PROTECTION FOR YOU AND YOUR FAMILY
Brian So Insurance offers a diversified lineup of competitive products which can help you achieve your financial goals with confidence. Since we are contracted with many life insurance companies in Canada, we can help you shop around for the best rates and value.
We focus on all around protection, offering you complete protection from many unknown calamities. In the insurance industry, the priority of each type of insurance is based on the following insurance pyramid.
This pyramid shows that for most Canadians, life insurance is the most important type of insurance that families should base their coverage on, followed by disability during the working age, critical illness, and long-term care into retirement. This is because death is final, and because all of us will die eventually. As a consequence, premium dollars should be allocated to ensure that the life insured has adequate coverage to pay expenses and replace income losses that would occur as the result of his or her death.
Disability insurance is more important than critical illness because while you may still be able to continue work soon after a critical illness, a disability severe enough to meet the claims definition will always result in time off a job. How will you get by if you don’t have an income during a disability? Critical illness insurance can give you peace of mind and allow you to receive proper treatment without having to worry about hurrying back to work. Finally, long-term care insurance will protect the erosion of assets during retirement from a medical condition requiring long-term care. It will pay out a weekly benefit if you suffer from a cognitive impairment, or while you are unable to perform 2 of the 6 activities of daily living: bathing, feeding, toileting, transferring, dressing, and continence.
The emphasis in the pyramid is on priority of coverage: no one type of coverage stands alone as a comprehensive risk management program. The coverage must be balanced. All types of coverage are important and should be incorporated in a plan if it is to be comprehensive and complete.
A key point to keep in mind when looking for insurance protection is that generally, insurance is cheapest at a young age and when healthy. So if you think that a certain policy is too expensive right now, know that the likelihood that the premium will decrease is next to nil. Also, the longer you wait, the higher the chances of your health declining and your premium being “rated”, meaning it will be increased by a certain percentage or a flat rate.
All insurance policies have provisions such as the 30 day grace period for forgetting to pay a premium and the 10 day right of rescission These provisions are already priced into the policy and therefore don’t require extra premium. But there are also optional benefits, also known as “riders“, that do require additional premium. Some examples include accidental death benefit, which pays double the face amount for accidental deaths, and child term rider, which adds coverage to the child of the insured.
As you can see, there is lots of information when deciding to purchase insurance. Let us help you cut through all the noise and make an informed decision to offer the best protection for you and your family.
For more information on each type of insurance, check out the following links: