Insurance
An introduction to Insurance at Brown Financial
Brown Financial is a team of experienced professionals dedicated to providing you with the best insurance coverage, service and advice. We are distributors for some of the leading insurance companies in Canada and we can help you select the right product that meets your level of protection.
What is Life Insurance?
Life insurance is a policy contract with an insurance company, where the insured agrees to pay a pre-determined amount (premium) to the company for a pre-determined amount of coverage. The amount covered pays a cash benefit, tax-free, to your beneficiaries when you die. In addition, certain cash value insurance policies (whole life, variable life, universal life) can provide benefits to be paid out before death.
Why you need Life Insurance
Life insurance is used to help protect the financial security of the people you love most should you die prematurely.
Life insurance can also be used as a financial tool providing benefits during your lifetime. These benefits include collateral for loans, retirement income or cash withdrawals.
How much Life Insurance do I need?
This is dependent on you and what you wish to leave behind for your loved ones. You will have to estimate how much insurance will be needed to cover funeral costs, final taxes, personal debts, as well as, long-term needs for retirement or education for your children. By understanding your needs, we will have a more accurate idea of how much insurance is appropriate for you.
Deciding between insurance types can be confusing. We are here to help clarify and explain in simple terms the insurance types and combinations available.
Please click here to access an online calculator that will provide you with a general assessment of how much insurance you may need.
Disability Insurance
Disability insurance is a policy designed to pay out a percentage of the policyholder’s current wages should he or she become unable to work due to an accident or a debilitating illness. Loss of income because of a disability can make it difficult to pay for living and lifestyle expenses. This type of coverage is ideal for those who are self-employed and people who do not have disability insurance through their employer.
Critical Illness Insurance
Critical illness insurance pays a lump-sum benefit if you are diagnosed with a covered critical illness and satisfy the survival period, as defined in the policy. This policy differs from the disability insurance which provides monthly installments of your current income. The lump-sum benefit enables coverage of immediate expenses such as private nursing, out-of-country treatment or modifications to your home or vehicle. This insurance can also help cover financial obligations such as a mortgage, credit card debt and funding for your business.
Long-Term Care Insurance
Long-term care insurance protects you and your loved ones in the event that extended care is needed during your lifetime. Provincial health insurance plans do not have the resources to pay the full cost of long-term care; therefore they usually pay a limited amount for care at home, however nothing for private care. This policy can help reduce the burden of loved ones by covering the costs of nursing care, rehabilitation and therapy, personal care (such as dressing, eating and bathing) and homemaking services (not limited to cleaning, laundry, meal preparation), allowing you to maintain more control of your life. This type of coverage is ideal for those planning for their retirement.
Click on the link below for a quick quote or call (403) 252-1752 to get a direct quote from one of the advisors today. Please note Manulife FlexCare and Manulife FollowMe Health are now under Manulife Health.
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Travel Insurance
Travel insurance will help protect the money you have worked so hard to earn! It is the peace of mind knowing that any unexpected expenses on your getaway will be covered. You want to insure your family’s health, belongings and financial investment in your trip are not jeopardized due to unexpected expenses. A typical travel insurance policy would cover the following: medical emergencies, lost luggage, trip cancellation and interruption service, and car rental accidents. It is easy to assume that either your provincial health plan or your credit card will provide adequate coverage, yet so many people find themselves left with unpaid hospital bills or stranded in an airport. These plans typically limit their coverage on claim amounts due to age restrictions, pre-existing conditions, type of medical emergency (such as extreme sport emergencies) and travel duration. Understanding your current coverage will better help you make a decision on whether this type of insurance is required.
Click here for a quick quote for travel insurance on your next trip.
Call Brown Financial at (403) 252-1752
for your complimentary insurance review today!