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Experienced Insurance Planner In Canada
THE INSURANCE ADVISOR CALGARY CAN TRUST
Providing Peace Of Mind On All Insurance Needs
Insurance is the most effective way to provide your family and business with financial protection while also giving you peace of mind. These are three of the most common types of insurance you need:
Disability Insurance
Your greatest asset is you and your ability to earn a living. If you’re disabled and can’t work, disability insurance can mean the difference between having enough to pay your bills and financial ruin. Disability insurance is vital for business owners, but anyone responsible for supporting themselves or their family should strongly consider it.
Unfortunately, nearly 50% of all individuals 35 or younger will be disabled for 90 days or longer before age 65.
Approximately 30% of people aged 35 – 65 will suffer a disability for at least 90 days, and about 1 in 7 can expect to become disabled for five years or more.
Critical Illness Insurance
With critical illness insurance, you’ll get a tax-free lump sum of money if you have a heart attack, stroke or cancer. This can be especially important if you’re self-employed and don’t have employer benefits to help tide you over if you can’t work while recovering or receiving treatment. You can use the lump sum any way you see fit, such as paying off bills so you can take time off to focus on your recovery. You may also want to use the lump sum to pay for treatment that the public health system doesn’t cover.
Life Insurance
Life insurance is a must if you have anyone financially dependent on you. Life insurance is generally inexpensive to obtain and provides your family with a tax-free lump sum payment in the event of your death. There are two main types of life insurance – term and permanent life insurance.
Term Life Insurance
With term life insurance, you’re covered for a set period – five, ten, twenty or thirty years. Premiums are lower than they are for permanent life insurance and will rise as you age or if your health deteriorates. Term life insurance is an excellent choice to cover temporary needs such as a mortgage or debt or when your children depend financially on you.
Permanent Life Insurance
Permanent insurance provides you with lifetime coverage. The premiums will be more expensive than term insurance at the beginning but cost less overall than if you had term insurance for your whole life. In addition, permanent life insurance can be used to cover final expenses and final taxes.
There are also permanent life insurance policies that act as an investment vehicle allowing you to contribute additional funds to the policy, where it grows tax-free. Those funds can be used to supplement your retirement.
We can help you determine what type of life insurance is best for you and how much coverage you need.