INSURANCE
Life insurance provides financial protection for significant life events, whether short-term or lifelong.
Proper analysis is vital to ensure that you aren’t paying too much for insurance and have the correct type of insurance for your needs.
Thoroughly assessing your insurance needs is crucial to avoid overpaying and ensure adequate coverage. Insurance is typically purchased when personal resources aren't enough to cover potential financial losses. Conducting an insurance analysis helps determine the extent of risk you can manage versus what should be transferred to insurers. Events like premature death, disability, or critical illness often necessitate substantial funds for income replacement. Therefore, analyzing your insurance needs is essential to strike the right balance between personal risk tolerance and financial protection.
Life Insurance
is a contract between an Individual (Insured) and Insurance Company (Insurer), where the Insurer promises to pay a designated beneficiary a sum of money in exchange for a premium, and this sum of money will be paid upon the death of the Insured person. The policyholder typically pays a premium, either monthly or as an annual lump sum. Depending on the contract, other events such as terminal illness or critical illness may also trigger payment.
There are different types of life insurance options available depending on your need:
- Whole Life Insurance – Permanent life insurance is for life, so it’s cost-effective. If you have any health challenge in future your cost and coverage stays the same.
- Term Insurance –
Term life is for those who are just settling in their life and have tight budget for insurance but still need the coverage for short term debts, like mortgage and to protect their family from unexpected life events.
- Universal life Insurance – Universal life insurance offers lifelong coverage with a tax-free element, this suitable for wealthy people with business, who like to pass the wealth to the next generation.
- Mortgage Insurance –
Mortgage insurance, or mortgage protection insurance is to cover mortgage debt. This can be designed according to one's need as we can add the rider of disability or critical illness to cover the unexpected life health challenges.
Disability Insurance (DI)
This is like insuring your salary in case you become disabled. You will receive a monthly income to cover your expenses in the event you are unable to work.due to health issues.
Critical Illness Insurance (CI)
Critical Illness Insurance an insurance product where the Insurance Company (Insurer) will make a lump sum cash payment if you (the policyholder) are diagnosed with one of the 27 critical illnesses listed in the insurance policy as long as the person survived 30 days after the diagnosis.
Long Term Care Insurance (LTC)
It helps provide for the cost of long-term care beyond a predetermined period. Long-term care insurance covers the cost of care that is generally not covered by government medical programs. Individuals who require long-term care are not sick in the traditional sense, but instead, are unable to perform the basic activities of daily living (ADLs) such as dressing, bathing, eating, toileting, continence, transferring (getting in and out of a bed or chair), and walking.
Insured Retirement Plan (IRP)
An insured retirement plan or IRP is a financial concept wherein a permanent life insurance policy. Usually, universal life is utilised as a vehicle to save up and build wealth for retirement. An IRP allows permanent policy owners to fund their life insurance policies over their initial base premium (cost of insurance, charges, and fees) with the intention of investing toward retirement, to take advantage of the tax-free asset accumulation from within their insurance policies during the accumulation phase, and to implement a series of annual bank loans against the policy for tax-free retirement income.
Group Benefits
Benefits available through your employer that allows for additional coverage towards medical, dental, health, and other basic needs. The Benefits Plan can also provide Disability, Life, and Critical Illness Insurance coverage. Depending on the plan, the employer can either pay for a portion or all of the premium cost for their employees.
you can also have group RRSP and TFSA under this plan.
We also have a similar plan Extended Health Care for small businesses, self employed and individuals, who are not covered through their employer .
Travel Insurance
This insurance covers you if a medical emergency happens when you are traveling out of the country. It can also provide additional coverage in areas such as trip cancellation and loss of luggage.
Health & Dental Insurance
In Canada, while provincial or territorial health plans cover a portion of your healthcare expenses, not all your medical, dental, or additional health-related costs are included under these government schemes. "Protect your well-being with our comprehensive health and dental insurance plans. Our services offer peace of mind, covering medical expenses and dental care, ensuring you and your loved ones receive the best care when you need it most. Explore our plans today."