Insurance Planning for Professionals

professionalinsuranceplanningWhether you are just starting your career or you have been building it for a few decades, we can assist in securing and building your present estate and future legacy.

Government and some employer benefit programs may be limited in coverage. Most programs provide comprehensive coverage only for up to 24 months. Let us see if yours is one of them and how you may top up your employer plan with a portable individual insurance policy you may take anywhere.

Insurance and wealth generation professional package:

  • Ensure your income will not disappear if you get hurt.
  • Ensure your loved ones will be taken care of if something were to happen to you.
  • Obtain insurance where you get your money back in part or in full in the absence of a claim
  • Learn why you should think twice before obtaining mortgage insurance for your home from a bank instead of an independent broker
  • Learn why you should think twice before obtaining insurance from your credit cards – always read the fine print and do your math
  • Learn more about creditor protected wealth generation strategies.
  • If you are contributing towards an RRSP, learn how to plan today so that you may cut taxes payable on those investments’ growth upon withdrawal.

Pure insurance is not the only way to security. Wealth generation strategies are available in combination with insurance so when you put funds away today, you are not only securing your present but also your retirement.

Drawbacks to group insurance:

  • Not Portable at the same cost: Once you leave your employer’s group plan (ie. to new employer), you lose your coverage.
  • No wealth building component: Group life insurance decreases usually at age 65 to 50% and terminates at age 70, 71, 80, or 85 (depending on the carrier and plan design).
  • If you are under 35 and in good health, you may be able to get an individual plan for much less.
  • Limited definitions & coverage: Most group disability insurance usually has a strong definition for the first 24 months. More comprehensive group plans are sometimes available through certain carriers but are rarely implemented.
  • Rate is only guaranteed until the next renewal. Rates at renewal may go up or down depending on changes in the average age of the entire company covered under the plan.

Drawbacks to individual insurance:

  • Cost: Sometimes, the cost of an individual plan maybe higher than the cost of the group insurance. The rates of the group plan are usually dependent on the age demographic of the entire group.
  • Medical Underwriting: depending on certain criteria, the insurer might ask for your medical records including a statement from your physician, full medical files, and/or additional testing. Any pre-existing conditions (or history there of depending on the type of insurance) may be excluded from coverage for a period of time or indefinitely.

Free Planning Sessions & Seminars:

  • RRSP regular contribution strategies (plan early in life to minimize income tax payable on investment growth upon withdrawal)
  • Creditor protected wealth and legacy building strategies.

Book a consultation today to find out how we can help you protect your present, build wealth, and enhance your legacy – all at the same time.