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Life insurance is financial security for the people you love. Life insurance is a tax free cash benefit paid to your beneficiaries. Life Insurance is not a popular subject. But, if you have someone financially dependent on you, this is something to think about. When the unthinkable happens, life insurance can help:
Cover funeral costs
Pay the bills and living expenses
Pay off outstanding debt, credit cards and the mortgage
Continue a family business
Finance future needs like your children’s education
Protect a spouse’s retirement plans, family estate
If you're ready to consider purchasing, our consultants will provide you with the advice to find the right type of coverage.
Who Needs It?
If you have a loved one that will suffer financially when you pass away, chances are you need life insurance because they will require the cash benefit.
Life insurance will help your family meet many important financial needs like funeral costs, daily living expenses and college funding in a tax-free manner.
What's Your Situation
Some couples believe they don’t require life insurance until they have children. This is not always the case. Some people believe that no children means no dependents. What if one of you dies tomorrow? Would your spouse have enough to pay off debts like credit card balances and car payments, let alone cover the monthly rent and utility bills?
You're a Single Parent
As a single parent, you’re the caregiver, worker, chef, chauffeur, doctor, keeper of the peace and so much more. You are balancing the world on your shoulders. When you have so much responsibility, you need to be certain you have enough life insurance to insulate your children’s future.
You Have Grown Children
You finally got the kids out of the house and the mortgage is paid off. When you have no more expenses left to worry about you don’t need life insurance right? You may be surprised. If you die today, your spouse will be left to pay for your cost of living. Would your spouse be able to maintain their lifestyle you’ve worked so hard for and achieve your financial plans for retirement?
You're a Business Owner
Besides taking care of your family, life insurance can also protect your business. If you die tomorrow, what would happen to your business and employees? Life insurance can help in a number of ways.
life insurance policy can be structured to fund a buy-sell agreement. This would ensure that the remaining business owners have the funds to buy the company interests of a deceased owner at a previously agreed upon price. That way, the owners get the business and the family gets the money.
Key Person Insurance
To protect a business in case of the death of a key employee, key person insurance, payable to the company, provides the owners with the financial flexibility needed to either hire a replacement or work out an alternative arrangement.
You're Married With Kids
Most families depend on two incomes to make ends meet. If you die suddenly, could your family continue to meet all their financial obligations—from paying the rent or the mortgage to daily living expenses? Could your family continue their standard of living on your spouse’s income alone? Would their plans for the future—like college stay intact? Life insurance makes sure that your plans for the future don’t die when you do.
You're a Stay-at-Home Parent
You may think that you’re not financially contributing to your family because you don’t earn a salary. Being a chauffeur, chef, maid and police are just as important as earning money. The value of this role is often under appreciated. Life insurance can ensure that quality of life being enjoyed will be maintain.
You’re retired and amassed an empire spanning hundreds of kilometers from the cottage to the home. Depending on the size of your estate, your heirs could be hit with an estate tax after you die. The proceeds of a life insurance policy are payable immediately, allowing heirs to take care of these taxes, funeral costs and other debts without having to hastily liquidate other assets. Now the cottage will stay in the family for another generation.
Most single people have no financial dependents. But there are exceptions. For instance, some single people have aging parents or a sibling with special needs. You may have debt that you wouldn’t want your family to deal with. Also, if you’re young and healthy your insurability is as good as it gets and you’ll be rewarded with the best rates on life insurance.
Critical illness insurance provides a lump sum cash payment when you suffer a life-altering illnesses. If you become sick and survive the insurance policy’s waiting period, you receive a lump sum cash payment.
Why do you need critical illness insurance?
Your best defense against health risk is a healthy lifestyle, however, a critical illness such as cancer, health disease or stroke can happen to anyone at any moment.
One in three Canadians will develop a life-threatening cancer¹.
One in two heart attack victims are under 65 years old².
Each year, 50,000 Canadians suffer a stroke. Of all stroke victims, 75% will be left with a disability².
 Canadian Cancer Society, www.cancer.ca
 Heart and Stroke Foundation, www.heartandstroke.ca
Provincial health insurance does not cover expenses such as private nursing or modifications to your home or vehicle to improve your mobility. Other challenges such as finding the best medical care, day-to-day needs like child care and managing the stress must be taking into account as well. Consider long-term care.
What is the most valuable asset you own? Think about it. The answer is, your ability to earn a living. What would happen if you became ill or injured and could no longer work? As one of the benefit companies in Canada, we can help.
Your earning potential is a far more valuable asset than a home or car. Disability insurance is there to replace your lost income. What’s the chance that you’ll lose the ability to work? It’s more likely to happen than you’d imagine. We also offer employee group benefits consulting in Canada.
Why would you need it?
Most people recognize the need for life insurance, but some don’t truly understand the need for disability insurance. The fact is, when you are disabled, your income stops – but your bills don’t. Worse, if you have family who will take care of them? Did you know that:
1 in 3 people, on average, will be disabled for 90 days or more at least once before they reach age 65?
A disability can last for months or even years?
What are the chances I’ll be disabled?
Consider these situations:
A person spends months recuperating from a car accident.
A carpenter breaks an arm while skiing and can’t work for eight weeks.
An overworked doctor must “take it easy” after a heart attack.
Chemotherapy saps the energy of a busy store manager.
A stroke affects a computer programmer’s ability to reason with numbers.
An individual has been diagnosed with major depressive disorder following a traumatic event.
Benefitspensions.com is one of the largest travel protection and health insurance distributors in Canada. Benefitspensions.com relies on a network of more than 2,000 active partners across Canada and the USA and represents over 14 different insurance carriers.
To offer the best protection, at the best price, in the best conditions.
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To protect travelers’ interests with their insurance company.
Long term care insurance provides you with the support and financial resources to cover out-of-pocket expenses for home care or in a facility, when you can no longer care for yourself.
Accommodation in long-term care facilities typically range from $750 to over $6,700 per month depending on the level of government funding available, the room type and quality.
Private home care service costs can range from $12 to $90 an hour for homemaking, personal care or nursing care. What are the average costs of private home care in your province?
It’s easy to see how the costs of care can add up quickly. Based on the cost of home care services in your province. Placement in a private care facility at $5000 per month, or home care five days a week for four hours a day at $35 per hour, then this would add up to at least $35,000 to $65,000 a year, depending on the type of care required.
Home Care Provided By a Family Member
A third option would be to have a family member care for you at home. However, an important question to consider is whether they would have the financial means to look after you full time?
It’s difficult to calculate the cost of having a family member caring for you at home. Your family member(s) may have to give up full time employment resulting in a devastating loss of income. Unfortunately, the tax breaks only given to the care giver is only a small percentage of the total cost of care.
Our team of consultants are happy to customize a holistic plan at a moments notice.
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