Life Insurance
Term Insurance
Developing a financial plan is a good step towards achieving your financial goals. Life insurance can strengthen your financial plan by helping to ensure that, in case you pass away unexpectedly, your loved ones will be able to maintain the lifestyle you’ve earned so they are free to pursue their dreams.
Here are a few other benefits of Term Life Insurance:
- Term life insurance is one of the simplest forms of life insurance. You’ll always know what you’re paying for, and what your beneficiaries can expect.
- Predictable premiums. Your premiums are fixed and guaranteed not to change for the length of the term.
- It’s flexible. You can also convert your term policy to permanent life insurance coverage with no questions asked.
- It’s a good way to top-up existing group plans. Your life insurance coverage through a group plan may not be enough. And if you change employers, you may lose your coverage. Having your own term life insurance policy ensures you are financially covered in the event of death despite any changes in employment or employer.
- Tax-free, cash benefit. If you pass away during the term of your policy, your designated beneficiaries will receive a tax-free, lump-sum death benefit.
- Term life insurance is also a great solution for Mortgage Protection.
Permanent Insurance
Permanent insurance offers lifetime coverage. If you maintain your insurance until death, the amount paid to your beneficiary is tax free. In most cases, permanent insurance has a cash value, which is the amount available to you if you cancel your policy. It is sometimes possible to borrow against this cash value without cancelling your insurance.
Permanent life insurance give your loved ones the means to:
1. Repay any outstanding debts
2. Pay taxes on inherited assets
3. Cover funeral expenses
Disability Insurance
Disability insurance can help protect you and your family from an unexpected illness or accident that leaves you unable to work and earn an income.
Generally, disability insurance replaces between 60% and 85% of your regular income, up to a maximum amount, for a specified time if you:
- temporarily can't work
- are permanently disabled due to an injury or illness
Many employers offer disability insurance. However, you can get your own disability insurance plan through a life insurance agent.
If you're self-employed, you can also get disability insurance that will cover many of your business expenses if you're unable to work.
What to consider when buying disability insurance
If you're considering disability insurance, make sure you:
- check with your employer to see if you already have group disability coverage with your employer's plan
- shop around, especially if you're considering private disability insurance
critical illness Insurance
Life can be turned upside down in a split second when one is diagnosed with a critical illness. What if it were to happen to you? If diagnosed with one of the covered illnesses such as cancer, heart attack or stroke, you receive a lump-sum benefit specified in your Critical Protection contract.
This payment will help cover any additional expenses, such as time off work, travel to receive treatments, home care or the cost of treatments not covered by public health insurance.
Recover your health without seeing your financial health decline, thanks to Critical Protection.
Mortgage Protection
Here’s why our solution is better than mortgage insurance offered by your bank or lender.
- You choose the beneficiary and they choose how to use the benefit.
- The death benefit remains level for as long as you own the plan.
- Policy is convertible to a permanent plan.
- Coverage stays, no matter where you bank.
- Fully underwritten at time of application, no surprise at time of claim.
As an Insurance Broker, we can shop the market for you in order to find the best solution that meets both your needs and your budget.
Call (604) 349-3280 or click the button below to contact us or to schedule a complimentary mortgage insurance review.
Business Protection Insurance
Business protection is an insurance contract that helps protect a business from the financial effects of key people being diagnosed with a critical illness or dying. Business protection is available for partnerships (including limited liability partnerships), shareholders, sole traders and key employees.
Proceeds from the policy could help ensure that key individuals are replaced, debt is protected and shares from the deceased partner's/director's estate are purchased.
Contact Tempo for further information on how to protect your business.