We understand that purchasing life insurance may be the last thing you want to think and talk about, but the key benefit to having it is the peace of mind that comes from knowing your family's or your business's financial future is protected.
Life insurance is designed to provide a lump sum, tax-free cash benefit to a designated beneficiary. It is available in both term and permanent options. Any individual with debt or financial dependents should have life insurance and for those who have uncrystallised capital gains or complex family dynamics, life insurance can be a very effective estate planning tool. For business owners there are two important coverages to consider: Buy-Sell Protection and Key Person Insurance.
Disability insurance protects against the loss of income and is arguably the most important insurance coverage to have. Disability is an integrated benefit, meaning that the insurance company works in conjunction with other benefit plans such as Employment Income (EI) and Workers Compensation Board (WCB).
Statistically, 40% of Canadians experience a disability within their working life. It is absolutely paramount for the self-employed to have a disability policy to protect their incomes and for those who have group disability through their employer I would suggest looking at the policy and seeing exactly what the coverage entails. Emerald has access to plans that offer 24/7 coverage and benefit periods up to age 65. For a more detailed analysis highlighting the importance of income protection, please reference “Income, Your Largest Asset” under the blog page.
Employee benefits, also referred to as group insurance or group benefits, is a general term often used to describe the many types of supplementary health insurance offered through employers. Group insurance plans come with a number of advantages making them the most popular health insurance options for Canadian small business. Emerald has access to virtually all group insurers, including Chamber plans, Great West Life, Benefits By Design, and Manulife.
Estate planning is the process of planning what will happen to your assets at the time of death. Estate planning is not always an easy topic to deal with, but having a thought out plan in place is important for not only you but your beneficiaries. Our team has extensive experience in planning, communicating and settling estates. We have proven to save estates significant amounts of money, while distributing the deceased assets in a timely and private fashion.
CI is a product in which the insurer is contracted to make a lump sum tax-free cash payment if the policyholder is diagnosed with one of the specific illnesses on a pre-determined list as part of the insurance policy and lives past 30 days after diagnosis.
Cancer, heart attack and stroke are the most common (over 85% of claims) but most plans cover up to 25 different conditions. Far too many of us know someone who has been diagnosed and affected by a critical illness. What has been the impact on their work and their finances? Getting diagnosed with a critical illness could significantly disrupt the value of your retirement nest egg or your small business.
The benefits of having an underwritten policy administered through a qualified insurance broker cannot be overlooked. Unfortunately, many Canadians believe that they have coverage through their bank, only to discover during the most inopportune time that this is not the case. All insurance solutions offered and recommended by Emerald are underwritten during the application process.
|Can the insurer cancel the coverage?||Yes||No|
|Can the insurer raise your rates without notifying you?||Yes||No|
|Can the insurance be transferred from one house or mortgage to another if you move?||No||Yes|
|Can the insurance be transferred with the mortgage from one bank to another?||No||Yes|
|Do you receive insurance proceeds in cash so you decide how to deal with the mortgage?||No||Yes|
|Can you keep the insurance coverage after you pay off the mortgage?||No||Yes|
|Can you convert the coverage to a permanent type of insurance?||No||Yes|
|Do you remain insured even if your mortgage payments are in arrears?||No||Yes|
|As you pay your mortgage, does the amount of your coverage decrease while premiums stay the same?||Yes||No|
|Will there be money left behind for your family and dependents?||No||Yes|
|Are there any unforeseen reasons why the insurance would not pay out?||Yes||No|