If you can't predict the future, create a safety net.
Insurance planning is an important element to considered when creating your estate plan, preparing for unforeseen events, or buying a property. We will help you get the right insurance to protect your loved ones.
FORTAX Advisors are in a prime position to research the market and guide you toward choosing the best product at the best price to meet your specific needs and coverage requirements. Your wellbeing is our priority. Once your insurance needs have been discovered, we will present the plan to ensure you have access to the best protection.
Insurance coverages are an important part of financial planning to avoid or reduce unnecessary challenges. The loss of a loved one should not impact your financial situation to the point of no return. A proper plan should be implemented to ensure the future of your loved ones is not jeopardized.
Take advantage of FORTAX extensive skills and organizational strength to help you protect your money and leave a lasting legacy.
Did you know?
Most Canadians believe they don’t need life insurance.
Studies shows that only 52% of Canadian own life insurance however, recent research shows that only 10% of Canadians are properly insured whereas the remaining 90% of Canadians are under-insured.
The majority of case study participants indicated having life insurance from their workplace, while other participants disclosed having their own life insurance policy. When assessed by an advisor, the result showed that participants did not have enough coverage. In one case, an individual mentioned having $50,000 life insurance yet, their mortgage was $600,000.
Assessing your life insurance with an advisor helps you to protect your loves ones from unforeseen events (See chart below).
Advised clients are more financially secured.
Source: Research from Canadian Online Insurance Brokerage, 2019
Be part of the 10% and call your FORTAX Advisor today!
The list below shows some of the insurance products that FORTAX offers to its clients, including life insurance, health insurance, travel insurance and much more.
Life Insurance
Accidental death insurance provides benefits in the event the insured is involved in an unforeseen, unexpected, and undesirable incident that results in their loss of life. Benefits are tax-free and paid in a lump sum to the beneficiaries.
We can’t predict when an accident will occur, but can be prepared with financial compensation that helps loved ones cope when tragedy strikes.
Funeral insurance, also known as burial or final expense insurance, can help your family through a difficult time by covering the costs of your funeral, cremation, burial, and other related expenses.
Saying goodbye to a loved one is never easy, but funeral insurance can help ease the worry of financial burdens during the grieving process.
Regardless of your current health condition or medical history, if you’re between the ages of 50 and 75 you’ll be approved for Guaranteed Life Insurance with no questions asked or medical examination required. Your premiums will never increase and the benefits will stay the same throughout the life of the policy.
Protect your mortgage and cover financial obligations in the event of death, critical illness, or disability with term insurance. Unlike many mortgage insurance policies, term benefits aren’t married to the value of your mortgage, but are guaranteed for the life of the policy. Should you pass away during the term of the policy, your beneficiaries will receive tax–free payments that they can use as they see fit, such as pay off the mortgage, loans, or funeral expenses.
With whole life Insurance, your premiums are locked in for your entire life, even if you get critically ill. This policy also builds cash and interest over time, which can be used to increase the death benefit or purchase additional coverage. You can also opt to receive insurance dividends, which are tax-free, or you can borrow against them if you need quick access to cash.
Just as its name suggests, permanent life insurance plans don’t expire. We can help you choose between available universal and whole life insurance plans, depending on your needs. Permanent life insurance also includes a savings opportunity, from which the policyholder can withdraw to use however they wish, such as paying off their mortgage, helping with a loved one’s college tuition, or investing in an RRSP.
Enjoy permanent protection with tax-advantaged investment growth within the policy that will pay you a guaranteed regular income, typically during your retirement years. Flexible payment options give you the freedom to choose income payments monthly, every three months, every six months, or once per year. You can even choose to receive payments now, or defer them to a later date.
Health Insurance
Health insurance allows you to save on healthcare costs not covered by provincial healthcare plans or your employer. Eligible services covered under health insurance include dental, hearing aids, prescription drugs, nursing, home care, physiotherapy, massage therapy, and much more. Also, if you’re self-employed and without health benefits, this product has you covered!
If you develop an illness that requires long-term treatment and recovery, critical illness insurance helps you cover basic household expenses so you don’t have to withdraw from your RRSP or other savings. It’s also a great option for self-employed business owners to keep their business operating during convalescence. With critical illness insurance, you have the freedom to solely focus on your recovery.
In the unfortunate event you become disabled and are unable to earn an income, disability insurance can help by replacing a portion of your income over the short or long term. Disability can result from a number of causes, including a personal injury, serious illness, or mental health issue. Benefits can be used to cover household or other important expenses, as you see fit.
Long Term Insurance provides an income-style benefit in case anything happens and you are unable to care for yourself. It might be due to an accident, mental disease, or ageing. This type of insurance is for clients who are concerned that their retirement income will not continue throughout their lifetime and want their wealth and net worth to be protected from the long-term expense of care.
Business Overhead Expense (BOE) insurance is the answer for self-employed individuals who require to secure their business in the event that a disability or medical incident prevents them from working for a long-term of time.
Travel Insurance
Nothing ruins a trip more than having insufficient insurance coverage when you need it the most. Our plans include medical coverage for your entire family, including emergency coverage in the event you require an out-of-province hospital stay. Whether you travel around the world or across the country, we have a travel insurance plan that’s right for you.
This insurance package is designed for 75 years old individuals, or more, who plan to go on a two months’ vacation (sixty days). This insurance includes coverage for non-refundable trips, expenditures due to cancellation or interruption, and death/accidents during the trip.
We encourage our clients who intend on travelling to check into this insurance.
The non-medical travel insurance plan is a perfect supplement for those who are travelling that already have travel insurance. This plan covers accidental death, lost or damaged baggage, interruption of your trip as well as trip cancellation.
We have a wide range of travel insurance plans to offer you so give us a call so we can help you pick the
best plans to suit your travel needs.
* Insurance products provided through IDC Worldsource Insurance Network Inc., Carte Risk Management Inc., and Financial Horizons Group.