Insurance is essential to any comprehensive financial security plan. Insurance provides ‘defense’ to your financial health, if tragic events like death, disability or critical illness strike; it will protect you and your family from undue hardship. Some life insurance policies also provide tax-advantaged savings that you can draw on to achieve goals like buying a house or retiring comfortably.
There is a variety of insurance products that can help meet your financial security planning needs. We can develop a plan to enhance the coverage you have through your group benefits (if you have group benefits) and ensure that your income is protected. No matter your personal situation – if you’re single or in a family, a professional or a seasonal employee, an executive or small business owner, we will work together to design a customized plan.
In the event of death, life insurance offers surviving family members increased financial security. As a tax-free lump sum payment, it can pay for final expenses and debts, as well as provide income for the deceased’s dependents.
The advantages of life insurance include:
- An instant estate for your loved ones at a time when funds are most needed
- Death benefits that are always non-taxable for named beneficiaries
- Avoid probate costs if you name a beneficiary other than your estate
- Potentially offer your loved ones creditor protection through some life insurance plans
- Build tax—advantaged capital for retirement purposes or provide liquid savings through some permanent life insurance plans
Term insurance can provide coverage for short term needs and is like renting an apartment. You can pay your premiums monthly or annually and if you miss a premium, your coverage can end within 30 days. There is no cash value in most term policies. Most popular term coverages are 10 year, 15 year and 20 year terms where the premium remains the same for that term, then increases automatically for the same term, and then ceases to exist around age 75 or 80.
Whole life insurance or permanent insurance builds a cash value over time as you pay your premiums. Almost always the premium is level over the lifetime of the policy and is usually in force (while you keep paying premiums) until age 100. It provides a more level and consistent coverage than term insurance. Every situation is different and Dawn can provide you with the appropriate advice to fit your insurance needs. Contact us today to find out more about your situation and which coverages would suit that situation the best.
Long Term Care, Disability and Critical Illness Insurance
Help protect your most valuable asset – your income – from unexpected events through long term care, disability and critical illness insurance. Ultimately, a combination of these coverages, along with your group benefits can be beneficial for your financial health in the event of a disability, injury or illness.
Income is important for both current financial obligations (e.g. grocery bills, power bills and mortgage payments) and for future financial security (e.g. planning for your children’s education or for retirement). Just think what might happen if you suddenly lost your income stream through a long-term illness or disability.
Long term care and disability insurance products help protect your ability to earn an income, which can be affected if you are afflicted by a disability or other condition. Each product covers particular needs in certain situations. Disability coverage is related to your ability to work and do your job. If you cannot do your job, disability coverage should pay. Long term care on the other hand protects you when you cannot do two of the six daily activities such as eating, toileting, dressing, transferring, and continence. We can help you determine which or what combination of coverage is appropriate for you and your occupation.
We can help you choose the long term care and disability insurance products that provide advantages like:
- Helping maintain your financial independence, lifestyle and long-term financial security plan in the event your income is impacted by disability
- Assist with paying fixed expenses for your business if you become disabled
- Support the buy-out of a disabled partner’s share of a business
Contact us to tailor your financial security plan so it protects your income through disability or illness.
Critical Illness Insurance
Suffering a critical illness is distressing for both you and your family. Help ease the burden through insurance that will reduce financial stresses and can complement disability and long term care protection needs. By helping pay for the additional expenses often associated with a critical illness or condition, insurance offers you, your family, and if applicable, your business, added financial security, so you can focus on recovery.
Please click here to read how Dawn's breast cancer diagnosis changed her thinking about what’s important. Thankfully she had Critical Illness insurance.
The advantages of critical illness insurance can include:
- Coverage on some policies for up to 25 critical illnesses or conditions
- An initial lump-sum benefit upon diagnosis of a critical illness that you can use however you wish – from making mortgage payments to seeking medical treatment outside Canada
- Home-care costs during illness and recovery periods
- Even if you are not disabled from working, you may receive a payment
- The ability to provide a return of premium benefit (optional)
- Individuals who cannot obtain disability insurance in some cases still qualify for critical illness coverage (e.g. a non-income earning spouse)
Contact us to determine how critical illness insurance fits into your financial plan.
Ensuring you and your loved ones are protected while you are on holidays, is also an essential part of your planning. If you have group benefits you may have some travel insurance but if you do not have group benefits, you can purchase individual and family travel insurance for that holiday you have been planning for - or click on this link to buy travel insurance.
Contact us if you would like a quote for your travel coverage.
Life and health insurance products are provided by Dawn Luhning/DLSolutions through PPI Solutions. Life and health insurance products and services are not available through Desjardins Financial Security Investments Inc. (DFS Investments) nor are the insurance plans or services available and/or offered supervised or reviewed by DFS Investments. DFS Investments is the mutual fund dealer through which mutual fund products and services are provided.