| Thanks to medical advancements the survival rates for critical illness are much higher than they used to be. However, nothing can prepare you for the financial burden associated with surviving such an illness. Male or female, young or old, critical illnesses impact people from all walks of life. Plus, experience shows that payout of benefits covers a wide range of critical illnesses1. It is important to have a discussion with your financial advisor and make sure you have the right amount of coverage to protect your income, lifestyle and financial future. |
| Claims by gender Male/Female 51%/49% Claims by age Youngest/Oldest 23/78 |
| Claims by critical illness Percentage of Claims Cancer 65% Heart Attack 12% Coronary bypass 7% Stroke 3% Multiple sclerosis 2% Other2 11% That’s why critical illness insurance is such an important part of the conversations I have with my clients. Most plans have 25 Covered conditions, Competitive rates and Tax-free lump-sum benefit payment along with Return of premium options. To learn more about Critical Illness products contact us at. email: [email protected] or cell: 204-880-8922 |
Permanent Insurance is a powerful, strategic tool to grow wealth in a tax deferred manner. Building your estate value, retirement income, transferring your legacy to the next generation. All of these things are possible with the right plan.
Most permanent Universal Life insurance plans will grow like an investment because any overfunding, above the premium, will be invested. What does this mean? Simply put, any money you contribute above the base cost of the policy will be placed in a separate account (managed portfolio) and will grow on a tax deferred basis over the life of the policy. This has the benefit of increasing the death benefit of the plan over time and creating wealth.
Term insurance on the other hand, has a fixed expiry date, and rising costs at time of renewal. Permanent insurance can be level, the costs never go up. The younger you are, the more cash value will accumulate over time within the plan and become a future asset.
There is value in using permanent insurance as part of your risk management strategy.
You can mix and match both Term insurance for temporary needs, (Mortgage, consumer debt, family income, child care) and permanent insurance for tax deferred growth, cash surrender value and generating another source of income for retirement. The options are many.
Ozturk Financial Services is here to help you find the right insurance product that best suits your needs.
]]>The Benefits
-Coverage amounts between $10,000 to $1,000,000 per child
-Application process is quick and easy
–20 year pay. The policy is fully paid up and the coverage is in force for life after the 20th year. (You only pay premiums for 20 years). Coverage will be in force for the rest of your child’s life and you don’t need to pay for it. It can also be transferred over to your child at any time after they reach the age of majority
–Refund of premiums optional rider. You will receive a FULL 100% refund of premiums if the policy is cancelled any time after the 20th year
-Covers a wide variety of illnesses and childhood illnesses
COVERED CONDITIONS
Why?
-Benefit is paid out tax free
-Take the necessary time off work and seek out of province care if necessary
-Relieve financial stress and focus on your child’s recovery
-Provide for medical assistance/devices, private hospital rooms, travel and life expenses
-You don’t need to deplete taxable retirement assets to assist with paying the bills or replace lost income
I would be happy to go over a Child CI illustration, product summary and answer any questions you may have.
Apply for a quote
Covered conditions are listed from Desjardins Insurance Child Critical Illness illustration.
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