Personal Life Insurance
Life is unpredictable. The randomness of the unexpected can alter the course of your life at any age and at any time. While you cannot foresee the future, you can certainly choose to protect yourself, your family & your business with a variety of life insurance products. The tax and professional fee advantages of using life products are numerous. Our knowledgeable brokers at Blair Insurance can review your current situation and future objectives, then design a personalized protection package to ensure your goals are met.
What’s the Objective?
There are four main areas of concern for which clients come to Blair Insurance for solutions:
- The most popular one is to protect your loved ones should you pass away prematurely
- To provide funds to avoid being impacted financially while recovering from an injury or illness
- To create wealth or to increase the value of an estate
- To guarantee capital values and shelter against creditors, fees, and taxes
What Types of Life Insurance Products are Available at Blair Insurance?
Term and Permanent Life Insurance
Mortgage Insurance
Critical Illness
Disability Insurance
(also known as Paycheque Protection)
Seg Funds / Guaranteed Investment Funds
Health Insurance
Long-Term Care
Personal Life Insurance
A life insurance policy provides a tax-free lump sum of money to be paid to your beneficiary upon your death. Policies available are Term, Permanent, Mortgage, Universal Life, or a combination of these.
Mortgage Insurance
Life insurance is sometimes called mortgage insurance when its purpose is to protect dependent survivors against paying off a loan or mortgage. We will work with you to determine the right kind of coverage to protect you and your family. Consider this question: Who do you want to receive your life insurance proceeds, the bank or your beneficiaries?
Mortgage Insurance from the Bank vs. Personal Life Insurance
| Description | Bank Mtg Ins. | Personal Life Insurance |
|---|---|---|
| Does sum of the insurance remain level? | No | Yes |
| Do I own the policy? | No | Yes |
| Can I select the beneficiary of the policy? | No | Yes |
| In a common disaster, will a death benefit be paid for both my spouse and myself? | No | Yes |
| Is the coverage portable? | No | Yes |
| Can I get preferred rates if I am in excellent health? | No | Yes |
| Is the Insurance plan Convertible? | No | Yes |
| Will coverage continue after the mortgage is paid? | No | Yes |
| Compare | Decide for yourself who would you rather have controlling your insurance policy… The Bank or You? | |
Critical Illness
This protection pays you a tax-free lump sum if you are diagnosed with a life-threatening illness or condition such as cancer, heart attack, stroke, kidney failure, blindness, Alzheimer’s, paralysis, etc. The proceeds of the policy can be used for whatever you choose. Perhaps it’s to cover drug costs, alternative treatments, travel, home alterations, private nursing, or to supplement your income while you heal. With a 1 in 2 chance of being diagnosed with a critical illness in your lifetime, coverage that allows you to access the best doctors and includes an option to have premium returned if you never claim on the policy is invaluable.
Disability Insurance
Who would pay your monthly living expenses should you be injured and unable to work? Disability insurance protects your earning ability despite injury, illness or disability. This coverage provides a monthly income replacement benefit if you become disabled and can no longer earn your regular employment income. At Blair Insurance, we like to refer to this as paycheque protection.
Seg Funds or Guaranteed Investment Funds
These types of investment funds offer certain guarantees to the policyholder and are only available through insurance companies. In addition to security advantages, they offer quality managed funds, growth of your investment, resets to guarantee the growth, and offer flexibility. As an added benefit, they are creditor-proof and eliminate probate, legal & accounting fees, as this does not form part of an estate.
Private Health Insurance
This protection, purchased on an individual basis, typically covers extended health care, dental, hospital, prescription drugs, registered specialists & therapists, and vision care. A plan can be customized for your specific needs. Blair Insurance can also assist with Visitor to Canada Insurance or arrange plans for those coming to live permanently in Canada and awaiting OHIP coverage.
Long-Term Care
These plans allow you to take charge of your future now. There are a variety of plans to choose from which will provide the necessary funds for you to live out your later years in comfort, on your own terms, and with independence and dignity. You will never need to feel that you are a burden to your family. Enjoy all the benefits your years of work and planning will afford you.
Tips for Saving on Life Insurance Products
- Most life insurance products increase in price as you get older, so buy as early as possible
- Good general health is also a factor in pricing and even in being able to obtain coverage, so buy while you’re healthy
- Don’t smoke. Smokers pay much larger premiums than non-smokers
- Pay annually to avoid extra cost
- Have a broker who has access to multiple reputable insurers shop for you
- Term insurance has the cheapest premium but not necessarily the best value
- Let the experts at Blair Insurance help you compare your options
Life insurance products provide an important safety net for your future and the wellbeing of those you love. They also offer guarantees, allowing you to control outcomes. You can’t always control what happens in your life, but with expert advice, you will be able to minimize the negative effect of many challenges.
You often hear, “What’s the worst that can happen?” Perhaps the simple answer is not being properly insured. See just how affordable and advantageous a reliable insurance plan can be. Contact Blair Insurance today to get one of our experts working for you.
