Integrated Risk Management & Tax Mitigation Advisory
These are customizable products which provide you with monthly benefits or lump sum payments for injury, sickness, long term care or a terminal diagnosis.
Within this group of plans you can also access the best medical specialists and treatment in North America very quickly. If you have a group benefit plan through your employer, let’s ensure you have a contingency plan for areas that are not covered.
Leaving your job? Did you know you may have up to 30 days to convert your group benefit plan to an individual (private) plan without medical evidence? Let's review your options.
Click here for examples of Living Benefits
Priority Health Care
This product gives you international access to some of the best treatments and specialists in North America in a fraction of the time. Think Mayo Clinic.
Disability Insurance / Income Replacement
In the event of a disability this policy replaces your monthly income. Typically, around 70% of your pre-disability income.
In the event of a catastrophic health event such as life-threatening cancer, heart attack, or stroke – this policy provides the insured with a pre-determined tax-free lump sum.
If it’s one trip or multiple trips a year, including domestic, you should always consider having travel medical for unexpected health or dental emergencies for your out of province/country travel.
Health and Dental Benefits
Basic to comprehensive reimbursement plans to cover a handful of employees or the handful at home.
Accidental Death and Dismemberment
Have you been denied disability insurance? Would you like to be protected outside of your WCB coverage? Accidental Death and Dismemberment might be a great way to supplement any or no coverage at all.
Long Term Care
Provide compensation towards out of pocket expenses resulting from nursing home or home care related services.
Term insurance is often referred to coverage 'if' you die. Permanent insurance is a tax-free lump sum for 'when' you die. It protects you for your lifetime.
Your passing may or may not impact family or friends – but you would like the peace of mind knowing your final affairs will be looked after. Funeral costs can average up to $12,000 in Alberta. Couple this with the fact the average Albertan is carrying debts of roughly $28,000. These scenarios alone on top of others might be a good reason to consider life insurance. Some other reasons to hold life insurance include final taxes, child or spousal support, lawyer executor fees, probate, post-secondary education for a loved one or leaving a charitable legacy.
Should these areas not pose a concern, you should consider a permanent policy to bolster your retirement savings (tax deferred). Insurance has the ability to provide you with a lifetime death benefit and also serve as a savings vehicle for your retirement or rainy-day fund.
Click here for options for Life Insurance
Term 10, 20, 30, or Pick a Term
One of the most popular products due to its initial low cost. Term insurance provides a tax-free lump sum over a specific 'Term'. Usually 10, 20, or 30 years. Additional coverages include ‘Pick your term’ which provide a specific period or window of time to be protected (i.e. child/spousal support, non-traditional mortgage amortizations, or funding for business succession plans at retirement).
Some common applications for term insurance are: income shortfall of a working spouse, child care, outstanding business or home mortgages, tax liabilities, and post-secondary education for children left behind – are just a few.
Designed for individuals with moderate to severe health conditions and allows them access pre-determined amounts of coverage based on completing questionnaire. Medical evidence is not required. Previously declined applicants can potentially qualify for up to $500,000 of life insurance. Term and Permanent policies also available.
Whole Life Permanent Insurance
Premiums, your death benefit and cash values are guaranteed for the duration of the contract. These policies build up a cash surrender value over time (depending on your contract, withdrawals or loans can be taken from the policy). Whole life can be paid for in full over a period of 10 or 20 years or your lifetime. Within the family of whole life insurance, you have two siblings:
- Non-participating Whole Life – when the insurance company profits, they are kept as surplus.
- Participating whole life: often referred to 'par'. When and if profitable, the surplus is paid out to you as policy dividends. These can be taken as cash, premium reduction, accumulation account or paid up additions (a form of additional insurance within your base policy).
Term-100 (T100) Permanent Insurance
Provides you with lifetime coverage but typically matures at age 100. That is premiums are no longer payable past 100 years. These policies typically do not have or generate a cash surrender value (CSV). This product is also known as 'Term to 100'.
Universal Life Permanent Insurance
Provides the life insured with lifetime protection. The insurance portion of this contract is wrapped in a savings investment which is sheltered from tax and grows tax-deferred. Depending on your contract, this growth can form part of your death benefit paid to your beneficiary 100% tax free. These products provide the owner with a range of investment options and flexibility. Intended for those who are hands on investors.
Benefits and Riders
To illustrate riders, let’s compare this to purchasing a new vehicle from the dealership. Most cars have a base model available. The insurance equivalent can be (but not limited to) your Life, Disability, or Critical Illness policy. Cars also have the ability to have options and accessories added to their base model. This would be like ‘riders’. Riders can add one or many different layers of function and value. The benefit of riders is that you can customize your policy to your needs and wants.
Click here for Individual Options and Riders
Return of Premium (ROP)
Provides the insured a return of their premiums (tax free). The amount refunded can be 50% to 100% depending on the plan and contract provisions.
Intended to bridge the first day of hospitalization to the first day disability benefits begin. Benefit provides a daily allowance of $50 - $250 for incidental costs of hospitalization (i.e. parking, meals).
Residual Disability Benefit
Pays the disabled insured a portion of his benefits if he is able to work part time after a period of disability.
Partial Disability Benefit
If insured is unable to perform some of his substantial duties required of their job, or is able to perform all of their duties but only for part of the time, they are eligible to receive 50% of the disability benefit for a period of 2 or 3 years.
Accidental Death and Dismemberment (AD & D)
Typical provides additional benefits over and above benefits payable under the base plan (Life or Disability Insurance) - should the insured incur death or severe injuries due to an accident. Benefit payable is typically a lump sum benefit.
Cost of Living Adjustment (COLA)
An option available with Disability Insurance that factors in the annual increases to cost of goods and services. Increases are typically pre-determined percentages calculated annual which then increase the monthly benefit paid.
Future Purchase Option (FPO), Future Insurability Option (FIO), Guaranteed Insurability Option (GIO)
Guarantees the insured the right to purchase additional coverage in the future, without provide proof of insurability.
Waiver of Premium
Waives premium due on policy for the duration insured is on disability claim. This rider is traditionally built into Disability Insurance contracts, however an available option for Life Insurance products.
Enhancement of Benefits
Provides the insured the option of upgrading their class of occupation to Own. This is restricted to the highest classification of occupations, which are also the least likely to file a claim. This option can also add significant costs to premiums.
HIV, Hep B, Hep C
Rider typically restricted to health care practitioners that provides benefits in the event they contract HIV, Hep B or C. Although physically capable of working, their respective governing bodies or colleges may not allow them to work for patient protection.
Future Care Option
Allows the insured the opportunity to convert their policy for another form of coverage (usually without medical underwriting). An example would be converting Disability Insurance for Long Term Care insurance.
Added value benefit where in the event of a disability, minimum payments towards retirement savings are continued while on claim.
Collateral Lending Assignments
One of the benefits of owing certain types of Permanent Insurance is they act as a great means to provide your retirement income with collateral for lending against your policies value. A great way to fund family holidays or the unexpected and costly medical long-term care.
Are you looking to secure a mortgage for your business or home? We know the folks who can help.