Risk management…Isn’t that why we have insurance? We know there are risks in life that are unavoidable and therefore take the necessary steps to manage these risks. At The McClelland Financial Group, we provide the tools to determine the dollar value of these risks as well as the tools to manage their financial impact.
Death, disability, critical illnesses and the ill effects of aging are, for the most part, out of our control. Through our extensive network of insurance providers, we can offer the most appropriate insurance product to meet your needs. We use our integrated financial planning process to ensure that your risk management goals are achieved.
Life Insurance – Click here to open
What would happen to your loved ones if you passed away? How would their quality of life change? How would bills and other debts get paid?
These are the important questions to ask when contemplating life insurance coverage. Too often we see clients making life insurance decisions based on one question, “How much is the premium?”
At The McClelland Financial Group, we will conduct a life insurance needs analysis to determine your family’s financial state upon your death. We may conclude that there is room for additional insurance to cover an unforeseen shortfall. Or, we may uncover that your existing life insurance coverage is excessive, providing an opportunity for a reduction in benefit and premium.
What would happen if you were injured and could not return to work? What if your income suddenly stopped?
Most employers provide group disability insurance coverage, but often times it is not sufficient to maintain the family’s existing lifestyle. For self-employed individuals, no group disability plans are offered. Private disability insurance can supplement insufficient group coverage and provide coverage for self-employed persons.
Critical Illness Insurance
Is it worth it?
One of the most common deterrents to buying term insurance is the opportunity cost should a claim not be made. However, many insurance companies now offer a “return of premium” option at policy maturity.
Simply put, should you not make a claim on your Critical Illness policy by the maturity date, then your premiums are returned to you. In essence, you have successfully executed a forced “savings plan” by insuring yourself against a critical illness.
John & Jane Smith, both are 45 years old and non-smokers. They have a history of heart disease and cancer in their families. They want the peace of mind that if they are diagnosed with cancer or suffer from a heart attack, they are able to pay for any unforeseen medical expenses without affecting their current cash flow. They both obtain Term 65 critical illness insurance policies (expire at age 65) that will pay a benefit of $100,000 upon diagnosis of a covered disease. The cost to do so:
John = $280/month
Jane = $230/month
Should they be fortunate enough not to make a claim by age 65, they will receive their premiums back, tax free, from the insurance company:
John = $67,200
Jane = $55,200
You can be sure the Smiths will find a suitable use for an additional $122,400 in their retirement.
The ability to live independently becomes increasingly more difficult in the latter stages of life. In-home care can be very costly and could cause financial hardship if not planned for properly. Long-term care insurance policies are available to help cover the additional costs of care either through monthly income payments or expense reimbursement (depending on insurance provider).
Travel Insurance – Are you covered?
Together with TuGo through Assante Capital Management Ltd., The McClelland Financial Group is pleased to offer Travel Insurance as an additional service to our clients, their friends and family.
Medical expenses incurred while traveling outside of your home province can be life-altering. For dollars a day, you can purchase peace of mind. In the unlikely event that you require emergency medical attention, your family can be rest-assured that they have the financial backing of TuGo.
Health and Dental Insurance
Health and Dental Insurance
For those of us with employer-sponsored health and dental plans, it is easy to take for granted the benefits of having some or all of our health and dental expenses subsidized.
Those without these plans (i.e. self-employed; retirees; unemployed; etc.) are responsible for paying these expenses out of pocket or obtaining private insurance plans to help cover the costs. Most insurers in Canada provide Health and Dental Insurance plans to accommodate all levels of needs.
We can help determine the most appropriate plan for you and work with the insurer to deliver the plan to you and your family.
Life insurance not only provides benefits to individuals, it can also be used strategically by corporations. Business owners can use Corporately Owned Insurance Policies (“COIP”) for effective tax planning strategies or to ensure the continuity of the business in the event of a premature death by one of the “key persons” or essential shareholders.