We work with a lot of young couples who are buying a new home and having kids
Most of our clients are professionals like lawyers, accountants, doctors, engineers, people in technology, and entrepreneurs.
The most common life events that cause people to buy life insurance are having a child, and purchasing a new home.
We specialize in making the process of buying Life Insurance during these situations as seamless and simple as possible.
Our First Meetings with You
Firstly we hold all of our meetings virtually via Zoom, making it easier for you to fit the meeting into your busy schedules, by cutting out any travel time.
Our first meeting is a "Collaborative Discovery" in which we try to get to know you, understand your situation, and learn more about your goals and concerns moving forward.
From there we take the information we gather a build a proposal based on our initial discussion.
Our second meeting will be used to go over this proposal with you. Including going over numbers and options based on your goals.
After the proposal meeting we will send you all of the documents that we go over in the meeting, so that you have everything.
Writing the Application & The Final Policy
Once you decide on what proposal you want to go with the next time we meet we will fill out the application.
After applying there is an underwriting process, and part of our service is to manage the file through the underwriting process.
We have great connections with all of the major Canadian insurance companies. Having connections inside of these companies allows us to ensure you get the best service throughout this process.
As soon as we know the result of the underwriting process we meet with you again to go over the final policies.
Once your policy is complete, we don't just disappear.
At Safe Pacific one of our core values is being relationship focused. We will maintain our relationship with you through our monthly newsletters and our annual meeting.
You're going to remain our client for at least the term of your insurance, which is a minimum of ten years.
What Should a Proper Insurance Plan Look Like for You?
To be properly covered for anything that can happen to you, you need Life Insurance, Disability Insurance, and Critical Illness Insurance.
Disability Insurance is if you get sick or injured and you can't work. It pays you a monthly benefit to cover your lost income until you can go back to work, or until the age of 65.
Statistically this is the most likely insurance policy to get claimed.
If you have a group benefits plan at work, you might have some disability insurance, but it's usually not the best. You can usually opt-out of this coverage at work, and get your own plan that is customized to you.
The next most likely thing to happen to you is getting sick, and this is where Critical Illness Insurance comes in.
It pays a lump sum tax free if you're diagnosed with one of 25 named illnesses such as cancer, a stroke, a heart attack, Alzheimer's, Parkinson's, the list goes on.
Critical Illness give you money to take time off work, and focus on getting better. It also gives you options for treatments that are not normally covered under your provincial health plan.
Lastly there's Life Insurance, which pays a lump sum tax free to your beneficiaries to help them pay the mortgage, or other life expenses that don't stop just because you're gone.
You should have all three of these if you want to properly covered.
How Much Insurance do You Need, and How Long do You Need it?
For Disability Insurance you can usually get 66% of your monthly income tax free, which works out to about what you would make after taxes. Generally, we recommend that you get as much as you can qualify for.
People who are going to making more in the future can add a rider option to their policy, which can increase your monthly benefit in the future without having to do another medical exam.
For term length on Disability Insurance we usually set our clients up until age 65, which covers your working years.
When considering how much Critical Illness Insurance you need there's a couple things to consider before determining what type of coverage is right for you.
Consider if you did get one of those illnesses we listed earlier? How much would you need to have to cover your bills and fight it for a couple years? What does it take to replace your income for a few years? This can vary, but it's up to you as to how much you need to feel safe.
For Life Insurance there are several things to consider to calculate this:
How much do you need to pay out when you pass to cover all your debts, your responsibilities, and potentially to leave something to your family to continue?
Things to consider include how much do you need to cover your mortgage? How much to you need to raise your children to adulthood? We calculate this with you when we meet.
There's also different lengths for Life Insurance Policies, there's Term Insurance, and there's Permanent Insurance. At Safe Pacific we set up both of these kinds of policies.
As you can tell from our other videos we are big fans of Whole Life Insurance which is a type of Permanent Insurance.
However, most people don't have the budget to get all Whole Life Insurance. What we do is set up Whole Life, and then top it up with Term Life Insurance, which is much more affordable.
Contact Us
At Safe Pacific Financial, we specialize in helping Canadian business owners, incorporated professionals, and investors structure life insurance for maximum wealth protection, tax savings, and business growth.
If you would like to discuss whole life insurance or investments, we’re happy to chat and see if we can be a good fit to work with you. Fill out our contact form and we will get back to you within 24 hours on business days.
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