Insurance

Insurance Products

INSURANCE PRODUCTS

  • Life Insurance

    • Purpose:  covers when person dies
    • Uses: 
      •  Pay off mortgage, debts, funeral expenses
      • Cover gap in loss of income
      • Pay off final tax bill (estate planning)
    • Types: Term or Permanent (Whole Life or Universal Life)
    • Other Notes:  Equity in permanent policies grows tax sheltered
    • Amounts:  I can show you how to figure out amount required

 

  • Disability Insurance
      • Purpose:  pays monthly income when can’t work due to injury or illness
      • Uses: Covers regular expenses
      • Types: Disability plus business overhead insurance
      • Other Notes:  Can get ½ of money back every 7 years if don’t claim
      • Amounts:  Based on T4 income

 

  • Critical Illness Insurance
      • Purpose:  Pays lump sum when get diagnosed with critical illness i.e. heart attack, stroke, cancer, MS, etc. (24 illnesses)
      •  Uses:  Used for whatever you desire i.e. medical treatments or prescriptions not covered, go for treatment outside of Canada, modify home etc.
      • Types: Critical Illness
      • Other Notes:  Can get money back after 15 years or at age 75 if don’t use
      • Amounts:  $20K to $2 millionLong Term Care Insurance

 

  • Long Term Care
      • Purpose:  pays monthly income when can’t do 2 or 6 basic activities of daily living (bathing, dressing, feeding, toileting, transferring, incontinence)
      •  Uses:  Use to pay home care nurse or part of nursing home
      • Types: Long Term Care

 

See Laura’s Investment Products – click here