Insurance Solutions
Life Insurance - Critical Illness Insurance - Long Term Care Insurance - Long Term Disability Insurance - Group Benefits - Bank Products - Travel Insurance

Life Insurance

A surprising number of Canadians are dying with no substantial life insurance at a time when coverage has never been so available.

Most people’s insurance needs develop like a bell curve. When you are young, single and don’t have any dependents, few assets and debt, you need insurance to cover your final expenses and any debt.  As you move into a relationship and start to acquire assets, more debt, become accustomed to a certain type of lifestyle, buy a house or a condo, get married and have children your needs for life insurance coverage increase.  Throughout the wealth accumulation phase your assets will accumulate, debts decrease and the need for life insurance as your family ages may or may not diminish. The question becomes, if I were to die today would the people I care about suffer financially?  If that answer is yes you can cover that cost in one of two ways: start saving vigorously and hope that if something happens to you there will be enough money available, or for pennies on the dollar cover that risk with life insurance.  If you opt for the latter and are healthy the question then becomes, how much do I need?  For that answer you should look toward an experienced, honest and able advisor who can lead you through the areas that need to be examined.  Once you have determined how much insurance you would ideally like to have you will need to decide what type of insurance will best suit your needs?  For this, like the amount of insurance required, you should turn to a trusted advisor who will look at your needs first. 

To offer some guidance there are basically three types of life insurance: Whole life, Term and Universal Life.  Whole life is a policy usually with level premiums and providing life insurance for the whole life.  Cash and other non-forfeiture values are provided usually after two years.  Term insurance is a policy with level premiums for the term of the policy usually 10 or 20 years that is payable on the death of the life insured provided the life insured dies within the specified period.  It is often convertible and renewable.  Universal Life is a policy that combines the best of both worlds.  It offers coverage for life but you can also add other layers of coverage at 10 or 20 year terms.  For example everyone should have a certain amount of coverage in place indefinitely, since we all die eventually.  So you could have a portion of your policy in place indefinitely in addition to coverage in 10 or 20 year terms, all on the same policy.  Universal life also offers a side account to which, within predetermined limits, you can deposit money and allow it to grow tax sheltered.

A trusted advisor can go through your options with you and should do a thorough needs analysis before proceeding. top

Critical Illness Insurance

Relatively new to the Canadian market is CI.  It is a form of health insurance that provides a lump sum payment should you become ill and survive a period of time after diagnosis, usually thirty days.  Covered illnesses generally include what’s know as the big four: cancer, heart attack, stroke and coronary artery disease.  Most policies now also cover a slew of other illnesses.  It’s important when comparing policies to compare the definitions of the illnesses covered.  You may also be able to purchase a rider that will return all of your premiums, usually after ten to fifteen years, if you have minimal or no claims.  This type e of policy should be used to complement not ever replace a good long term disability policy.  The payment received can be used for whatever the beneficiary chooses. top

Long Term Care Insurance

With the rising cost of long term care institutions and the decreasing coverage by governments, an elderly person can see their life savings and in some cases their entire estate vanish in order to live the  last years of their lives with dignity.  Long term care insurance provides benefits to help cover the costs of long term care either in home or in a nursing care facility.  In order to qualify the client needs assistance in at least two of the activities of daily living which include eating, bathing, transferring, dressing and toileting.  In order to qualify to purchase long term care insurance the insured must be between the ages of 40 and 80.  Most often the premium is guaranteed for the first five years and then may increase based only on class.  Once an individual has qualified they must satisfy a waiting period and then the payments are generally based on a daily amount. top

Long Term Disability Insurance

There is a strong likelihood that no matter your profession within the 40-45 years you will work you will suffer from something that will keep you from earning your living.  Long term disability provides income replacement for the long term with an elimination period from 30 to 730 days that must be satisfied prior to payment.  You may purchase own occupation, regular occupation or any occupation coverage with own occupation being the most costly.  You may also alter the term of your coverage from 2 year occupation classification to to age 65 coverage with variability within that.  As with any insurance you should consult a trusted advisor to explain all of the ins and outs to you as well as to assist you in determining the appropriate type and amount of coverage. top

Group Benefits

Group benefits are a great way to retain valuable employees.  With group benefits the employer decides the benefits and the extent to which the benefits will be paid.  Packages can be very different and are custom to each client.  A trusted advisor with sound knowledge of group benefits should be sought out to put a plan in place that is both valuable to the employees and cost efficient for the employer. top

Bank Products

Abrams Insurance and Investment Solutions can offer clients full banking resources through Manulife Bank.  Manulife Bank offers high interest savings accounts, innovative debt managment solutions, GIC’s, bank loans as well as lines of credit. top

 

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Mutual funds are offered through Manulife Securities Investment Services Inc. Insurance products and services are offered through Abrams Insurance and Investment Solutions. Banking products and services are offered through referral.