Insurance Planning
Insurance is often thought of as an optional extra in the area of personal and business finance – a “nice to have” which can offer protection if things go wrong but certainly not as an important asset in its own right. However, it’s true to say that clever insurance planning is a strategy which can protect the vital asset of your ability to earn an income – perhaps the most important asset that you have.
Of course, with so many different types of insurance policies out there, the key challenge lies in working out exactly what type of insurance can add the most value to your portfolio and offer you the most benefit.
Life Insurance
Insurance is essential to any comprehensive financial security plan. If tragic events like death, disability or critical illness strike, insurance can protect you and your family from undue hardship. Some individual life insurance policies also provide tax-advantaged savings that you can draw on to achieve goals like buying a house or retiring comfortably.
KS Financial Solutions has access to a variety of insurance products that can help meet your financial security planning needs. No matter your personal situation—if you’re single or in a family; a professional or a seasonal employee; an executive or small business owner—we will work together to design customized insurance plans.
- Life
- Long-term care, disability and critical illness
- Health and dental
- Group health benefits
Term insurance offers temporary protection of around 10 to 30 years, usually with an option to renew or convert your policy at the term end. On the other hand, permanent insurance lasts for a lifetime and often offers a death benefit which is payable to your beneficiaries.
Disability Insurance
Your ability to earn an income is your most valuable asset. Disability insurance is designed to protect you from a possible loss of income.
Why should you consider personal disability insurance?
- Worker’s Compensation only covers work-related accidents.
- Unemployment insurance only covers 15 weeks.
- Canada Pension Plan: Are you comfortable relying on the government for a benefit that can change?
- Group and association coverage can fill a valuable role in long-term disability protection. However, the benefit may be limited by the definition of disability and coverage amount.
Remember, a custom designed individual disability plan will provide you with guaranteed coverage and guaranteed premiums.
Critical Illness Insurance
Suffering a critical illness is distressing for both you and your family. Help ease the burden through insurance that will help reduce financial stresses and can complement disability and life insurance protection needs. By helping pay for the additional expenses often associated with a critical illness or condition, insurance offers you, your family, and if applicable, your business, added financial security—so you can focus on recovery.
The advantages of critical illness insurance can include:
- Coverage for up to 24 critical illnesses or conditions
- An initial lump-sum benefit you can use however you wish—from making mortgage payments to seeking medical treatment outside Canada
- Home-care costs during illness and recovery periods
- Even if you’re not disabled from working, you may receive payment
- The ability to provide a return of premium benefit (optional)
- Individuals who cannot obtain disability insurance in some cases still qualify for critical illness coverage (e.g. a non-income earning spouse)
Travel Insurance
Travel Insurance provides options for Out of province/out-of-country travel insurance for Canadians, visitors to Canada, and student travel insurance.
