613-283-5510 info@pankow.ca

Insurance Planning

Insurance Planning

“Our ability to work provides us with the foundation of our financial security. The income we earn pays for our home and shelter costs, our transportation, and keeps food on the table. It pays our utility costs, our vacations and the savings we set aside that will pay for a child’s education and our future retirement.

Most people who lose their job are able to find other employment. However, have you ever considered how fragile your family’s financial security can be? Most families are only a few pay cheques away from serious financial issues. Yet, far too few people truly consider the impact a disability or serious illness would have on their ability to “pay the bills”. Furthermore, most people do not take the time to understand how much life insurance they need to preserve their family’s lifestyle if they died.

 You work hard to support those you love. As financial advisors, it is our responsibility to identify any gaps in your financial security plan and make sure that your family’s financial future is secure if you died, became disabled or faced a life-threatening illness.

 The potential impact of such an even event, and the actual risk of it happening, is far too perilous to ignore.

 Call us to set up a consultation that will take into consideration any protection you have in place today, and balance that with your overall objectives and needs.

Don’t take your family’s financial security for granted. Everything you do, you do for them.”

Insurance Plans

Term Life Insurance

Term Life Insurance provides the highest amount of protection for the lowest possible premium. Most people will have high levels of term insurance to ensure their mortgage and other debts would be paid off should they die. They also own term insurance to ensure their family would continue to have sufficient income should they pass away. Term insurance is the financial vehicle that can provide that high level of financial security for a minimal cost. The premiums can be fixed for a period of 10, 20 or even 30 years. However, most premiums increase by 300-400% at the end of the term and will usually become prohibitively expensive.

Call us today at 613-283-5510 or email us to learn more.

Whole Life Insurance

People own Whole Life Insurance because they want life insurance that will continue for their lifetime with a premium that will never go up. Whole Life insurance has the highest levels of security and guarantees. It also has guarantee cash values and receives dividends on an annual basis. These dividends, which are cash, can be used to automatically purchase additional insurance each year so coverage will grow over time. The cash values in these plans can also be used to reduce future premiums or could even pay all required premiums at some point in the future. Many people seeking life insurance for estate planning purposes will use some form of Whole Life Insurance.

Call us today at 613-283-5510 or email us to learn more.

Critical Illness Insurance

The greatest risk we have to our financial security is getting sick or injured and not being able to work. In addition to the loss of income, we usually have increased medical and travel expenses and in addition to becoming our family’s sole wage earner, our spouse also takes on the role of primary caregiver. We all know too many people who have had to use up life savings or debt to fight through a serious injury or illness. They may be fortunate enough to return to good health but all too often they are left with many unpaid bills, a mountain of debt and no more savings. The “golden years” they have planned for have really lost their shine.

Critical illness insurance pays a lump sum of tax-free cash if someone is diagnosed with a serious, covered illness and lives through the required survival period (usually 30 days). This insurance can pay an insured person an amount sufficient to pay off a mortgage and debts and replace family income for the years it may take someone to recover. It can also be used to pay for specialized medical care no matter where you may have to go to get it.

While over 90 per cent of claims are as result of life-threatening cancer, heart attacks or strokes, most plans cover over 20 different medical conditions including: coronary artery bypass, benign brain tumour, heart valve replacement, motor neuron disease, Alzheimer’s disease, severe burns, paralysis and multiple sclerosis.

The risk of serious illness is too great to ignore and in many cases, the cost to provide enough coverage to pay off the average mortgage and debts and to provide a couple of years of income security is usually less than most people pay to insure their car.

Call us today at 613-283-5510 or email us to learn more.

Disability Insurance

Unlike Critical Illness Insurance that pays a lump sum benefit, disability insurance is designed to replace our pay cheques if we become disabled due to injury or illness. 
Although many people could keep their financial house in order if they broke a limb or had a short-term illness, most would not be able make it through a long term disability that could prevent them from working for months, years or even forever.

People own disability insurance because they recognize their future security and financial independence is reliant on their ability to work and earn an income. With even modest inflation, a 35-year-old earning $50,000 annually will earn over $2,000,000 by the time they retire at 65. Disability insurance can replace that income and ensure one’s bills and financial commitments are looked after each month and their dreams and goals for the future remain intact.

Call us today at 613-283-5510 or email us to learn more.

Health and Dental Insurance

Although many people are fortunate enough to have group insurance plans that provide health and dental coverage for themselves and their families, many do not. Healthy people will commonly believe that it isn’t worth paying premiums towards health and dental insurance when their health and dental expenses may consist of annual visits to the dentist for check-ups and cleanings and the odd prescription. If this is the case, the annual premiums paid to health and dental insurance will be much more significant than the amounts they would recover by having this insurance.

People own health and dental insurance to help cover these “known” costs, but primarily have it to provide security against the “unknown”. These plans will regularly help cover the cost of visits and treatment by your dentist, will cover the odd prescription and help you pay for your trips to a massage therapist, chiropractor or other health professional. However, the true benefit is the security it provides should someone have a serious illness or injury and be faced with significant ongoing healthcare costs. There are many people in our community who have had a serious illness and have healthcare costs in the thousands each month. How would you pays these costs if you did not have an extended healthcare plan?

Call us today at 613-283-5510 or email us to learn more.

Long Term Care Insurance

A recent survey conducted for Manulife Financial found 62% of people expect to reach the age of 85. In fact, approximately 50% of Canadians aged 65 will live at least another 20 years.

However, while we look forward to retirement and enjoying our golden years the same survey found 67% of people fear deteriorating physical health as they age. Sixty-six per cent feared losing their independence, 55% fear they will need long term care or an assisted living facility and 53% fear running out of money.

Although we don’t have to fear living out our final years on the streets, the level of care and the type of care we have later in life will be dependent on our ability to pay for it. Many seniors are preserving their savings for their family and hope it won’t all be used up paying for their own care sometime in the future. However, it is not uncommon for a life’s worth of savings to be wiped out in a few short years in a retirement home or long-term care facility.

Long Term Care Insurance can provide an insured with a regular monthly income should they become unable to care for themselves based on the definitions in the policy. It can provide the several thousands of dollars required each month for facility care, or it could pay a reduced amount to pay for in-home care for people who choose to stay in their homes and rely on professional home and nursing care.
Long Term Care Insurance can provide an insured with the security of knowing they would have the money to pay for in-home or the facility care of their choice should they require it and can also give them the peace of mind knowing their assets will be preserved for their family after they die.

Call us today at 613-283-5510 or email us to learn more.

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Are you or someone you know living with a disability? Are you aware that the Government of Canada has developmed a program that can provide you with thousands of dollars in grants and bonds that can be invested for your future financial security?

Yes, believe it or not, for the right people, this means free money from your federal government.

Although this program has been around since 2008, most people are still not aware of it or its benefits.

if you are a resident of Canada under the age of 60, have a Social Insurance Number and are eligible for the Disability Tax Credit, you are eligible to open a Registered Disability Savings Plan. If you are collecting CPP disability or ODSP, you are likely eligible.

The program has two funding elements - one which provides a "matching" grant on contributions you or someone else makes to the plan for you. For example, a $1,500 annual contribution would receive a $3,500 Canada Disability Savings Grant if your family income is under the maximum amount (currently approx. 90,000 annually). The plans, once opened, are eligible for up to a $1,000 annual Canada Disability Savings Bond even with no other contributions.

Someone starting a plan now or in the future is able to go back and claim for all grant and bond amounts they would have been eligible for since 2008. That means that most qualifying people would be eligible for ten years of bond payments - or $10,000, even if they were not able to add any other money to the plan

A RDSP is considered a long-term investment and there are restrictions on when you can withdraw monies to spend. However, considering the incredible benefits they provide, including "free money" from the federal government, everyone who is eligible should get some professional advice to see how these plans can significantly enhance their future financial security.

Furthermore, a parent, spouse or common-law partner can also open a plan for a qualifying beneficiary and manage it on his or her behalf.

If you or someone you know is living with a disability, they should be considering starting a RDSP. I have helped numerous clients estabish a plan and would love to help more people build their future financial security. Call me at 613-283-5510 or message me here to learn more.

Here is a link to the Mackenzie Financial page on RDSPs: www.mackenzieinvestments.com/en/products/rdsp

There are no fees to establish a plan, the savings grow free of tax and future withdrawals do not affect an ODSP payments. These plans are complex and the rules can be a challenge to understand. That's why I am here to help. Please share this with anyone you know who is living with a disability.
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Call us today for a personal consultation – 613-283-5510