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Protecting your family in the event of an accident, illness or death. Here are two basic types of life insurance:
| Term Insurance | Permanent Insurance |
|---|---|
| Temporary coverage | Lifetime coverage |
| Lower cost initially | Higher cost initially |
| Fixed payments | Flexible payments |
| Option to convert to permanent insurance | Opportunity to build cash value |
The changing need for life insurance
Critical Illness Insurance will protect you if you “survive a critical illness”. 63% of Canadians are expected to survive for five years or more after a cancer diagnosis. With the right Disability Insurance Plan, we can provide coverage in the event of an unforeseen accident or sickness. Both types of insurance can cover your income needs over and above your group benefits.
| Critical Illness Insurance | Disability Insurance | |
|---|---|---|
| Payment Type? | Tax-free, one-time payout | Monthly income replacement |
| When do you receive the payment? | If you’re diagnosed with a covered condition | If you can’t work because of injury or illness |
| Do you have to wait? | No waiting period in certain cases | Usually, will have to wait |
| How long does your coverage last? | Coverage for life (or variable terms) | Ends at age 65 |
| Ideal for? | A lump sum that you can use for what you want like paying medical expenses, mortgage and pay off debt | Covering monthly expenses |
Canadian population aged 15+ with a disability, by age group & sex, 2017
Critical illness claims by illness
There are many investment options and each are unique to your personal investment strategy. Whether it’s Segregated Funds, Mutual Funds, Guaranteed Investments or Income Annuities, we can help you build a portfolio that fits your needs.
Registered Retirement
Savings Plan
GIC
Bond
Stock
Mutual Fund
Non-registered
GIC
Bond
Stock
Mutual Fund
Tax free
savings account
GIC
Bond
Stock
Mutual Fund
Define your goals, understand your objectives
Canada Life Securities Ltd. offers professional advice on a range of securities, such as stocks, bonds and exchange-traded funds (ETFs), and how to integrate them into your investment strategy. A securities specialist working with your financial advisor can recommend investments that complement the securities you own, helping you maintain a diversified investment mix to help maximize performance and minimize risk. For more information on Canada Life Securities Ltd., go to the Canada Life Securities Ltd. landing page.
Two types of mortgage options are: Fixed-rate and Variable, each offering unique features designed to help meet different needs.
| Fixed-rate mortgage | Variable-rate mortgage | |
|---|---|---|
| Main features | Set interest rate Fixed payments | Fixed term and changing interest rate Same payment for the length of the term Can be converted to another term with Canada Life at any time |
| Differences | Protect from rising interest rates Fixed payments | Benefit from decreasing rates The portion of the payment amount goes towards principle vs. interest will change as our prime rate changes |
| Payment options | Accelerated weekly Accelerated bi-weekly Semi-monthly Monthly | Accelerated weekly Accelerated bi-weekly Semi-monthly Monthly |
| Mortgage term ideal if | Flexible options up to 10 years You think interest rates will increase over time You like the idea of having predictable payments | 5 years You want to take advantage of changing interest rates, but want a fixed payment amount for the entire term of the mortgage |
Your business thrives when your people do. A benefit plan can help you attract and keep top talent, improve morale, and keep your employees healthy and at work. With access to the top providers of Group Benefit Plans, we can tailor a plan to balance your needs with your budget.
Implementing a corporate owned insurance plan or coverage to replace a key employee are ways to manage risk and tax costs in the event of death.
Individual Pension Plans create a defined-benefit pension plan for corporate owners, allowing one to build tax sheltered retirement income and providing maximum pension earnings allowable by law.
Offering company sponsored plans to eligible employees. Each employee has their own RRSP within the plan and can choose how to invest their savings. We can help tailor a plan to balance their needs and budget.
When it comes to Tax & Estate Planning, sometimes how much you keep is more important than how much you make.
With an in-depth analysis of your current financial state, we can help you identify your goals and objectives to create and implement a strategy tailored to you. Regular updates and review will keep you on track.
For both the Individual and the Business Owner, we can help minimize tax on investments by investing strategically to take advantage of tax free and tax deferred savings and help minimize tax when income is needed.
Protect your Estate from a variety of pit falls with proper planning, utilizing some of the following strategies:
| Individual | Business Owner |
|---|---|
| Retirement Planning | Succession Planning |
| RIF Meltdown | Key Person Protection |
| Enhanced Retirement Income | Insured Asset Transfer |
| Charitable Giving | Charitable Giving |
| Wealth transfers | Buy-Sell Agreement |
Insurance products, including segregated fund policies are offered through Q&L Financial Services Inc., and Investment Representative Michael Kelly offers mutual funds and referral arrangements through Quadrus Investment Services Ltd. Quadrus, Quadrus Investment Services Ltd. and design are trademarks of Quadrus Investment Services Ltd. Used with permission.
