Planning & Advice

Insurance Products

Term Life Insurance
Term life insurance is coverage that addresses a need for protection for a specific period of time. It provides a death benefit but not an additional cash surrender value. Premiums are lower for term polices earlier in life but do increase with age as the likelihood of death increases. Term life insurance is best utilized in situations when the risk disappears over time such as a mortgage or loan.

Permanent (Whole) Life Insurance
Permanent, or whole life insurance, is best utilized when there is an ongoing risk that will likely remain constant. A permanent policy allows the policy owner to establish a cash surrender value which consists of the excess of premiums that are paid. This excess can be used to secure a loan, pay premiums if they are missed or buy a reduced and fully paid up term life insurance policy. Premiums tend to be higher than term policies, but the added security features may offset the additional cost.

Universal Life Insurance
A universal life insurance policy is essentially a whole life insurance policy that provides more flexibility than other types of insurance. As the pricing factors in a universal policy are “unbundled”, the policy owner has the ability to adjust parts of the insurance plan on a periodic basis. Your excess premiums can be invested as per your risk tolerance, and therefore allows the owner to invest while owning insurance. Premiums may increase over time with a universal life insurance policy if a consistent level of coverage is to be maintained.

Disability Insurance
The ability for one to earn income is by far their most important asset. It is also known that the probability of suffering a disability that lasts more than 90 days, prior to turning 65, is 1 in 8. Disability coverage takes away the risk of losing income in the event one is unable to earn income. Benefits are generally based on your income needs and are meant as a means to provide financially until you are ready to return to work.

Critical Illness Insurance
It seems all too often we hear of someone who has been afflicted with a disease such as cancer or has recently suffered a stroke. These types of unforeseen circumstances are, in most situations, beyond our control and almost always have serious financial repercussions. With critical illness coverage, a policy owner is paid a lump sum, tax-free benefit upon being diagnosed with one of the stated conditions under the insurance contract. These funds can be used at the insured's own free will and may allow them to live the remainder of their life enjoying their loved ones, without worrying about finances.

Long Term Care Insurance
With the rising cost of health care, we all hope we can remain healthy enough to care for ourselves as time goes on. However, there are times when we need the assistance of health professionals to ensure we are able to still enjoy life. Long term care insurance coverage assists with the costs of nursing homes, in-home care and assisted living facilities. This coverage is based on the fact that the policy owner cannot perform two of the activities of daily living which include walking, eating, dressing, toileting, bathing, grooming and getting into and out of bed. Benefits are paid on a daily basis and commence after a waiting period.

Annuities (click here)