Term life insurance

What is it?

Term Life insurance pays a single tax-free lump sum benefit when the insured person passes away. Generally, we recommend enough Term Life insurance to pay off any debts that might be left behind, and to replace enough income so that the surviving family members can keep their home and maintain their standard of living.

Why you should have it.

Term life insurance is the most simple and cost-effective choice for most people. You simply specify how much coverage you need and how long you need it. When it expires, you can take out another policy if you still need the insurance.

Whole life insurance 

What is it?

Whole life policies are “permanent,” meaning they never expire. They also add the possibility of building up an investment within your policy that you may be able to cash or borrow against in the future.

What’s the catch?

The downside is they are much more expensive and complicated than term life, and usually not something we recommend. One exception is wealthy individuals who can benefit from the ability to borrow against the policy to extract money from a holding company in a tax-efficient manner. If this sounds like you, we can show you exactly how this works.

Critical illness insurance

What is it?

Critical Illness insurance pays a single tax-free lump sum benefit when the insured person is diagnosed with a serious illness, such as cancer, heart disease or stroke. Most policies cover about 20 more common illnesses. Generally, we recommend enough Critical Illness insurance to pay both your usual expenses plus any extra medical expenses for a whole year while you recover.

Why you should have it.

Critical Illness insurance is sometimes called insurance for your savings account. Why? Because if you come down with something serious like cancer or heart disease, you may very well make a full recovery, but you’ll probably have dipped into your savings account to cover missed work as well as healthcare expenses.

Disability insurance

What is it?

Disability insurance usually pays a tax-free, monthly benefit equal to 65% of your salary until you’re able to work again or until age 65, whichever comes first. This amount is designed to give you comparable take-home pay to when you were working.

Why you should have it.

It is estimated that about one person in three will be at least temporarily disabled due to an illness, accident or injury at some point in their lives. This could be from something that happens on the job or something in your private life, such as a car accident, a back injury, or a medical disease.

IT'S GOOD TO KNOW YOU'RE COVERED

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