Insurance Planning

Insurance Planning 2023-02-17T15:18:06-05:00

Universal Life Insurance is designed to meet long term protection and investing needs. It combines life insurance and fund investment in one single, customizable policy. The investment in a universal life policy stays tax deferred until it is utilized. Without making additional deposit for investment, universal life is a regular life insurance at lower cost.

Universal life insurance can help you:

  • Leave proceeds to your beneficiary – tax free
  • Further your estate planning
  • Build tax-deferred equity and accessible cash value over time (may be subject to taxation)
  • Establish financial collateral for a bank loan
  • Provide key person insurance coverage for your business (business continuity)
  • Select from a wide range of investment fund options

From how you want to invest, to how much or little you want to invest, there are a variety of universal life coverage options that can be customized to meet your requirements. If you are interested in universal life but not investment sophisticated, we can make a universal life insurance plan unique to your own financial needs.

Whole life insurance offers a lifetime financial protection for your loved ones and a stable way to invest your money within an insurance policy. Typically, the premium for whole life insurance is guaranteed not to increase for the life of the contract.

Whole life insurance can be participating, where policyholders may receive dividends or non-participating, where policyholders receive investment returns on the whole life money pool. Dividends are affected by many factors, including investment returns, mortality rate, and company performance. On the contrary, non-participating whole life focuses only on how the whole life investment pool performs.

Whole life insurance is designed to cover your permanent insurance needs such as:

  • Estate planning
  • Funeral or other final expenses
  • Income for your surviving spouse
  • A financial legacy for your children
  • Cash value accumulation for major expenses or retirement income

Choose what’s right for you
At Golden Grace Financial, we understand everyone have different needs. We have a wide range of whole life insurance plans. You can choose the plan that’s most suitable for your needs.

Term Life Insurance provides coverage over a limited period time at a fixed rate. It provides temporary or permanent protection for you and your beneficiaries in an affordable solution. It comes in five forms, term-10, term-20, term-30, term-65, term-life. However the premium will renew at a much higher rate at the end of each term period. (for term-10, term-20, term-30).

The biggest advantage of term insurance is that it’s inexpensive. High coverage amount requires relatively low premium depending on your age and health. As a result, it’s a great vehicle for mortgage protection.

Family term is designed for families, and Business Term is suitable for any businesses.

Critical illness insurance helps cover the unexpected costs and potential loss of income associated with a serious illness. Although your provincial health card covers some medical expenses, it does not cover everything. You may have to pay out of your own pocket medication, special treatment, nursing care and cost of travelling. Treating and recovering from an illness can have a devastating financial impact. Plus, if you’re unable to work during your recovery, the impact is even greater. Crtical illness can make up for the loss of income and let you focus on getting better.

With critical illness insurance, if you become sick with one of the covered conditions covered by your policy and survive the waiting period, you receive a cash benefit. You can then use the funds as you wish.

Most critical illness plans may have an option to add long term care or automatically build-in onto the plan. This adds an extra layer of protection without purchasing additional long term care insurance.

Return of premiums rider is also available to certain plans.

Disability Insurance or DI insures the beneficiary’s regular income against the risk of losing his/her income if a disability makes working impossible. The benefits of having disability insurance are as follows:

  • It pays you a monthly benefit to replace your earnings.
  • Benefits are tax free if the premium is paid with after tax income
  • Flexibility is built into the plan. Some plans offer reduced benefits should a partial disability occurs
  • Also suitable for business owners. Disability insurance reimburses business expenses to make sure your business is uninterrupted because of illness or injury.
  • Options to refund partial premium after a pre-determined period of time if no disability claims have been made prior to that

Accidents happen every second, disability insurance aims to protect you, your family or your business and provide a continued income source to cover your daily expenditure, in the event of disability.

Many asked why we still need health and dental insurance, provided the government has covered for it. The reason is that the provincial coverage covers very little. Without supplementary health and dental coverage, you would have to pay out of your own pockets for common expenses like prescription drugs, dental care, prescription glasses, and contact lenses. Your government may not pay for these medical expenses but that’s where health and dental insurance comes in.

Some medical expenses that Health and Dental Insurance covers for (Non exhaustive) :

  • Dental expenses
  • Prescription drugs
  • Vision Care
  • Registered specialists and therapists
  • Homecare and Private Nursing
  • Medical Equipments
  • Travel
  • Hospital

Travel Insurance is intended to cover medical expenses, financial losses and other losses that occurred during your trip.

Travel Insurance is available to

  • Visitors to Canada, including Supervisa Travel Insurance
  • Residents / Citizens of Canada travelling out of province
  • Foreign students studying in Canada
  • New immigrants or returning residents who do not have provincial health coverage for a temporary period
  • Supervisa Travel Insurance requires 100,000 insurance amount and 1 year of insurance

A standard Travel Insurance covers for:

  • Emergency medical treatment in and out of hospital
  • Cost of hospital room
  • Prescription drugs ( conditions apply)
  • Private duty nursing during hospitalization
  • Diagnostic tests ordered by a physician
  • Rental or purchase of necessary medical equipment
  • Ambulance transportation
  • Emergency treatment of dental accident
  • Repatriation
  • And much more

We recommend families to inquire before travelling out of (for residents) or arriving into (for visitors) Canada to avoid restriction or waiting period.

Click the link below for appyling your Travel Insurance with Manulife Financial:

Please feel free to contact us if you have any questions.

A group health and dental plan gives your employees even more reasons to start, stick, and stay with your company. Group health and dental plan can be customized to fit every company’s budget. Plus, there is no medical underwriting.

An example group health and dental plan covers:

Prescription Drugs

Dental exam and treatment

Eye exam and prescription glasses

Specialists, (acupuncture, massage, Chiropractor Physiotherapist, psychologist)

Private or semi-private Hospital room

Travel Insurance

Medical Equipment (Stocking, orthotics)

Benefits of group health and dental plan:

Affordable Cost – as cheap as 5 dollars per person per day

Tax Advantage – lowers the taxes you paid

Customized Coverage – you can pick the benefits you want

Easy Administration – we help you monitor

Flexibility – business can cover the full cost or share it with your employees

The more employees you have, the LOWER the average cost!

What’s required:

  • Full participation by all full time employees unless covered by spousal coverage elsewhere ( probation period for new recruits is available )
  • Family coverage for married employees unless spouse and children have own coverage

Long Term Care Insurance is intended for Individuals who are unable to perform the basic activities of daily living such as dressing, bathing, eating, toileting, continence, transferring (getting in and out of a bed or chair), and walking. Long term care insurance pays a weekly, bi-weekly or monthly benefit to help cover home care, assisted living, adult daycare, nursing home and so on. There are several things to consider before purchasing a long term care plan:

  • The amount of coverage – do you want unlimited or limited insurance coverage?
  • Daily or monthly benefit – how much and how frequent do you wish to receive the benefit?
  • Benefit period – for how long do you wish to receive the benefit?
  • Waiting period – for how long can you afford to wait before receiving a benefit?
  • Inflation protection – how is my regular benefit affected by inflation?