Insurance is an effective risk reduction solution that can be tailored to your specific situation. The three main insurance solutions that we provide are life insurance, disability insurance, and critical illness insurance.
Life insurance is split up into two categories, term life insurance and whole life insurance.
Term life insurance is a great solution for shorter term needs. We use term insurance while our clients are paying down debt, have dependants, or term specific loans for businesses. Term insurance generally have lower premiums so that you can get the maximum benefit at an affordable price which allows you to put more of your money towards your debt and investment goals.
Whole life insurance is for long term needs like paying for funeral expenses, to offset taxes on estate, or to provide fairness in the division of your assets to your beneficiaries. Whole life insurance planning requires foresight to plan many decades into the future so you can get your insurance while you’re still health.
Disability insurance is important while you are still working. We want you to be able to maintain your standard of living in case of a major health emergency. Disability insurance can supplement your employee plan or can be your main source of relief if you don’t have an employee plan or are self-employed.
Finally, critical illness insurance provides you a lump sum, tax-free benefit in the event of a sudden and major illness. The purpose of critical illness insurance is to relieve the financial pressure of you or your spouse so that you can focus on recovery. The majority of critical illness claims are for cancer, heart attacks, or strokes. All of which are life altering. We usually recommend 1 or 2 years after tax income as an appropriate benefit amount.