Insurance

Insurance

Insurance provides protection. Every Financial Plan should protect against sudden, unforeseen risks that we are exposed to every day prior to looking toward future goals.

There are many different types of insurance products available to attend to your unique needs. Your priorities and financial resources will determine the choices made. At L&A Financial Group we consider different types of insurance for your specific needs. This includes existing plans already in place, such as coverage through an employer, which must be integrated into your plan. We offer a diverse portfolio of insurance policies focused on protecting you, your loved ones and the things you love.

Life Insurance products provide a tax-free benefit to pay final expenses, eliminate debt, tie what we can to matrix provide for an education or replace income. Permanent Insurance  and Term Insurance products can be used in combination, or as individual entities to provide for those left behind.

Living Benefit Insurance is designed to protect everyone’s most valuable asset – the ability to earn money. Disability Insurance will replace income lost when you are unable to work due to an accident or illness. Critical Illness Insurance Protection  may be required to help with the significant and unexpected costs that may not be covered by your provincial or employee health plans. Some health conditions make it impossible for you to take care of yourself.  In which case you may need Long Term Care, either in a home or in a facility, which is also costly.

Segregated Fund products protect not only your original investment through principal guarantees, but also your assets themselves, with the ability to ensure protection against creditors.

Whether you seek a Guaranteed Investment Account with interest rate guarantees or an investment with greater return potential such as a Segregated Fund,  you can tailor them to your own personal needs. You can even guarantee your income for life through Annuities and Guaranteed Income Funds.

Businesses also need to consider ways to protect their employees through Group Insurance and Key Person protections, while still ensuring that Office Overhead expenses are protected as well. We also know what it takes to design a comprehensive, cost-effective Business Insurance program that will provide you with the most for your insurance dollar!

What types of insurance products should you consider?
Draw a line up from your age in the chart below to see where you may need protection.
What types of insurance should you consider?

The ability to customize your insurance policy by adding only the features and benefits, you require will make your insurance even more valuable. Contact us today for a free no obligation estimate on your complete insurance needs

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Permanent Insurance

Also referred to as Whole Life insurance, this type of protection provides a benefit that will be payable at the death of the insured no matter what their age at death. Premiums are most often a level amount and may be guaranteed by the insurer.

Generally used to cover final expenses, pay taxes due at death or to provide an estate benefit. This type of coverage will often also provide a cash surrender value, loan opportunities and dividends.

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Term Insurance

As the name suggests this protection is for a period of time only and often will terminate prior to a life expectancy as determined by the actuaries. Premiums can be guaranteed to a period of 5, 10 or 20 years or through to a specific age like 65 or 75.

Most often to cover off temporary risks such as a mortgage debt, line of credit or replace an income lost due to a premature death. Many clients also use this type of coverage to fund a present value estimate of the cost of post-secondary education.

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Disability Insurance

Few people work simply just for the love of work; there is a pay cheque attached. Disability protection will provide you with 24/7 protection in the case of illness or injury, on or off the job. You can choose the waiting period and the period for which benefits are payable to make the plan your own.

If you have lifestyle expenses to be paid and therefore need income to pay those expenses if you're hurt or ill, then this coverage is for you.

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Critical Illness

The advances in modern medicine, as well as people's awareness on the benefits of a healthy lifestyle are making our lives better. But a critical illness that you could suffer, but survive, can effect you financially. Critical Illness protection will provide a lump sum benefit for your use immediately upon confirmation of contracting one of the specifically listed ailments.

This coverage benefit amount is often related to the cost of a lifestyle expense for a specific time such as your annual mortgage payment or the costs of maintaining your home.

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Long Term Care

Along with an aging population comes the need to seek assistance in our golden years. Long Term Care protection will provide a lump sum or regular monthly payment amount to provide for that assisted care.

This protection can provide you with the peace of mind that your independence is secure through the knowledge that there is an amount available to pay for the day-to-day needs without having to liquidate assets or seek financial assistance from your family.

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Guaranteed Investment Account

A Guaranteed Investment Account or GIA is an interest bearing investment that guarantees the rate of return for the term of the investment. The investment generally can be accessed within the investment term itself subject to a market value adjustment.

In a life with with certainties it can sometimes provide comfort having the knowledge that your investment and the return on it are guaranteed. The Insurance Industry's protection through Assuris protects your investment against insolvencies up to a specified amount.

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Segregated Fund

The Insurance Industry's pooled investment plan is known as a Segregated Fund. These investments are segregated from the assets of the insurer and therefore protected through Assuris.

These investment funds also provide Creditor Protection and guarantees on death or maturity for the investor and designated heirs. If you're looking for a guarantee on your variable investments during uncertain times a Segregated Fund may be for you.

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Annuities

An annuity will provide you with a guaranteed income based upon an invested amount for the term of its contract without any investment risk as it is all taken on by the insurance company.

Think of these as a mortgage in reverse, you deposit an amount and the amount is returned to you as a combination of principal and interest over time. But the interest rate is set for the life of the contract.

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Guaranteed Income Funds

Here's a way you can invest into a pool of money that can have greater upside potential but you can still have a minimum rate of return guaranteed.

These plans will typically guarantee a minimum rate of return, provide you with the greater of that minimum or the actual rate of return, then provide a lifetime income based upon their guaranteed rate.

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Group Insurance

For businesses, and their employees, Group Insurance benefits can be the added peace of mind that keeps an employee secure in their position. Generally consisting of Life Insurance, Accidental Death & Dismemberment, Short-term and/or Long-term Disability protection, Extended Health Care for Drugs, Paramedical Practitioners and other non provincially covered expenses and Dental Care.

Benefit plans can be tailored to suit with associated costs scaled to fit the benefit structure.

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Key Person

A Key Person may be the business owner, or it may be someone so key to the business itself that their loss would be a burden greater than the business could bear.

Protections are considered to ensure that if there is an untimely death of a Key Person there are insurance proceeds paid to the company to fund their replacement.

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Office Overhead

A business is a costly venture. There are expenses that need to be paid whether you're at work or not. So if you're disabled Office Overhead can be a way to ensure that there is some replacement cash flow to your business, cash flow that would normally be directly related to your income earning potential.

This protection can be related to utility expenses, lease payments even staff salaries.

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Different Types of Life Insurance Products

Permanent Insurance
Term Insurance
Disability Insurance
Critical Illness
Long Term Care
Group Insurance

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