Insurance Management is designed to guide you though the process of assessing your current position relating to life insurance and critical illness, establishing goals, identifying shortfalls that exist and building, implementing and monitoring plans to drive you to a successful conclusion.
Benefits
By reviewing your current situation, you will identify and implement the appropriate and most cost effective life insurance, critical illness insurance and disability coverage to give you the piece of mind that your family’s financial security is protected.
 Insurance Management – Are you Adequately Covered
Life Insurance
Life insurance is one of the most important investments that you can make to protect your family’s financial security. Life insurance will insure that your family will have the money to pay off any obligations as well as source of income to meet daily living expenses. Life insurance is payable in a lump sum payment to a designated beneficiary and the lump sum is non-taxable and exempt from probate fees.
Critical Illness Insurance
One of the more recent developments in the insurance industry is the introduction of Critical Illness insurance. Critical Illness insurance attempts to fill the gap between disability insurance and life insurance.
Generally speaking, disability insurance provides income if you are unable to perform the essential duties of your occupation due to health reasons. Critical Illness insurance on the other hand pays a lump sum amount when the insured individual is diagnosed with a serious, life-altering illness or condition. The coverage is based on the listed conditions in the individual policy not on your ability to work. Critical Illness insurance allows insured individuals to off-set the immediate-health related expenses that are not covered by the government or group plans and other financial costs such as lost income.
To clarify the difference, let’s use an example. If you are diagnosed with cancer that is slowly progressing, you will not be eligible for disability coverage until you are at the point where the disease actually prevents you from working. At that time you will receive an income based on the contract.
Critical Illness insurance on the other hand would pay a lump sum once the cancer was diagnosed. You are not required to be disabled in relation to your ability to work. This gives you control over your situation. You can afford to take the time off work to seek treatment, or pay for optional treatment not covered by provincial health plans Critical Illness is not an alternative to disability insurance. It should be considered as an addition to your disability plan as they compliment each other by providing different types of protecti
Disability Insurance
On of the cornerstones and most over-looked areas in financial planning is a disability insurance plan. There are four threats to your income stream; unemployment, disability, retirement and death.
Retirement and death are inevitable. Retirement is predictable and most people plan for it with their pensions, RRSPs and investments. Death, though not predictable, is usually planned  for as most Canadians carry life insurance. Unemployment can be predictable, and most people carry unemployment insurance and will usually be back at work within a short period of time.
Disability is unpredictable, usually long term and has drastic repercussions on your income stream. It has both economic and emotional impact on the victim and those around them. The duration of disability is typically longer than most unemployment and can be recurring.
Disability will not only interrupt your current income stream, it usually results in a reduction in future income due to the need to modify your lifestyle.
Statistics prove that the possibility of becoming disabled is greater than most people think. Did you know that there is a grater chance that an individual will suffer a disability compared to dying before they reach the age of 65. The following chart illustrates the likelihood of suffering a disability versus dying at various ages.
Without disability insurance, you will have to come up with additional sources of income to replace lost earnings and unexpected expenses as a result of the disability.
Long-Term Care
Canada has an aging population and people are living longer. Therefore, our retirement years are longer and more costly. There has been a shift from the fear of dying too young to outliving your retirement.
One of the unfortunate realities of aging is the deterioration in our ability to look after our basic needs. Many of us will face the need for either basic home care or full nursing home dependency at some point.
Relying on others for assistance is not something that most of us relish, but it becomes a harsh and very expensive reality of life. Some people believe that they can rely on the government health care system; this is not the case in most situations. There are maximum income levels that one must be below in order to qualify for assistance. Plus, with continuing cut backs, it is quite probable that these restrictions will be tightened.
By using a long-term care plan to finance your health related needs in retirement, you can budget for this expense during your income-earning years. Long-term care planning will remove the stress of not knowing what you will be able to afford, give you the independence to make your own choices of type and level of care you desire, all while not be a burden to your loved ones.
Liability Insurance
General liability insurance provides valuable protection against most types of third-party bodily injury and property damage for which you could be held to be legally responsible.
Liability insurance for our homes and vehicles in vitally important and should be reviewed on an annual basis.
Tax Minimization
One of the biggest and best aspects of insurance is its tax preferred status. There are many
applications where insurance not only offers the traditional protection, but can be a basic component of your tax planning strategy. Whether you are a business owner or a lone investor, there are many ways that you can use insurance as a critical leverage to reduce your taxes.
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