Insurance for Medicine Hat

Protect and secure the niche you have created in this life

Here's the advice we offer for Medicine Hat insurance

Insurance is your way to expect the unexpected and protect yourself and your assets. Depending on your individiual needs, desires and health conditions; there are many types of insurance. These include life insurance, income replacement, critical illness insurance, and long term care insurance.

Life insurance comes in many forms, so let's simplify it into an attractive tool within your portfolio. Preparation for the future is key to guarantee you or your family avoid any untimely headaches when something unexpected happens.

You have worked hard your whole life, but what if you are all of a sudden incapable? Disability insurance is there to support your income in times of distress. Things slip out of our control and we can't always work as hard as we want to.

Something none of us want to encounter is a critical illness. However, if you plan properly, you can attain a lump sum in support of your needs if the time comes. The human body is a complex machine, that's why critical illness insurance is needed to protect you in times of crisis.

Here's the advice we offer for Medicine Hat insurance

Insurance is your way to expect the unexpected and protect yourself and your assets. Depending on your individiual needs, desires and health conditions; there are many types of insurance. These include life insurance, income replacement, critical illness insurance, and long term care insurance.

Life insurance comes in many forms, so let's simplify it into an attractive tool within your portfolio. Preparation for the future is key to guarantee you or your family avoid any untimely headaches when something unexpected happens.

You have worked hard your whole life, but what if you are all of a sudden incapable? Disability insurance is there to support your income in times of distress. Things slip out of our control and we can't always work as hard as we want to.

Something none of us want to encounter is a critical illness. However, if you plan properly, you can attain a lump sum in support of your needs if the time comes. The human body is a complex machine, that's why critical illness insurance is needed to protect you in times of crisis.

Let's get you set up with a financial strategy

Life Insurance Planning for Medicine Hat

Life insurance is boring for most people and we understand that. However, we all need it in some form or fashion so we want to provide you with accurate information to make an informed decision. There are many types of life insurance out there and they all accomplish different things. Most people think about protecting loved ones and paying down debt and that is certainly a foundation for insurance needs. However, life insurance can also be used for tax and estate planning for people and corporations. When we start using it as a tool within your investment portfolio, life insurance becomes very attractive.

What is your life insurance need?

Your need for life insurance may be temporary or permanent in nature. Temporary needs may be devastating if they arise but at the same time they will eventually pass. For example, you may have a mortgage now that you want to cover but over time you will pay it down and not have it anymore. So you really don’t need life insurance to cover you long term. Another temporary life insurance need is to replace your income if you were to pass on during your working years. The income that you would have earned from now until retirement is called human capital. The longer you work the less human capital (ability to earn income) you have. Therefore, we often see people starting with a higher life insurance amount and then trimming it down or converting it into permanent insurance over time.

Let's get you set up with a financial strategy

Why does disability insurance matter?

Disability insurance usually replaces 60-70% of your monthly income, in the event that you become disabled and unable to work due to an injury or illness. Human Capital is defined as your ability to earn income over your lifetime. There is a variety of disability plans and they are not created equal. Some will only pay you if you are totally disabled and unable to work at any job, while others will pay if you are unable to do your regular job.

A lot of employers will provide group disability coverage, but don’t be fooled that your back is always covered by the boss. We do a deep dive into the details and definitions of your plan, stress testing it to determine how you would be financially affected if you were injured or became sick. Self-employed individuals need to obtain their own coverage so that they can continue to pay their costs of living if they become sick or injured.

What does Critical Illness insurance do for you?

Critical illness insurance is the new school of insurance solutions as it was introduced in the 1980s. It pays a lump sum benefit to you if you are diagnosed with a critical illness, regardless of your ability to work. The big hitters are cancer, heart attack or stroke. Some plans cover just a few illnesses while others cover over 25. You can decide what you use the money for and some examples are medical expenses, mortgage payment, a vacation and so on.

Frequently asked questions about

Insurance in Medicine Hat

Term life insurance is really temporary coverage. The life insurance premiums you pay only go to cover the costs of the policy (this is called mortality cost) and there is no equity or savings component. Just like renting a home, it is initially cheaper than owning a home or having a permanent life insurance plan. Over time your policy will increase in cost (ie every 10 or 20 years). If you stop paying life insurance premiums the coverage will stop. The life insurance company is comparable to a Landlord in that if you don’t pay you will be kicked out and the price eventually goes up over time.

Permanent life insurance is there for the long haul. The life insurance premiums you pay go towards the cost as well as a savings component. This savings component can be managed by you or the insurance company and is used to help cover the costs of the policy as the mortality costs increase during the life of the policy. Just like owning a home, permanent life insurance is generally more expensive than a term life insurance. However, you can also have the security of a level payment with no price jumps.

Long-Term Care Insurance provides money to help cover the cost of nursing home or attendant home care fees. Once it is determined that you cannot perform some of the activities of daily living (eating, toileting, transferring body etc) most plans pay you a daily or weekly amount. Other plans operate like a pool of money that you can access periodically over time. Please don’t think that this is just for when you are old, as it will pay regardless of age.

Let's get you set up with a financial strategy

Our Contact Info

462 4 St SE #201, Medicine Hat, AB T1A 0K6

(403) 487-0490

admin@swellwealth.com

 

 

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