Life insurance can help ensure your loved ones are not burdened with financial obligations if you are no longer here to support them. It provides a lump-sum, tax-free cash payment to your beneficiaries. They can use it for anything – fund a child’s education, cover day to day expenses, pay for a funeral, or pay off a mortgage. It is wise to re-evaluate life insurance needs after significant life events like marriage, divorce, the birth or adoption of a child and major purchases, like a house. While you may have life insurance through work, it may not be enough, and your coverage typically ends when you leave your job. We can help assess your needs and establish the type of life insurance most suitable for you.
Critical Illness Insurance
With increased life expectancies and medical advancements, the risk of living with a serious illness is significant, and the costs can be staggering. Critical illness insurance provides a single, tax-free, lump-sum payout following the diagnosis of a covered condition, and a survival period of usually 30 days, that you can use in any way you wish. This will enable you to focus on recovery, whether this be keeping you and your family in your home, covering the cost of extended health care requirements, undertaking out-of-country or alternative therapies, or allowing you to take leave from work to care for a sick child. You can even customize your plan so that if it never pays out, you get your premiums back.
Disability insurance can help protect you and your family from an unexpected accident or illness that leaves you unable to work and earn an income. It provides replacement income, generally around 60-70% of your regular income, to help manage expenses for a specified period of time while you focus on recovery. Disability insurance is essential if you are a business owner, self-employed, a freelance worker, or an employee with no group benefits. If you already have disability benefits through your workplace but are not sure how your policy is structured, let us review it to ensure that when you need it the most, you have the coverage you need. You may not realize how limited your coverage is!
While we are living longer here in Canada, long-term care isn’t just for seniors. You may become unable to care for yourself at any point in your life. Long-term care insurance helps cover the cost of care for a person who is unable to care for themselves due to a decline in their mental or physical abilities. You likely know someone or have a family member who requires long-term care because of chronic illness, an accident or other medical issues that has made it impossible for them to manage their daily activities of living, such as bathing, dressing or eating. They may still be living at home or already moved into a specialized care facility – regardless of where they are, costs can add up. A long-term care insurance policy can go a long way to help with these costs.
Health and Dental Plans
If you do not have coverage through a workplace health and dental benefits plan, then you know how quickly medical bills can add up. Prescription drugs, dental checkups, eyeglasses, massage, orthotics – the list of possible expenses goes on and can easily add up to thousands of dollars. Protect yourself from medical expenses not covered by your provincial health insurance plan. There is a variety of health and dental insurance plans for both individuals and families that can cover just medical expenses or dental expenses, or if needed, more comprehensive benefits. Let us find the best solution for you!
Travel insurance provides peace of mind so you, your family and friends can relax and enjoy a worry-free vacation. It is designed to provide coverage from sudden and unforeseeable circumstances while travelling, whether it is a medical emergency, missed flight, lost luggage or having to cancel a trip outright due to natural disaster, job loss or a death in the family. Covered through your workplace benefits plan? Have us check what is and isn’t covered – you may find you want a top up or extra benefits. Travel insurance can also cover snowbirds, visitors to Canada, students coming here to study or those studying abroad.
Lisa Whittleton is a registered mutual fund representative with Excel Private Wealth in the Province of Ontario, and an independent life and health insurance agent in the Province of Ontario with IDC Worldsource Insurance Network Inc. The information on this website is not intended as financial advice without an assessment of your personal situation. Always consult a lawyer or accountant for detailed legal or tax advice.