Life insurance is most commonly used to address issues such as: income replacement, additional child care costs, paying off debt/mortgage, provide funds for final expenses (funeral/cremation costs, medical bills not covered by health insurance, estate settlement costs etc.), leaving an inheritance, paying estate taxes, charitable contributions and tax sheltered investing.
Disability insurance works when you can’t. It provides a tax-free monthly income to help cover expenses if an illness or injury stops you from working. It’s more common than you think. Up to 40% of Canadians become disabled for 90 days or longer before age 65.
Critical Illness Insurance
Critical Illness provides a tax-free lump-sum payment if you are diagnosed with a critical illness. Whether it is building a wheelchair ramp or traveling to the Mayo Clinic, it will let you focus on your recovery while protecting your retirement savings. 1 in 3 Canadians will be diagnosed with a critical illness in their lifetime. The most common illnesses being cancer, stroke, and heart attack.
Long-term Care Insurance
In the industry we often refer to it as ‘dignity insurance’. If you cannot do two of the six activities of daily Living (Walking, Feeding, Toileting, Dressing, Bathing, Transferring from a bed to chair or vice versa) it will pay for a nurse to take care of you, either in your own home or in a facility depending on the policy. Canadians are concerned that with the baby boomer generation aging, there will be shortfalls in funding for Canada’s healthcare system. Long term care insurance will provide peace of mind, knowing that care will be there when you need it without having to place extra burden your family members.
Health and Dental Insurance
Individual Health and Dental coverage can pay for expenses not covered under your provincial health care, such as: prescriptions drugs, dental, vision, medical supplies and paramedical services (chiropractor, massage, physiotherapy, psychologist etc.)
When you are outside of Alberta, your provincial health care plan provides little to no coverage. Travel insurance gives you protection from the financial hardships associated with medical emergencies and trip disruptions so you can travel with peace of mind.
Insured Retirement Plans (IRP)
A tax-exempt life insurance strategy that provides an opportunity to maximize your retirement income, while protecting the value of your estate for your beneficiaries in a tax-efficient manner.