The Number One Question

How does a serious illness or injury affect you business wise and in your personal life?

How does this affect your business

How does this affect you personally

Do I need disability insurance

You may have never asked yourself this question. But it may be worth exploring if you consider that one of your most valuable assets could be seriously impacted if you were to become disabled – your ability to work and earn an income. Completing the following questionnaire can help you think about how your ability to work, earn an income and your financial future could be affected by a sudden illness or disability.More...

Completing the following questionnaire can help you think about how your ability to work, earn an income and your financial future could be affected by a sudden illness or disability.

1) When do you expect to retire?
Something to consider … the further out in the future this date, the longer your financial well-being is exposed to the risk of disability.

2) What percentage of your income comes from your investments?
Something to consider … the lower this percentage, the more dependent you are on your ability to work and earn a living.

3) How long could you maintain your current standard of living on savings alone?
Something to consider … the shorter this period, the more vulnerable you will be if disability strikes. Also keep in mind that withdrawals from an RRSP are subject to income tax.

4) To what degree do your children, spouse or parents depend on you financially?
Something to consider … if you become disabled, your dependents will still need financial support.

5) How much income do you think the government will provide if you become disabled?
Something to consider … the major forms of government disability benefits are: Employment Insurance, Workers’ Compensation and the Canada/Quebec Pension Plan.

6) How much money do you think you could borrow if you became disabled?
Something to consider … from your lender’s perspective, if you aren’t working, will they want to loan you money?

7) If you became disabled and were unable to work, would your spouse be able to generate enough income to make up the shortfall?
Something to consider … even when this is possible (by working extra hours for example) many spouses instead want to reduce the amount of time at work to be able to help their partner.

8) How much disability insurance do you already own and how comprehensive is it?
Something to consider … even when people have disability insurance through their employer, a review of the coverage can reveal that they don’t have enough, or identify potential benefit limitations.

Did any of your answers raise more questions for you?

If the answer is yes, you may have a need for individual disability insurance protection. Contact Dustin T Serviss now to explore a variety of income replacement solutions so you don't need to dig into your retirement savings and investments or borrow money to replace your lost income.

Kelowna Insurance - Disability and Critcial Illness

Other Risk Management Strategies

We use a host of solutions to help our business owner clients manage their risk portfolio. Some of these specific insurance solutions include:

Business Expense Insurance
Long Term Care Insurance
Group Benefit Plans
Canadian Bar Insurance Association
Engineers Canada through Manulife

6 Questions to ask your lender about Mortgage Critical Illness Insurance

Purchasing critical illness insurance to protect your mortgage makes a lot of sense. And purchasing it from the lender who’s providing your mortgage may seem convenient. But when it comes to purchasing critical illness insurance to protect your mortgage, it’s important to know that you do have options. For example, did you know that purchasing an individually-owned critical illness insurance plan, can provide greater flexibility and value than a plan offered by your lender?

For more information, talk to Kelowna Insurance Specialist Dustin T Serviss. Here are a couple questions to consider.

Do I own the policy?
Most lenders issue group critical illness insurance. They are the owner and beneficiary – they receive the cash benefit if you became critically ill, not you or your family. The cash benefit is used solely to pay off your mortgage, no matter what your current needs may be.

Will I be covered for conditions like Alzheimer’s, Parkinson’s and Multiple Sclerosis?
Most lenders provide basic coverage for cancer, heart attack and stroke. Most other policies provides protection for up to 23 covered conditions.

Can I choose the amount of coverage?
You can purchase only the amount of coverage equal to your mortgage from your lender. As your mortgage amount decreases, so does your benefit.

Can I continue my coverage if I switch lenders?
Most lenders will terminate your coverage if you move your mortgage to another lender. If your health has changed it may be difficult to get new coverage with the new lender.

Can I continue my insurance coverage beyond my mortgage period?
Coverage provided by most lenders terminates when your mortgage is paid off. With an individually owned plan your coverage is not affected by your mortgage. Coverage stays in effect for the life of the contract, until you terminate the coverage or until a benefit is paid.

Is my coverage guaranteed?
Most lenders reserve the right to cancel your policy at any time.

See how you could possibly obtain a more valuable critical illness solution for your mortgage.

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Office: (250) 869-1451
Fax: (250) 869-1452

#205-1180 Sunset Dr.
Kelowna, BC
V1Y 9W6

Kelowna Financial Advisor

Business Succession Planning

specialist to entrepreneurial business people