At Specialty Wealth Financial, our unique planning process will help ensure that you achieve your goals on time and with efficiency. Have us prepare a comprehensive analysis of your current financial status and recommend a variety of strategies that will help you achieve your goals.
Critical Illness Insurance
More people are living with critical diagnoses. Critical insurance provides a pre-determined lump sum in the event you are diagnosed with one of several diagnoses. It is designed to provide funds needed to pay expenses associated with living with a critical illness. Such costs might include renovating your living space, home care or treatments. These funds help you keep more of your savings, rather than spending only your savings to survive your diagnosis.
“2 in 5 Canadians (44% of men and 43% of women) are expected to develop cancer during their lifetime.
About 1 out of 4 Canadians (26% of men and 22% of women) is expected to die from cancer.” ** from Cancer statistics at a glance
Disability insurance is designed to provide funds in the case of an unexpected illness or accident leaving you unable to work and bring home an income. If you can’t work temporarily, or become permanently disabled, disability insurance may cover between 60% – 85% of your regular income to a maximum amount, for a specified period of time. Although employers may offer disability insurance, you can get your own disability insurance. If you are self-employed, you can purchase disability insurance that may help to cover some business expenses when you aren’t able to work.
** information from — Disability Insurance, Financial Consumer Agency of Canada
Segregated funds are sold by life insurance companies. They offer growth potential for the investor with the protection of insurance. Segregated funds are different from mutual funds in that fees may be higher, but with a death benefit built into the contracts. Your contributions can be guaranteed, often for 75% of contributions and up to 100%. For you, segregated funds provide a competitive return and can be used as part of your income plan, if you need to supplement your income.
Also, when you pass away, the beneficiary you have designated receives your funds in days and without dealing with probate fees or other estate costs. This is an efficient way to transfer wealth to the next generation.