Income & Family Protection

Insurance is a crucial element in financial planning and wealth management. Without it, you expose yourself to financial ruin, both for yourself and for your family. In many cases, the expenses incurred due to a workplace injury, travel accident or death of a loved one can be beyond the savings or wealth that you have accumulated.

 

(*Insurance products provided through Hollis Insurance Agency. Only those services offered through HollisWealth, a division of Industrial Alliance Securities Inc. are covered by the Canadian Investor Protection Fund.)

Life Insurance (LI)

What is it?
LI provides financial protection to surviving dependents after the death of an insured person.

Who is it for?
If someone you care about depends on your salary, then life insurance coverage  is not an option: it’s essential. If you die prematurely without the proper coverage, your spouse and kids may be left without any means to pay the mortgage or put food on the table.

LIFE INSURANCE COMPARISON

Term Insurance

  • Temporary insurance for a period of time, anywhere between 10, 20 or even up to 40 years

  • Policy can be renewed when coverage ends at renewable rates

  • Most cost-effective type of insurance​

  • Easy to understand and premiums are usually quite low​
     

Permanent Insurance

  • Three products: Whole life, Universal Life, and Term100

  • Coverage continues for life

  • Typically has an investment component and a cash surrender value

  • Premiums generally pricier than Term insurance

  • Premiums do not increase once approved

  • Great product for estate planning (helps heirs pay capital gains)

See how Jim and Deb are using life insurance in their '50s!

Disability Insurance (DI)

What is it?
Disability insurance replaces a portion of your income when you can't work because of an illness or disability.

Who is it for?
Important if you are self-employed and if you do not have any type of group benefit plans at your place of employment or simply don’t have enough through the group coverage.

  • Designed to replace a portion of one’s income if you become disabled or sick and are unable to earn an income for an extended period of time.

  • Benefit amounts are calculated by your income earned

  • Insured generally receives approximately 67%

  • Benefit received on a monthly basis may or may not be taxable to the employee

  • Benefit start date and elimination period is flexible

See how Lucas Benefited from having a DI policy.

Critical Illness (CI)

What is it?
provides additional coverage for medical emergencies like heart attack, stroke, or cancer.

Who is it for?
If you are not eligible for disability insurance — for instance, a stay-at-home parent who doesn’t have an income to replace OR to help you prepare for the financial hardships that may come with a critical illness diagnosis such as the cost of medical treatment.

  • Policy holder is given a tax-free lump sum of money if they are diagnosed with, and survive (generally at least 30-day survival period) one of the specified list of diseases

  • Insurer may add the other 20 or 21 CI conditions above the standard for adequate coverage

  • Cost for this type of plan can vary depending on age, health factors and any added features they would like to add to the policy

  • Riders can be added to include return of premiums

Long Term Care (LTC)

What is it?
Insurance that helps pay for the costs associated with long-term care. Long-term care insurance covers care generally not covered by health insurance.

Who is it for?
If you do not have the support network as you age and may not have the financial resources to pay for medical assistance.

  • LTC is beneficial when you lose the ability to independently care for yourself.

  • Protects you in the event of a prolonged physical illness, a disability or a cognitive impairment such as Alzheimer’s or dementia.

  • You have option of choosing​ the type of care you want without having someone choose your destiny

  • Insured is entitled to a tax-free monthly benefit

  • Protects your savings and retirement income and from being a burden on your spouse and family and puts the financial responsibility on the insurance company

Emergency Travel Medical (ETM)

What is it?
Emergency travel medical insurance is critical for travelers planning a trip as it financially protects them from unexpected medical emergencies resulting from an accident or sudden illness that may happen prior or during their trip.

Who needs it?
Everyone that travels but does not have adequate ETM through their group plan

  • Variety of plans available, depending on your requirements and the amount of deductible you wish to pay.

  • Sometimes completing a medical questionnaire is required based on your age and type of plan being considered to determine the rate category and the pre-existing condition stability requirement.

  • Plans include Single trip/Multi-trip/Emergency Medical Top-Up/Trip Cancellation/Trip Interruption/All Inclusive/Baggage Loss/Damage

  • Direct Pay is available with some carriers, saving you out of pocket money

Need a quote? Click here!

Health Spending Account (HSA) For Small Business

What is it:

Flexible and budget friendly health and dental coverage for employers & employees.
 

Who is it for:

Small businesses that want to provide a competitive, comprehensive package for employees. Benefits My Way by CustomCare provides flexible health and dental coverage for your staff.

  • Use your company’s money to pay for you and your employee’s personal health and dental expenses

  • Benefits are tax free to employer and employee and are 100% deductible for your firm

  • Covers pre-existing conditions

  • No monthly premiums and no restrictions (licensed practitioners)

Learn more about Benefits My Way

 
 
 
 
 
 

©2019 Greenfeld Financial Management

4877 Delta Street
Delta, BC Canada V4K 2T9

Tel: 604.940.8617
Fax: 604.940.8561

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