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As brokers we have access to broad range of products from the full range of insurers operating in the Canadian marketplace. The types of individual insurance that we offer include:
| Life Insurance | | Disability Insurance | | Long Term Care | | Critical Illness | | | | | | | | | | | | | | | | | | | | | | | | | Life Insurance
Life insurance products have evolved over time, but there still remain two main types, term and permanent. The biggest change to term insurance over the last few years has been the advent of “preferred” rates. Preferred rates are cheaper than regular rates, and are offered to those individuals that are determined through underwriting to be a preferred risk based on such factors as lifestyle, height to weight ratio, cholesterol level, blood pressure, etc. Permanent insurance can be either the more traditional “whole life”, or “universal life”. The choice of what life insurance is right for you depend on such factors as how long you want the insurance for, your budget, the need for flexibility of premium payments, and whether it makes sense from a planning point of view to make use of the tax sheltering aspect of a permanent life insurance contract.
| | | | | | | | | | | | | | | | Disability Insurance
In our view disability insurance is in most cases the most important type of insurance you can have because it insures your ability to make an income, and your ability to make an income is for most people their largest asset. Canada, unlike some other developed countries in the world, still has access to guaranteed, non-cancellable, guaranteed renewable disability policies. That means that once issued and as long as the premiums are paid, the insurance company can not cancel or modify the policy, and they can not increase the premiums. With disability insurance you buy a dollar amount per month, that will start once you are disabled, is usually non-taxable, and carries on for as long as you are considered disabled or until the end of the benefit period. Benefit periods can be as short as 5 years or as long at to age 65.
| | | | | | | | | | | | | | | | | | Long Term Care
Long term care is a relatively new form of insurance offered in Canada that came about because of the growing realization that Governments don’t at the moment, and will have an even tougher time in the future, fund all of the costs to either be in a long term care facility or receive special medical care in your home. There are 3 types of long term care policies:
One reimburses you for eligible expenses you receive on a given day, up to a pre-set maximum.
Another pays a set daily amount if you have an eligible expense that day.
The final type is the income style plan, which is the most flexible. It offers the income when you require the care, without having to prove you had expenses.
| | | | | | | | | | | | | | | | Critical Illness
Critical illness insurance provides a lump sum of money upon diagnosis of a critical illness. It is the fastest growing and most popular form of coverage that fills the hole that our government systems have overlooked. Tremendous strides in medical technology have vastly improved the survival rates of individuals who contract a critical illness such as a heart attack, stroke, or cancer. More and more Canadians are surviving critical illnesses that were previously thought of as terminal. Clients buy critical illness coverage for a range of different reasons, but they include having $ available to access medical treatment that might not be offered in Canada, to pay for drugs and treatment plans that can be very expensive even under the Canadian medicare system, and to help offset a drop in income that is very likely to happen – especially with self employed individuals. | |
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