individual.
Choosing the Right Policy
With the wide assortment of insurance policies on the market, finding the plan that is right for you can be a confusing process. We are experienced financial advisors with the Chartered Life Underwriter (C.L.U.) and Certified Financial Planner (C.F.P.) designations. One of our specialties is life insurance. Let us help you with your life insurance needs.
Disability Insurance
Individual disability insurance is designed to replace a percentage of your income, typically on a tax-free basis, should a sickness or illness prevent you from earning an income in your occupation. Individuals who are covered under an employee benefit program often supplement their disability coverage by purchasing individual protection. Self-employed individuals, or those who do not have group benefits, are particularly vulnerable should illness or disability strike and therefore should consider disability insurance a high priority.
What Is Disability Insurance?
Disability insurance policies vary widely from company to company. It is critical to have a complete understanding of the definitions within the contract before you purchase the coverage. The best disability contracts are usually non-cancellable and guaranteed renewable, meaning that your premiums are guaranteed throughout the life of the contract, and that the company cannot discontinue your coverage without your approval. The definition of disability also varies from product to product, as does the elimination period (length of time between a disability and the first payment) and the benefit period (how long the payments continue to the disabled individual). The premium you pay reflects the quality of the coverage you have along with your age, sex, occupation, income level, and health history.
Why You Need Disability Insurance?
Most of us depend on our incomes to pay our bills and maintain our lifestyles. The odds of suffering from a long term illness or disability are substantially higher for most of us than dying prematurely, therefore this income which we depend upon so heavily must be protected.
Choosing The Right Disability Policy
Choosing the right policy for your specific situation is a daunting task. Premiums, benefits and definitions vary widely from product to product and company to company. We are experienced financial advisors with the Chartered Life Underwriter (C.L.U.) and Certified Financial Planner (C.F.P.) designations. One of our specialties is life insurance. Let us help you with your disability insurance needs.
Critical Illness Insurance
The concept of Critical Illness Insurance was not developed by an insurance company but by the world famous heart surgeon, Dr. Marius Barnard. Dr. Barnard realized that while an overwhelming majority of his patients survived heart surgery, they often lost their life savings as a result of their illness. He then conceived the idea for critical illness coverage that would provide a “living benefit” to people who have survived a critical illness such as cancer, stroke or heart disease.
What is Critical Illness Insurance?
Critical Illness policies provide a lump sum benefit to the policy owner after the diagnosis of any one of the covered “critical illnesses” once the insured has survived the waiting period. Most critical illness policies offer a lump-sum of tax-free cash while you are living, usually just 30 days after the diagnosis, without any requirements on how you spend the cash.
Why do you need it?
In 1997 in Toronto’s leading cardiac emergency hospital, 91% of the patients who were admitted with a heart attack would have qualified for a critical payout after 30 days. Only 9% would have been a death claim.*
And while… 1 in 4 Canadians will contract some form of heart disease. 1 in 3 Canadians will develop a life threatening cancer. More than 50,000 Canadians suffer a stroke each year. More than 50,000 Canadians have Multiple Sclerosis.
The good news is that…
*50% of men under 55 diagnosed with cancer are alive five years later.
*50% of women under 65 diagnosed with cancer are alive five years later.
*75% of stroke victims survive the initial event.
In short, more people are surviving critical illnesses than ever before, but they may be financially devastated in the process. RRSPs may have to be liquidated, investments may have to be sold at an inopportune time, and businesses almost certainly suffer. To quote Dr. Marius Barnard, “these people didn’t lose their life, they lost their life savings”
Choosing The Right Policy Coverage
Critical illness insurance is generally available from ages 18 to 65 in benefit amounts of $25,000 to $2,000,000. A variety of premium and coverage options are available and some companies even refund all of your premiums at age 75
Mortgage Insurance
Do you need?
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- Life insurance protection
- Funds to pay down your mortgage in the event of your death
- Flexibility if you change banks
- Ability to change your policy as your needs change
- A death benefit that is paid to your family, not the bank
A Mortgage Insurance Strategy is a good strategy for you if:
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- You have a need for life insurance protection for your mortgage
- You want the flexibility to change banks to take advantage of interest rate promotions
- You plan on changing your residence in the next 20 years
- You want your family, not the bank, to have control over the death benefit
We can custom-design your insurance coverage to fit your needs and your budget. We have access to a diverse range of insurance products that are issued on a preferred underwriting basis, which recognizes that everyone’s lifestyle, and health is unique. People want to pay an insurance premium that reflects their individual risk, not to be lumped into a group. And, as your family, business or individual needs change; We can provide you with a product with the flexibility to change with you.
Mortgage Insurance from Banks, Trust Companies or Credit Unions
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- You are insured under a group policy issued by an insurance company
- Your policy is subject to change of the insurance provider and the terms of the agreement
- Your mortgage lender owns the certificate of insurance
- Your mortgage lender is the beneficiary
- The amount of insurance protection reduces as you make your mortgage payments
- The cost of insurance does not decrease even though the amount of protection does
- The insurance protection is not transferable and is limited to the mortgage you have for a certain property with a certain lender
- The insurance protection stops when the property sold
- No changes are permitted under the plan
- The insurance is not guaranteed renewable for a new mortgage and, if you change financial institutions, you must provide new evidence of insurability
- You have a bank employee to look after you
Mortgage Insurance from Private Insurance Companies:
- You are insured under an individual life insurance policy from a private insurance company
- The life insurance company cannot change the policy provisions or the guaranteed policy premiums
- You are the owner of your mortgage insurance policy
- You name the beneficiary of your choice
- The insurance protection never decreases unless you request a reduction you reduce your coverage, your payments will be reduced as well
- This protection stays in place when you change homes and mortgage lenders
- The insurance protection stays in place even if the property is sold
- You can make changes to your policy, including change of beneficiary, amount of coverage and conversion to a permanent insurance policy
- Insurance protection is guaranteed renewable to age 85 and you can keep it this long if you wish
- You use your own insurance and financial advisor arrange and service the policy