Insurance Products

Life Insurance

  • Purpose: covers when person dies
  • Uses:
    • Pay off mortgage, debts, funeral expenses
    • Cover gap in loss of income
    • Pay off final tax bill (estate planning)
  • Types: Term or Permanent (Whole Life or Universal Life)
  • Other Notes: Equity in permanent policies grows tax sheltered
  • Amounts: I can show you how to figure out amount required

Disability Insurance

  • Purpose: pays monthly income when can’t work due to injury or illness
  • Uses:Covers regular expenses
  • Types: Disability plus business overhead insurance
  • Other Notes: Can get ½ of money back every 7 years if don’t claim
  • Amounts: Based on T4 income

Critical Illness Insurance

  • Purpose: Pays lump sum when get diagnosed with critical illness i.e. heart attack, stroke, cancer, MS, etc. (24 illnesses)
  • Uses: Used for whatever you desire i.e. medical treatments or prescriptions not covered, go for treatment outside of Canada, modify home etc.
  • Types: Critical Illness
  • Other Notes: Can get money back after 15 years or at age 75 if don’t use
  • Amounts: $20K to $2 million

Long Term Care

  • Purpose:pays monthly income when can’t do 2 or 6 basic activities of daily living (bathing, dressing, feeding, toileting, transferring, incontinence)
  • Uses: Use to pay home care nurse or part of nursing home
  • Types: Long Term Care