Find Insurance Confusing?
Start with Solutions to 3 key concerns
Protecting your employment Income against losses caused by health issues. (Income Replacement Insurance)
Protecting yourself from loss as a result of unexpected health costs (Critical Illness Insurance)
Protecting your family's income in the event of an unexpected death (Life Insurance)
This graph illustrates the relationship of these plans
Income Replacement (IR)
As you enter the workforce, the most important asset you have is your ability to earn money. Income Replacement Insurance provides a temporary source of income if you are unable to work due to accident or sickness. If your situation prevents you from going back to work, coverage may continue to age 65. These types of plans have a waiting period before you receive payment. They may be employer sponsored group benefit plans or they may be individually owned plans. Benefits are typically a tax free portion of your pre-claim income and has a definition that sets the length of time the payments will continue. There are many variations of coverage available and you should consult a professional advisor
Critical illness (CI)
Critical Illness Plans provide a lump of cash in the event that you are afflicted by one of several common illnesses. The most common problems are created by cancer, heart attack or stroke. Plans vary and may include a list of over 20 illnesses. This type of plan solves the problems of providing money to seek alternative opinions, the costs for family members in time lost from work and travel costs when the patient must go out of town and accommodation. Some illnesses can create significant costs to the family over time. These additional costs will impact your ability to save for retirement. Many of these plans can be converted to Long Term Care Plans (LTC) -see below
Life Insurance (Life)
Life Insurance provides protection of your loved ones. Life Insurance delivers cash at death for the purpose of providing a source of income for your remaining family members. it may also be used to pay outstanding debts and create reserves for such things as education. Term insurance is frequently used to provide "temporary" protection to families and business owners in the event of a death. Permanent insurance should be the basic component in your plan, to assist with asset protection as you age. Permanent Insurance may be used in Estate Planning strategies.
The Synergy Insurance Product provides a unique Solution combining these coverages
Synergy offers one-of-a-kind insurance coverage, combining three policies in one affordable and easy-to-manage package. Synergy’s unique design provides protection against life’s everyday risks: disability, critical illness and early death.
Suitable for your personal and business needs, Synergy allows you to protect your family against the financial impact of the unpredictable, everyday risks we all face.
Synergy provides solid insurance protection across three high risk areas at one affordable price. The convenience and simplicity of Synergy allow you to manage one policy with one amount to pay while you cover the need for three essential types of insurance.
The flexibility of Synergy gives you and your loved ones the ability to:
- Help protect your income if you are unable to work
- Provide mortgage and debt protection
- Supplement gaps in group disability, critical illness and life insurance coverage
- Protect your family against the financial impact of loss of income due to injury, illness and premature death.
For more information on Synergy, click here or please feel free to contact us.
*Synergy is sold by, and is a registered trademark of The Manufacturers Life Insurance Company.
Other Key Insurance Solutions
LongTerm Care (LTC)
Long Term Care Insurance protects your retirement assets by providing cash for long term costs if you are unable to perform 2 of the 6 Activities of Daily Living (Bathing, Eating, Dressing, Toileting, Transferring and Continence). The health care system will soon experience the same baby boomer bulge that was seen in schools, housing and even the markets. As demands on the public health care system increase, the need for private care to fill the gaps will lead to additional expenses.
Statistics Canada projections for the year 2011 shows that a total of 6,954,000 Canadians or 20% of the population will be age 60 or greater. The number of seniors living in the community with disabilities is estimated to rise 52% from just over 1 million in 1986 to 1.5 million by 2011. On top of this, Canada will experience a shrinking tax base from which to fund government health care programs.
The cost of providing health care services is growing and we expect people will have to supplement government services.
Health, Dental and Travel Insurance Plans
Health & Dental
Large and mid-size firms typically offer Health & Dental Plans. Smaller firms and individuals typically look at individual or family plans. These types of plans are available on-line as well as being available from advisors.
Travel Plans are available from many sources. Incuding credit card companies. Purchasers should be very careful to understand the limitations of the plans. If you have had any health issues, changes to medication etc. you must inform the prospective carrier or they may be disallowed, sometimes with catastrophic financial results.
We can provide you with Travel coverage, or you may purchase online….Click Here
Selecting the Insurance Provider
No company will be the best at every product line. Differences appear in clauses used in contracts and methods of calculating investment returns. All companies do not perceive health reports in the same fashion and variations may occur in their willingness to accept a clients. We can help by providing competitive information on more than one company, as needed. In larger cases we may apply to more than one carrier at the same time to insure that clients receive the best possible offer. In all cases we are happy to provide reasons for the company and product selection that we are making.
Many employers offer plans that will include these benefits. If not, Individual coverage is available