Term Life

These policies are commonly issued for specified periods, such as one, five, ten, fifteen and 20 years.
Term insurance is the most common type of life insurance and the features are listed below.

Term insurance can provide a large amount of insurance protection for a relatively low premium during the term of the policy. Clients who have a financial need for insurance coverage during a specific time period find term insurance particularly cost-effective in the short term. Long term needs are best covered with a permanent life insurance policy because the cost of a term policy increases at each renewal period.

Tax-free death benefit
The proceeds of a life insurance policy can be paid directly to the named beneficiary tax free, bypassing the estate and the delays and expenses surrounding probate.

Creditor protection
Provided certain family relationships exist between the life insured and beneficiary or that a beneficiary designation is irrevocable, life insurance policies may be protected from the claims of creditors of the policy owner.

Multiple lives covered on one policy
Almost all companies allow for more than one person to be insured on a single life policy, each with their own coverage and beneficiary designation. This allows business partners or family members to be covered on the same policy, reducing cost through a single policy fee and centralized billing.

Conversion Options
You can choose to convert your term life insurance policy to a permanent form of insurance such as Universal Life or Whole Life without providing evidence of insurability.

Optional benefits
A wide range of optional benefits is available on most term insurance including: Children’s insurance, Critical Illness riders, accidental death and dismemberment, and waiver of premium.

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Universal Life

Universal life insurance uniquely combines permanent life insurance protection with the benefits of tax-advantaged investing. You may have heard the saying: buy term insurance and invest the difference, well universal life takes care of both all in one policy.

With universal life insurance, you pay an amount of money that is deposited into one or more investment accounts. Each month, the insurance company takes out money to cover the cost of the insurance and administrative costs. The money left in the investment account earns a return based on the performance of the investment account(s) you’ve chosen inside the policy.

And it’s important to remember that you don’t have to pay tax on any growth in the investment accounts because it is part of a life insurance policy, provided your policy value does not exceed an amount prescribed under the Income Tax Act.

Universal Life insurance policies are considered “long-term cheap” in terms of cost because the policy can be made to have a level cost of insurance over the life of the policy.

Used to provide for your family or business in the event of your death. Life insurance proceeds are received tax free by the beneficiary and can be used to replace an income, pay the mortgage and other bills, and even provide education savings amount for the children.

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Critical Illness

Critical Illnesses happen every day, to young and old alike.

One in two men, and one in three women age 40 and under will develop coronary artery disease in their lifetime; one in four Canadians now suffer from stroke-related illnesses, and this year alone, 134,100 new cases of cancer will occur. Even more shocking is the fact that 82% of all critical illness claims occur between the ages of 30 and 60. This is the time you are supposed to be saving for retirement, not depleting your funds in order to provide you necessary income.

But, advances in medical science have made it possible for thousands to survive and resume meaningful lives. While this is encouraging, it may also be a reason to be concerned; because today’s high recovery expenses can have serious and potentially long-lasting financial consequences.

There is a solution, Critical Illness Insurance, which can help protect your assets, savings and business from the high recovery expenses associated with surviving a critical illness. This insurance covers up to 24 critical illnesses or conditions, and provides a lump sum benefit to:

  • Protect your personal and family lifestyle
  • Replace lost income
  • Keep your business going during a recovery period
  • Pay off your mortgage
  • Reduce debt incurred during the illness
  • Make necessary renovations to your home
  • Protect savings and assets
  • Travel to obtain the best medical coverage.
  • Take the time you need to recover!!
  • Or anything else you want

Covered Conditions can include:

  • Heart attack
  • Life Threatening Cancer
  • Stroke
  • Alzheimer’s Disease
  • Aortic Surgery
  • Aplastic Anemia
  • Bacterial Meningitis
  • Benign Brain Tumour
  • Blindness
  • Coma
  • Coronary Artery Bypass Surgery
  • Deafness
  • Heart Valve Replacement
  • Kidney Failure
  • Loss of Independent Existence
  • Loss of Limbs
  • Loss of Speech
  • Major Organ Transplant
  • Motor Neuron Disease
  • Multiple Sclerosis
  • Occupational HIV Infection
  • Paralysis
  • Parkinson’s Disease
  • Severe Burns

Critical Illness insurance provides a lump sum, TAX FREE benefit to an individual if you are diagnosed with a critical illness and survive 30 days.

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Income Replacement

The ability to earn an income is the single, most valuable asset of any individual during their working years. Yet, income replacement insurance is often overlooked in many Canadians financial plans.

Some people may completely ignore the financial devastation that would result from a disabling injury or sickness. Others may assume that traditional safety nets such as group/government benefits or personal savings will be enough to see them through. However, individual income replacement insurance is the only reliable source of income that can be counted on during a period of complete uncertainty.

Wide ranges of income replacement products are available for professionals, business owners, and part-time and home based workers.

Would you rather deplete your savings and sell personal possessions in order to recover, or use a small amount of your income every month to protect your income for all of your earning years?

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Long Term Care

Canadians are living longer today than previous generations. While this is positive, it presents a greater responsibility for financing the long term care required by elderly Canadians. Nursing facilities and home care costs are expensive, and it is difficult to budget for when we don’t know how long we may live in one of these facilities. These issues are particularly taxing to the sandwich generation, the baby boomers who are juggling the costs of caring for elderly parents, and providing educations for their children, while planning for their own retirement.

What is the solution?

There are options available:

Purchase long term care insurance, which provides a daily or monthly benefit amount to fund the cost of either a nursing home or home care.

This is an affordable solution which protects savings, assets and financial security from the cost of long term care.

  • Provides the flexibility to choose a suitable facility or to receive professional care in the home
  • Benefits are paid directly to the insured, regardless of government aid
  • Benefits can be used to fund care, and/or out-of-pocket medical expenses not necessarily covered by government, such as wheelchairs, or physical therapy
  • For those already needing care, an annuity or guaranteed income plan can be purchased to provide a specified monthly income which will continue no matter how long the income is required to fund nursing care.

Employee Group Life, Health, and Retirement Benefits

Employee benefits are an increasingly important part of a total employee compensation package. A high quality benefits program can assist you in:

  • Attracting talented, employees to support your growth and future success
  • Protecting employees from loss of income due to disability and medical expenses not covered by a Provincial plan
  • Providing employees with tax-effective compensation
  • Utilizing tax deferred retirement plans to help employees meet their goals for retirement

Group Plan options include:

  • Life Insurance
  • Long Term Disability
  • Critical Illness
  • Health, Dental and Drug Plans
  • Employee Assistance Programs
  • Health Care Spending Accounts
  • Group Retirement Savings Plans