Insurance

Haslett Financial provides its clients with a wide variety of insurance and financial products. Some of our most popular products are described in further detail below. For most clients we find these types of products provide comprehensive coverage for their needs. This by no means is a complete list of all products available – there are as many products as needs – but provides further discussion point from here.

Do you owe someone? Do you love someone?

Life
Disability
Critical Illness
Long-term Care
Group Insurance
Office Overhead Expense Coverage

Purchasing life insurance helps to ensure that your family will not be faced with financial hardships in your absence. Life insurance provides a payment of a specific amount, upon the insurer’s death. This payment can be made either to the estate or a designated beneficiary. There are many factors to consider in choosing a plan design:

Term Insurance (10 or 20 Year)
Term life insurance is to provide coverage of financial responsibilities for the insured or their beneficiaries upon death. Term life insurance is generally chosen earlier in your career stage in favor of permanent life insurance because it is usually much less expensive.
Universal Life Insurance
This combines both insurance and an opportunity to invest in a ‘tax sheltered’ investment environment. In Canada, UL insurance is the most popular vehicle outside of a RRSP’s where you can accumulate money on a tax-sheltered basis. The difference is UL is paid out tax free compared to RRSP’s which are fully taxable at death.
Whole Life insurance
Offer a “cash value” which was designed to be a cash reserve that would build up against the known claim-–the death benefit. These policies would also credit guaranteed interest to the cash value account. Upon maturity of the contract, the cash value would equal the death benefit. By guaranteeing the death benefit, the policy owner was assured that insurance coverage would be in force when the insured died, allowing them to unlock and exploit other assets

Your income is your most valuable asset. Is it protected?

Disability insurance provides a monthly benefit amount to replace income in the unfortunate event you are unable to perform the duties of your employment due to illness, injury, or disease. In the event of a claim there will be a tax free monthly benefit to replace your income until you are able to return to your occupation. The average length of a long term disability claim is 3 years. Disability insurance provides the ultimate peace of mind.

Critical Illness insurance provides a lump-sum benefit upon diagnosis of a specific illness defined by the contract. This benefit is paid whether or not you are able to continue working. One of the reasons for having critical illness insurance is to ensure that you will be able to pay for any necessary treatment that these illnesses may require. The tax-free payments from a critical illness policy may be spent in the manner you choose and will help to protect your quality of life during and after recovery.

Providing care for the elderly over a long period of time can be extremely costly. Long-term care insurance was created due to the impeding rise in the population of people over 65. Long term care needs can be either a brief period with full recovery, or it can go on for many years. Long term care services can be provided in a person’s home, in the community or in a residential facility such as a nursing home or assisted living facility. Long term care will also provide for those suffering cognitive impairment such as Alzheimer’s disease.

Group Insurance is provided by an employer for their employees. All the employees will be offered the same benefits under a single master plan. Often included in this type of coverage is disability insurance, life insurance, and extended medical and dental coverage. Group health coverage can offer your employees non-taxable benefits that provide them coverage on items that are not covered by provincial health care.

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The expense of running an office doesn’t stop just because you’re not there. If an accident or illness prevents you from working, mounting expenses could – potentially – compromise the business you’ve worked so hard to build.

You may already have Disability or Critical Illness insurance to cover your personal lost income in the event of a health issue, but as an owner, sole proprietor, or partner employed by a small firm, have you thought about what harm could be done to your business if you weren’t there because of that change in health?

Business Office Overhead Insurance plans generally cover regular business operation expenses, such as rent or mortgage, interest payments on business debts, employee salaries, and payroll taxes – the kinds of office expenses that will have to be covered in order for the business to operate efficiently in your absence.