Risk Insurance

Life, Mortgage, Travel

 

Life Insurance

Life insurance provides a tax-free lump sum payment upon the death of the insured.  An insurance advisor will prepare a financial needs analysis to determine the amount of insurance required on the death of the individual. This involves an analysis of:

  • Sources of income that will continue to be available on the death of the life insured

  • Capital assets that can be liquidated to provide income

  • Tax and other liabilities that will arise on death

  • Income needs of the dependents/corporation/partners

Should there be a shortfall between the income / capital available on death and the needs of the dependents, insurance can be used to create additional capital. We use various techniques, programs and insurance carriers to ensure the best solutions are achieved.

There are two main types of life insurance, permanent and term:

  • Permanent life insurance offers level premiums for your lifetime, as longas the policy is kept in force. It also includes cash values, non-forfeiture options, and some participating policies include dividends.

  • Term insurance offer coverage for a specified length of time, commonly available for terms of one, five, 10 or 20 years, or to age 60 or age 65. The premiums usually remain level during the specified term but increase if that term is renewed (e.g., premiums would increase every five years on a five-year renewable term policy). They will also expire at a specific age that varies by company. Most term policies are non-participating and do not include cash values or other non-forfeiture values. Hence, premium costs are lower than for permanent policies. Term to 100 is also an option, often categorized as a permanent plan, term to 100 policies provide life insurance coverage through to age 100. Typically they don’t pay dividends or include cash values, though some may provide other non-forfeiture values. Accordingly, premiums are lower than for traditional whole life policies.

Life insurance for children is always a good idea as it provides them coverage, in the event of their insurability changes as they get older. Mental health conditions are included in this and can be the cause of a policy being declined in the future. There are many options available, including payment terms that would have the policy paid in full before they even leave the house.

Mortgage

Private mortgage insurance vs. Bank creditor insurance:

201113-SPA-Risk Insurance Mortgage Table.png

Travel

Travel insurance provides assistance and security when you need it the most during travel. Emergency medical costs outside Canada quickly add up. Travel insurance protects your finances. Provincial medical plans don’t pay for much once you are outside Canada. Travel Insurance can also include trip cancellation and lost baggage!


Visit here for more information.

For a quick quote with GMS, check out the link below!

https://online.gms.ca/cims/web/travel/applicant.aspx?agentid=1148160           

 

For immigrants and visitors to Canada looking for coverage through GMS, click the below link!

https://online.gms.ca/cims/web/travel/broker.aspx?p=vtc&agentid=1148160