What would happen to your lifestyle and savings in the event of sickness, accident or a progressive deterioration of your ability to earn income or be independent?
Are you in one of these situations?
- High risk occupation with difficulties to get traditional disability insurance
- Someone who participates in extreme sports and activities
- Professional athlete
- Self-employed (small business owners)
- High income earner who has reached their disability insurance maximum
- High net worth individual with non-liquid assets
- High net worth individual who wants to protect his or her assets
- Former cancer, heart attack and stroke survivor (clear for 12-24 months)
- Smoker (without heart condition, asthma or diabetes)
- Someone who is caring for aging parents
- Widows or widowers
- Unemployed individual
A long term income stream benefit plan may be your best option to limit the erosion of your investment assets.
Typically, a benefit of $1000 or $2000 per week would be paid to you if you 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). It would also pay if you suffer from any deterioration in mental ability and require continual supervision.
Age is not a determining factor and this coverage has no risk ratings, exclusions and does not take family history or smoking into account.
About 60 percent of individuals over age 65 will require at least some type of long-term services during their lifetime. About 40% of those receiving this type of benefit today are between 18 and 64.
Without long-term benefit insurance, the cost of providing these services may quickly deplete the savings of the individual and/or their family.
This plan offers tremendous versatility:
- Provides you with a non-taxable income payable throughout your lifetime should you suffer from an accident, illness or simply the aging process (can purchase the plan from ages 18-80)
- Supplements existing disability coverage
- Guards against asset liquidation and accelerated cash depletion
- Allows for continued financial growth and portfolio diversification
- Generates a significant return on premiums invested – while on claim
- Offsets related tax consequences should the need arise to draw on RRSP’s and RRIF’s prematurely
- Guarantees a legacy to your estate
Please remember that this product is not a replacement to disability insurance. It is most appropriate in addition or if you cannot obtain traditional disability insurance due to your occupation, lifestyle or medical history. Anja will be able to help you with your needs and determine the best combination of disability and /or long term income benefit.
Contact us to find out more.