Financial Protection

Financial protection is about protecting your financial well-being from unplanned disasters. This can be done with either cash set aside (self insured), or by taking out insurance from an insurance company.

 

Considering insurance usually involves comparing the price of replacing a loss vs. the cost of premiums, before deciding if it's worth taking the risk to insure or not. The replacement value of a  person's home, for instance, is enormous compared to the annual premium to make sure a house fire won't leave you out on the street. Now, consider the value of your lifetime income...

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The process:

1. Review your financial situation and all your existing insurance policies - private or through work plans. 

2. Complete a financial needs analysis to estimate your total risk of loss. 

3. Compare different insurance products to address some or all areas of concern.

4. Get quotes from carriers for pricing estimates to establish the value vs. risk factor.

5. Implement any insurance products where it makes financial sense to client.

 

Here are a few types of insurance to consider:

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• Emergency fund

  • For day to day unexpected big item expenses, or short term job loss.

• Income/Disability insurance

  • To protect income for medium to longer periods due to accident or sickness.

• Critical illness insurance

  • Lump sum cash protection for surviving a serious illness.

• Life insurance

  • Lump sum insurance paid to a beneficiary in case of loss of life.

• Travel insurance

  • To protect against unwanted foreign medical bills not covered by Canadian Health Plans.

• Health or dental insurance / Health Spending Accounts

  • To cover medical and dental procedures outside of Canadian Health Plans.

• Overhead insurance

  • For small businesses to cover overhead expenses when key person is unable to work.

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