Term Insurance
Term Insurance is a low cost, no cash value type of insurance. Clients usually buy term insurance to protect their mortgages, family, and business. We often explain Term Insurance vs Permanent Insurance (Universal vs Whole Life Insurance) as Renting vs Owning. In this case "renting" is beneficial because you can buy a larger face amount at a significantly lower price.
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Universal Life Insurance
Universal Life Insurance is the newest form of permanent life insurance. It can be used both as insurance coverage and also a tax sheltered investment vehicle. Clients would purchase Universal Life to maximize their wealth creation or estate value.
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Whole Life Insurance
Whole Life Insurance is the traditional form of life insurance which has been available for over 100 years. Typically clients purchase Whole Life to maximize cash values without the hands-on investing approach that Universal Life requires. Whole Life Insurance is more easily structured for a limited number of premium payments necessary to fund the contract.
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Critical Illness Insurance
Critical Illness Insurance offers clients a tax free payout upon diagnosis of the policy's listed critical illnesses. This insurance helps to offset your changing financial needs after being diagnosed. Common critical illnesses that result in claims are heart attack, stroke, and cancer.
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Disability Insurance
Also known as an Income Replacement Policy, Disability Insurance allows you to receive a percentage of your wages while you recover from a disability. The benefit is meant to assist in the recovery time necessary to rehabilitate from the accident or illness to return to work.
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Long Term Care Insurance
The newest of the insurance policies, this is meant to prepay for your nursing care. This can include both home care and facility care.
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Health and Dental Insurance
Individual plans are available, including Blue Cross, Solo, and Manulife to subsidize the high costs of health services not covered by Alberta Health. For example these plans include Dental, Vision, Prescription Drugs, Massage Therapy, Acupuncture, Reflexology, and many more related services.
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Health and Welfare Trust
Also known as Private Heath Services Plans offered by Olympia Trust. This product is meant to cover expenses not otherwise covered by other health plans and written off through a business/corporate account. This allows the company to receive a business deduction for health care costs not usually allowed for by the Canadian Revenue Agency (CRA).
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Travel Insurance
Offered through Manulife Financial, this product covers all ages of travellers either between provinces or out of country. It can also include benefits such as trip cancellation, loss of luggage, or return flights in case of family emergency.
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Group Benefits
Group Benefits are your standard health, dental, and company RRSP plans offered by various carriers. These are typically for companies with two or more employees and the associated benefits can vary by choice. This plan may include life and disability insurance for all employees up to certain limits.
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