You’re never too young or too old for insurance. It’s important to protect your family’s wellbeing against the unforeseen with a portfolio of life insurance and health insurance products based on your unique needs. Whatever your life stage, our insurance brokers offer you unbiased advice and customized insurance quotes designed to accommodate your family’s budget today, and tomorrow.
Call 905-751-0768 to arrange your personal insurance consultation.
People choose to buy life insurance protection for many reasons, but it’s extremely important to have adequate coverage based on your individual needs and desires. A common reason to purchase life insurance is to provide tax-free dollars to your loved ones, yet there are many other reasons as well:
- Ongoing family income
- Bequest to your favourite charity
- Starter financial plan for your child
- Mortgage protection
- Offsetting capital gains at death
- Tax shelter retirement income
Whole life insurance provides guaranteed level premiums and guaranteed insurance coverage for life. There is a guaranteed cash value as well as paid-up features. The level premium is higher than initial term insurance premiums, but this higher premium contributes towards a significant tax-deferred savings component.
Universal life insurance is a permanent insurance plan with a possible investment component at the end. This coverage is designed to meet your life insurance needs while providing you with the potential for tax-deferred growth. It has a separate identifiable savings component. However, the funds are not guaranteed and are based on several investment options and varying rates of return.
Term insurance is designed to meet your short-term needs. We will shop the insurance market for the most competitive and affordable term insurance products. These products will address your individual short-term goals while offering you the flexibility to expand your coverage as your needs change. Term insurance is less expensive when you first purchase the plan, and becomes much more costly as the years go by. Term insurance is generally purchased for a short-term need such as a 20-year mortgage, or in a partnership buy-out situation. This type of policy normally terminates prior to the insured passing away.
When you or someone in your family suffers a serious health event, there can be serious financial setbacks. A severe accident or illness can result in a substantial loss of income and possibly escalating healthcare costs not covered by government plans. Health insurance helps you and your family prepare for the unexpected, offering you a reassuring layer of security at a time of need.
We offer a variety of health insurance solutions, customizable to your age and family dynamic. Speak with one of our insurance consultants to determine the health insurance products best suited to your requirements.
Accidents and illnesses are part of life. Disability insurance is designed to help you get through the times when your income has been compromised and your ability to pay bills or save for retirement has been impacted. A variety of plans exist to help you and your family get through the tough times when a loved one is disabled or ill. We’re here to work with you and tailor a solution to suit your current and future needs.
In the event of a critical illness, this insurance pays out a lump sum cash benefit to you, in part or whole, depending on the type of plan you’ve chosen. Payment is typically made upon medical diagnosis of the illness. A wide range of illnesses are covered, typically including heart attack, cancer, stroke, Alzheimer’s disease and many others.
At a time in your life when you are preoccupied with appointments, test results and treatments, this type of insurance can bring welcome peace of mind. It’s important to determine ahead of time how much coverage you will need for your personal and business needs. Our advisors are here to help.
Long term care is something you’ll want to consider along with retirement planning. In our experience, we’ve found many people believe their provincial health care plans fully cover long-term care, or that their employee benefit plan includes long-term care coverage. Unfortunately that’s usually not the case. In fact, Canadians have to pay for much of their long-term care, and this is an eventuality few employee benefit packages cover.
If you own your own home, chances are you have a mortgage with a leading financial institution and have insured the balance of the mortgage against your death, and possibly that of your spouse as well. Most homeowners assume that this is the best way to insure their mortgage. In most instances, this is simply not the case. Consider the following facts:
- Bank mortgage coverage decreases as you pay off your mortgage while the premium remains constant. This represents a creeping increase in the cost.
- Bank mortgages are often renegotiated. Better deals are often found with lenders other than the original one. When this occurs, new mortgage insurance must be purchased with fresh insurability requirements and then age can possibly be a factor.
- Mortgage insurance is not transferable nor convertible to a more permanent insurance should the need arise.
- Mortgage insurance makes the bank your beneficiary, not your spouse or estate. This removes the bankruptcy protection provided under normal life insurance. Critical illness coverage can be added to protect your home investment in the event of you or your spouse suffering a catastrophic illness.
At Fleury Financial, we strongly recommend life insurance over mortgage insurance. Life insurance simply offers better protection and greater flexibility for homeowners if or when the unexpected happens.
Top 12 reasons to choose life insurance over mortgage insurance+
- Sold by licensed experts
Insured owns the policy
Client can name a beneficiary who will have the option of repaying the mortgage or using the funds for a different need
Fixed premiums for level coverage (pay for what you get)
Policy will not lapse if mortgage is in arrears
Spouses may own individual policies; upon the first death, coverage on surviving spouse continues
Disability protection is available
Coverage is fully portable, and can continue as long as the client wishes
The client controls all the policy options
Continues regardless of which lending institution you deal with
Client may purchase any amount of coverage
Serviced by personal licensed insurance expert
- Sold by lending institution
- The bank owns the policy
- The lender is always the beneficiary; upon death, the money is used exclusively to pay off the balance of the mortgage
- Fixed premiums for declining coverage
- Coverage will automatically terminate if the mortgage is in arrears
- Coverage is paid on the first death, not both; coverage cannot be continued for survivor
- Disability protection is rarely available
- Coverage will terminate upon cancellation of the mortgage
- The client has no control over the policy
- Cancelled after mortgage is paid off or transferred
- The face amount of the policy cannot exceed the exact amount of the mortgage, maximum of $250,000
- Serviced by the lender