Burgeonvest Bick Securities Limited does not offer Insurance Products. All such products are offered through our sister company, Burgeonvest Insurance Corporation.
Although the basic purpose of Life Insurance is to provide your dependents with a continuing source of income if you die, it also offers other financial benefits:
• Maintain your family’s standard of living.
• Pay off the mortgage on your home .
• Pay off any outstanding debts.
• Provide for your children’s education.
• Pay off any outstanding taxes.
• Supplement possible decrease in pension income.
The two major categories of life insurance products are Term and Permanent. Term is usually designed to address temporary needs to buy you protection for a specific period of time or “term,” whereas permanent life insurance is used to cover permanent needs, such as providing income for survivors, funeral expenses, capital gains taxes on investments, charitable giving or passing a business to the next generation.
Term insurance provides coverage for a limited period of time. The coverage can be decreasing in value or level in value depending on the temporary need it is meant to protect you against. The term of the insurance can also vary depending on your needs.
Whole Life Insurance
Whole life insurance is a type of permanent insurance that provides lifetime protection for a level premium. Depending on the plan, whole life insurance spreads the cost of insurance either over the lifetime of the policy or over a limited period of time.
Universal Life Insurance
Universal life insurance plans provide lifetime coverage and feature an investment component. The investment component is partially sheltered from taxes and the savings in a universal life plan is controlled by you, not the insurance company.
Living Benefits Insurance
Living benefits insurance is a unique kind of insurance. It pays a benefit to you while you are alive. This is different from traditional life insurance which pays a benefit to your beneficiary after your death. Living Benefits insurance helps cover costs such as home care or long-term care.
Accidents and illnesses are facts of life. If you become disabled, your ability to earn income may be compromised, and your ability to pay bills or save for retirement may decline. Disability insurance plans are designed to help you meet your income requirements so you can concentrate on recovering from your disability and returning to an active life.
The peace of mind that income protection can provide is available for professionals, business owners, business executives, and full-time, part-time or home-based workers. Whether you need to secure your main source of income or to supplement the coverage you receive from your employer or an association, a comprehensive and portable plan can be developed that can be relied upon throughout your working years.
Critical Illness Insurance
Getting sick is not something any of us like to think about, but it does happen. Treating and coping with critical illness can mean significant and often unexpected costs. Critical illness insurance is a form of health insurance that provides a lump-sum payment should you become seriously ill. Critical illness insurance is designed to help survivors of illness regain their physical and financial health. The benefit can be used for immediate health-related expenses not covered by group plans, and other financial matters such as replacing lost income, paying out mortgages and looking after business needs.
What are the types of illnesses covered by critical illness insurance?
Although they differ from company to company, typical illnesses and diseases covered by critical illness insurance may include:
• heart attack
• Alzheimer’s disease
• multiple sclerosis
• organ transplants
• kidney failure
In determining your need for critical illness insurance, you should consider benefits that may already be available to you through other insurance policies, such as life insurance and group health insurance. For example, the benefits offered through your employer’s group disability plan may provide appropriate and adequate coverage in the event of a critical illness.
You should also consider your personal circumstances and the added financial strain that could be brought about by dealing with a serious illness or disease. Public and private health insurance plans typically do not provide coverage for day-to-day living expenses such as travel to and from treatments, home care and child care.
Long Term Care Insurance
We all plan on being healthy throughout our lifetime, but sometimes getting older can prevent us from doing things that we now take for granted. Part of planning means considering the possibility that you may need long-term care. Some assistance may be provided by extended health care plans, but in many cases they fall short. Long-Term Care Insurance provides a daily benefit, starting as early as the first day, if you lose the ability to care for yourself, and require the services of a long-term care facility or need care at home.
With Long-Term Care Insurance, two generations are protected: parents and children. It helps parents maintain their lifestyle and financial security by giving them the resources they need to remain independent, even in the face of a serious health setback that may require one spouse to care for the other. At the same time, it gives children an alternative to providing their parents with the care themselves.
Our Insurance Advisors are here to help recommend solutions. To learn more, please contact an Insurance Advisor today.
Strategies that involves the use of insurance and related products and services are offered by licensed representatives operating through our sister firm Burgeonvest Insurance Corporation.