The fields on which we have given our servies.
Term life insurance provides coverage for a limited period of time, the relevant term with low cost affordable premiums. Since the premiums are least expensive, there is no cash values in Term life insurance . Most term plans are convertible and renewable. The premiums are fixed and guaranteed for the specific period of time.
Preferred rates are also available for smokers and non smokers. The products offered on a single or joint basis. These term plans are suitable for the clients who want to cover their large debt (Mortgage) and income replacement with affordable premiums at early stages of their life.
The available term plans offer the coverage for 10 years , 20 years , 30 years and 40 years or choice of any term between 10 years and 40 years ( T13,T22,T31 ), renewable until age 80, until age 65 or age 100 (T100). The coverage amounts between $100,000 and $20,000,000. Term plans are available as stand-alone policy or as rider.
Stand-alone policy : It is a base insurance policy to cover a specific risk.
Rider : Rider is a optional coverage you can add to your base insurance policy ( new or existing ) to cover other risks.
You will pay additional premiums for additional coverage. Available riders are Child term rider, Accidental Insurance, Guaranteed insurability option, Term rider, CI rider, Disability waiver, Owner waiver, parent waiver, etc.
In general, there are two available sources for Mortgage life insurance in the market. Personal term life insurance and Lender’s Mortgage Insurance.
PERSONAL TERM LIFE INSURANCE Usually, Life insurance companies issue personal life insurance policies after completing all underwriting requirements. In this case, Your loved ones receive insurance benefits faster as there is no further verification of medical records at the time of the claim. It is like a comprehensive policy as per need based analysis to cover all risks including full Mortgage amount, income replacement, children education , final expenses ,other debts, etc.
LENDER’S MORTGAGE INSURANCE Lenders issue the mortgage insurance policies to cover only the mortgage balance to protect their debt only. It is like a creditor protection insurance. Comparison of this with personal Term life insurance is provided below.
Whole life insurance provides the coverage for life. The premiums are fixed, based on the age of the issue , and usually do not increase with age. The premiums are typically much higher than those of term life insurance. Higher premiums beyond the cost of insurance generates cash value in permanent life insurance. Both whole life insurance and Term 100 provide the coverage for life. The difference between Term 100 and whole life insurance is that the Term 100 policy has no cash value .Based on cash value generation and investment pattern ,there are 3 different types of whole life insurance plans
- Non participating life insurance
- Participating life insurance
NON-PARTICIPATING LIFE INSURANCE:Policyholders of non participating life insurance do not receive dividends, as they are not participants in interest , dividends and capital gains earned by the insurer (Insurance company) on premium paid. Guaranteed cash values and guaranteed level premiums payable for limited period (10 years,15 years and 20 years ) or life, after which time the policy becomes fully paid up. level death benefit or increasing death benefit (Paid up Additions ) options are available. It offers coverage for single, joint first to die or Joint last to die. Available riders are Term riders, Spousal term riders, Child term rider, Accidental death benefit rider and Disability waiver of premium rider. Also available Quit smoking incentive plan ( Lower premiums for the first two years and continue if you really quit smoking ) , Bereavement assistance of $1000 and Access to advance medicals’ expert medical opinion program.
PAR LIFE INSURANCE:Policyholders of par life insurance are entitled to receive dividends as they are participating in profits earned through participating account of the insurer on premium paid. There are guaranteed and non guaranteed cash values. Policy holder is entitled to receive whichever is higher. Non guaranteed cash values are based on dividend scale and usually higher than guaranteed cash values. Guaranteed level premiums for limited period ( 10 years and 20 years ) or life . Available dividend options are Paid up additions, Enhanced insurance, Premium reduction, Dividends on deposit and Cash payment.
It is more flexible whole life insurance with an investment savings element. There are no guaranteed cash values. Cash values are purely based on the performance of the policy fund. You can choose investment options from a wide variety of investment options to suit your needs. It comes with the opportunity to grow investments tax-deferred. It is ideal if you want to leave a tax free legacy for your loved ones. Most universal life policies contain a flexible premium payment options . Available cost of insurance options are , level ( level to 10 years , level to 20 years and level to age 100) and Yearly Renewable Term ( YRT to age 70, YRT to age 85/15 years, YRT to age 85/20 years, YRT to age 100 ). Flexible death benefit options are level and level + fund .
Corporate life Insurance is a strategy uses life insurance to reduce the impact of double tax trap by Simply redirect some or all of the corporation’s surplus from taxable investments into Par insurance policy that Reduce the fair market value (FMV) of the corporation:
- Because only the policy’s cash surrender value is included in the calculation.
- This creates a larger estate and
- May reduce the capital gains tax payable. Generate tax-free capital dividends.
- When the proceeds of life insurance policy are paid to the corporation, amounts in excess of ACB are credited to the Capital dividend account which provides tax free dividends to owners or beneficiaries. This strategy also can help decrease your corporate taxes and increase your cash flow in retirement. Simply redirect some or all of the corporation’s surplus from taxable investments into a par life insurance policy that Grow your assets
- The funds within the insurance policy grow on tax-deferred basis.
- Additional premium can accelerate the growth. Enjoy your retirement
- You can apply for a personal bank loan using the cash value of corporate policy as collateral.
- The collateral bank loan can supplement your retirement cash flow with tax-free dollars.
“Protects travelers in case of emergency or interruption of trip. “Travel insurance provides a wide range of benefits for travelers. It provides financial recovery for medical expenses that are incurred because of accidents and illness. It also covers medical evacuation. It offers protection against trip cancellation and interruption.
There are mainly two types of travelers who need Travel insurance in Canada. Visitors to Canada and Canadian Travelers. Travel insurance is primarily designed to cover you in medical emergencies .You can also have an option to choose a non-medical package which covers things like trip cancellation and interruption, baggage loss, damage and delay, and flight and travel accidents.
VISITORS TO CANADA
Visitors to Canada, such as tourists, international students and new immigrants until they can be covered under provincial health plans. Available benefit amounts are $10000,$25000,$50000,$100000
$150000,$300000,$500,000 & $1,000,000. Deductible options are $0,$100,$250,$1000,$3000,$5000,$10,000 & $25000. Rates are per day basis and depends on age of the traveler, no of days, benefit amount and deductible. Usually, Pre-existing medical
conditions are covered up to age 80 if they are stable. Available stability periods are 90 days, 120 days & 180 days depending on age.
SUPER VISA TRAVEL INSURANCE
As a Canadian Citizen or a permanent resident, you can invite your parents or grandparents to stay with you for up to 24 months at a time under super visa which allows a single entry or multiple entries for up to 10 years into Canada . The travel insurance from a Canadian insurance company which is mandatory to get the super visa is called super visa travel insurance. It is a special kind of visitors to Canada insurance with minimum amount of $100,000 coverage and for at least 365 days. Monthly payment option is also available for 12 months or 24 months.
INTERNATIONAL STUDENTS TRAVEL INSURANCE
It is also a kind of visitors to Canada insurance covering international students who are studying in Canada or a Canadian student studying full-time in another province or outside of Canada. In fact, most schools require you to have a medical insurance plan before you begin your classes. There are special packages available for students with yearly rates. Usually, maximum sum insured is $2000,000. Some plans cover Tuition reimbursement, Tutorial services.
Maternity benefits and Eye examination etc. Pre-existing conditions are covered, if they are stable for 90 days prior to effective date.
As a Canadian, if you are traveling outside of your province or outside of Canada , you need a travel insurance because provincial health insurance plans (like OHIP) won’t fully cover you in other provinces and they don’t extend beyond Canada’s borders. Your provincial health insurance plans won’t cover certain things like ambulance services or medical air lift if you are travelling outside of your province or territory but still with in Canada. Travel insurance helps close this coverage gap. Travel insurance will help protect you from unexpected emergency medical expenses associated with high healthcare costs in the USA or elsewhere, which can further hurt your financial Health.
CRITICAL ILLNESS INSURANCE
It provides you a financial peace of mind if you become critically ill as you receive a tax free lump sum amount that helps you to mitigate your unexpected medical expenses without losing your savings and investment growth if you have any. It covers up to 30 critical illnesses. Available premium options are 10 year renewable, 20 year renewable, Level 65, Level 75 and Level 100. Other options are Return of premium on cancellation after 15 years or age 65 , and return of premium on death, Long term conversion from at age 65, etc.
It protects your income if you become injured or ill and you receive tax free monthly benefit up to 75% of your gross monthly income. Available elimination periods (waiting periods ) are 30 days, 90 days, 120 days, 180 days, 365 days and 730 days , and benefit periods are 2 years, 5 years and up to age 65. It is ideal if you
- Are a self employed, a contractor, a part-time worker.
- want coverage for injury only, or both sickness and injury.
- want to top up group coverage or don’t have group coverage.
LONG TERM CARE INSURANCE
It provides you monthly or weekly benefit amount If you are unable to care for yourself due to aging ,an accident, illness or deteriorated mental abilities and any of two daily activities and not able to perform any of the two daily activities. The money is for you and your family to use as you wish. It helps you to protect your savings and income. It offers a weekly benefit of $150 to $2300. Available waiting periods are 90 days or 180 days or 1 year or 2 years.