For Your Family

Mortgage insurance is a smart and cost-effective way to protect your asset.
Myth:

• Mortgage insurance is cheaper than other types of life insurance.
• Mortgage insurance is easy to get, and available even if you make changes to the mortgage.

Mortgage insurance, which is owned by you, is a smart and cost-effective way to protect your asset. It provides level coverage throughout the term of the mortgage. The dollar value of the policy never decreases during the term, allowing you to always receive what you are paying for.

Critical illness, like cancer and heart attack, can strike without a warning. The costs associated with treatment and recovery can put great financial strain on your family budget.

Critical illness insurance provides you with a lump sum and tax-free payment to help offset the costs associated with missing work and medical treatment. Best of all, you can choose how you wish to use your critical illness funds, including the following:

• Purchase of medical equipment
• Replace loss of income
• In-home nursing care
• Alterations to the home
• Childcare

To name a few.

Disability insurance gives you and your family the peace of mind should you lose the ability to earn income in partial or in full.

Loss of income may happen due to illness or injury, and in most recent history, the COVID-19 Pandemic; which put many businesses on hold or completely shut them down — resulting in loss of income for families and individuals.

Disability insurance provides flexible coverage options — long term disability can provide coverage up to age 65. They can be used to offset Group Benefit coverage if you have it, and they can be tailored to your unique circumstances.

Term insurance is a straightforward life insurance product which provides a dollar value for a specific term.

Some advantages of term insurance include the flexibility to tailor your short-term needs, cost efficacy, and it is easy to understand. Term insurance can also be converted to long term (permanent) insurance in the future.

Permanent insurance is like owning a home, building equity in the value of the policy. Versus term insurance — like renting a home — there is usually no cash value or equity building up in a term policy.
Myth:

• All permanent insurance requires medicals.
• Permanent insurance is too expensive.

Permanent insurance provides coverage for the lifetime of the insured. Permanent coverage is known as Universal Life Insurance, Whole Life Insurance, Term to 100 and Guaranteed products for high-risk conditions.

These types of policies have many advantages such as level premiums for the life, cash value within the policy when elected through dividends and investment values, use as collateral, or take policy premium payment vacation if needed.

Permanent insurance plays an important role in your financial portfolio and has the potential for tax advantages.