Insurance (Life, Health, Living Benefits)

Financial Wellness Planning maintains independence when it comes to making choices for an insurance provider. We choose the best product to suit our clients’ insurance needs. When assessing these needs, we use independent software which provides insurance premiums across the board in Canada and allows us to provide the most cost effective solutions.

Personal Insurance Needs

We are all very quick to insure our homes, cars, jewellery, boats and other hard assets. However, even more importantly we should be looking to insure our lives, our health, and our ability to work.

How do you replace the lost income of a breadwinner who dies too young, how do you replace the lost income of a breadwinner who becomes disabled or ill and can no longer work?

No overall financial plan should exclude a careful and detailed analysis of the client’s insurance needs.

Business Insurance Needs

Insurance is equally essential in businesses, whether the business structure is a sole proprietorship, a partnership, or corporation. However, many business owners/operators are so caught up in managing and directing the day to day operation of their business that they overlook the need to provide for the potentially devastating consequences if one or more of the key employees, partners, or shareholders should become disabled, severely ill, or even die. Insurance in these circumstances would provide the necessary funding to pay out the estate of a deceased partner or shareholder or to pay disability and/or critical illness claims.

Without adequate coverage, the business would have to provide this funding – often, it is too onerous and the business fails as a result.

Term Life Insurance: This type of life insurance is the most cost effective life insurance if your need is not permanent. E.g. mortgage debt. The majority of our clients only require the less expensive Term Insurance rather than having to go the additional cost of Permanent Insurance.

Permanent Life Insurance: Permanent life insurance such as Universal Life or Whole Life are primarily used for Estate Planning strategies and as a tax shelter for capital accumulation.

Disability Insurance: This type of insurance provides you with financial security by replacing a portion of your earnings when an accident or illness causes you to become disabled and unable to work or earn an income.

Critical Illness Insurance: Provides a lump sum, tax free cash benefit if you survive a life threatening critical illness like Heart Attack, Cancer or Stroke.

Long Term Care Insurance: LTC is an insurance product designed to help provide for the cost of long term care beyond a predetermined period. Long term care insurance covers care generally not covered by health insurance or the benefits provided through your company’s group benefit plan.

Age is not a determining factor in needing long term care. Many individuals who require long term care are generally not sick in the traditional sense, but instead, are unable to perform the basic activities of daily living (ADLs) such as dressing, bathing, eating, toileting, continence, and transferring (getting in and out of a bed or chair).