Personal Insurance
Having the right insurance in place is important. There are a wide variety of options for personal insurance depending on needs, circumstances and financial goals.
Below is a brief description of the various personal insurance solutions available. Before making final decisions, it is always important to consult a financial professional to ensure insurance is appropriate for your personal wealth management strategy. For additional information please visit our Insurance services page.
Life Insurance
You should consider life insurance if you have a family to protect or wish to leave a legacy. Life insurance can also be a component of a personal wealth creation or tax strategy.
Term Insurance
- Premiums can be set for a specific term – 5, 10 or 20 years
- Renewal rates will increase depending on your age
- A good choice of coverage while your children are young
Permanent Coverage
- There is no expiry date during your lifetime
- A good choice for base level coverage for a tax planning reduction strategy
Whole Life
- Your premiums never increase
- Accumulates a cash value which can be borrowed against
- Good choice to transfer assets to next generation (estate planning)
Universal Life
- This is the lowest cost insurance available and has a flexible premium structure
- Has investment options
- Any earnings within a life insurance policy are not taxed until the money is withdrawn
- Your premiums can be set up to be paid from investment portion
- The coverage and cash value is paid to your estate tax-free
Disability Insurance
- Provides income protection and protects your assets in the event you cannot work
- Provides an income which will enable you to maintain your current lifestyle
- There may be a waiting period before benefits commence
- May be affected by other income you receive or a full recovery
Critical Illness Insurance
- Provides a lump sum payment upon diagnosis of a critical illness
- Typical illnesses and diseases covered may include: cancer, heart attack, stroke, blindness, Alzheimer’s, multiple sclerosis, organ transplants, kidney failure, paralysis
- Coverage can vary according to the degree of severity
- Coverage cannot be purchased for a pre-existing condition or illness
Mortgage Insurance
- Pays the balance of your mortgage in event of your death
- Can only be used for mortgage, the funds are transferred directly to mortgage company
- Your actual insurance coverage decreases as your mortgage is paid down but the premium stays the same
