Insurance Planning
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Insurance planning is also known as Risk Management.
Insurance is one of those things that no one really likes to pay for, but they sure appreciate having it if the time comes that they need it. A big part of your retirement plan is accumulating money so that you can spend it in your retirement. Insurance is used to protect that money in case there are unforeseen expenses due to illness, injury or death. Picture this: We've got your retirement plan all set up and you're well on your way to the retirement you've always dreamed of! You'll have plenty of money to maintain your lifestyle during your retirement, you'll have some money set aside to donate to your favorite charity, and all of your assets will be paid off so that you can easily gift them to your kids when you pass. Everything is perfect! |
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As part of your retirement plan, we've determined that you'll need to contribute a certain amount of money each month to your investments in order to make your retirement dreams come true.
But what happens if you get injured or become ill and can't work...and therefore don't have the extra money available to contribute to your retirement plan?
Sure, you might have some coverage through work, but usually that covers only a portion of your normal income.
This is where insurance can save the day.
Having the proper coverage will insure that your retirement plans stay intact if unexpected events occur.
This is why it's important to get professional insurance advice, so that you understand what insurance coverage you currently have and what coverage you will continue to have during your retirement.
We may need to purchase additional insurance in order to fill in any gaps and ensure you're properly protected.
There are many different types of insurances available and many different options available within each type.
The right combination of insurances will be different for everyone but some of the more common insurances are:
Health/Medical Insurance
Health Insurance covers you for medical expenses such as medical, dental, eye care, prescriptions, etc.
In most cases, once you stop working, your employer no longer covers the cost of this insurance and therefore you become responsible for it if you choose to keep coverage.
Like all types of insurances, there are many different products available with different coverage amounts and different costs as well.
We will help you understand the coverage you have, how long it will last, and what options you have to continue your coverage.
Life Insurance
Life Insurance comes in many different forms but basically it pays out a certain amount of money to your beneficiary upon your death. You can get life insurance in all different amounts depending on what expenses you'll need or want to pay out upon your death.
You can get short term life insurance that covers you if you were to pass within a set number of years. You can also get life insurance that will pay a benefit no matter how long you live.
Many people purchase life insurance to make sure their loved ones are supported financially after their death, to pay off any remaining debts that may exist at the time of passing, and/or to cover the final expenses associated with their passing.
Accident and Sickness Insurance
Accident and sickness insurance is often referred to as disability insurance.
This type of insurance covers you if you were to get injured or ill and couldn't work.
As with Life Insurance, there are several different types of accident and sickness insurance. The right type of coverage will be different for everyone and will depend on your unique situation.
Critical Illness Insurance
Critical Illness insurance provides a lump sum payment to help you financially recover after you've experienced a serious illness.
The types of serious illnesses that are covered under critical illness insurance vary between insurance providers.
You may find this type of insurance to be very useful to your risk mitigation strategy within your retirement plan.
Travel Insurance
If you travel outside of Canada, medical help can be very expensive depending on what part of the world you're in at the time.
Travel insurance is not only important to ensure you get the proper medical care you need while traveling, but also to protect your financial situation so that your retirement is protected.
But what happens if you get injured or become ill and can't work...and therefore don't have the extra money available to contribute to your retirement plan?
Sure, you might have some coverage through work, but usually that covers only a portion of your normal income.
This is where insurance can save the day.
Having the proper coverage will insure that your retirement plans stay intact if unexpected events occur.
This is why it's important to get professional insurance advice, so that you understand what insurance coverage you currently have and what coverage you will continue to have during your retirement.
We may need to purchase additional insurance in order to fill in any gaps and ensure you're properly protected.
There are many different types of insurances available and many different options available within each type.
The right combination of insurances will be different for everyone but some of the more common insurances are:
Health/Medical Insurance
Health Insurance covers you for medical expenses such as medical, dental, eye care, prescriptions, etc.
In most cases, once you stop working, your employer no longer covers the cost of this insurance and therefore you become responsible for it if you choose to keep coverage.
Like all types of insurances, there are many different products available with different coverage amounts and different costs as well.
We will help you understand the coverage you have, how long it will last, and what options you have to continue your coverage.
Life Insurance
Life Insurance comes in many different forms but basically it pays out a certain amount of money to your beneficiary upon your death. You can get life insurance in all different amounts depending on what expenses you'll need or want to pay out upon your death.
You can get short term life insurance that covers you if you were to pass within a set number of years. You can also get life insurance that will pay a benefit no matter how long you live.
Many people purchase life insurance to make sure their loved ones are supported financially after their death, to pay off any remaining debts that may exist at the time of passing, and/or to cover the final expenses associated with their passing.
Accident and Sickness Insurance
Accident and sickness insurance is often referred to as disability insurance.
This type of insurance covers you if you were to get injured or ill and couldn't work.
As with Life Insurance, there are several different types of accident and sickness insurance. The right type of coverage will be different for everyone and will depend on your unique situation.
Critical Illness Insurance
Critical Illness insurance provides a lump sum payment to help you financially recover after you've experienced a serious illness.
The types of serious illnesses that are covered under critical illness insurance vary between insurance providers.
You may find this type of insurance to be very useful to your risk mitigation strategy within your retirement plan.
Travel Insurance
If you travel outside of Canada, medical help can be very expensive depending on what part of the world you're in at the time.
Travel insurance is not only important to ensure you get the proper medical care you need while traveling, but also to protect your financial situation so that your retirement is protected.
Summary
There are many different types of insurances on the market, these are just a few of the most common types.
Our Certified Financial Planners will work with you to understand what types of insurance you already have and identify any areas where you might want to add some extra coverage.
We can custom tailor the insurance products to get you the right amount of coverage for your needs, at the best price.
Our Certified Financial Planners will work with you to understand what types of insurance you already have and identify any areas where you might want to add some extra coverage.
We can custom tailor the insurance products to get you the right amount of coverage for your needs, at the best price.
