Planning ahead and obtaining adequate coverage can help protect you and your family from financial hardship when the unthinkable happens.
Why Living Benefits and Life insurance are important pieces of your portfolio
- * 2 out of 5 Canadians will develop cancer in their lifetime, and 1 in 4 is expected to die. ¹
- Cancer is the leading cause of death in Canada and is responsible for about 30% of all deaths. ¹
- In Alberta, 56% of people are living paycheck to paycheck, and 71% are falling short of their retirement goals.²
- *The chance of a house fire are 1 in 1200. The chance of an auto accident is 1 in 240. The chance of a long term disability before age 65 is 1 in 4.
Term Insurance is ideal for those with a limited budget who require the maximum amount of protection. It is commonly used to provide coverage for a specific time period ranging from 5 to 30 years. Term insurance is often used to cover off on debt such as car loans, mortgages, and credit card bills.
Whole Life / Universal Life Insurance
Known as permanent insurance, this type of policy is generally obtained by those looking for long term protection exceeding 20-30 years. It is often used by those looking to cover final expense costs and estate planning.
Disability Insurance (DI) is income replacement coverage which pays you up to 75% of your salary in the event that you become injured or ill and are unable to work. This coverage is separated into injury and illness categories and the benefit period can range from 5 years or until age 70 depending on how long you require income protection.
Disability insurance is commonly used as a top up to WCB as it protects you 24 hours a day, not just while you are on the job.
(CI) coverage protects you from severe illness as defined in the policy and pays a lump sum payment to the insured upon diagnosis of a listed illness.
A combination of life insurance, disability and critical Illness coverage is often recommended to ensure the best client protection.