Types of Personal Insurance
Here is a list of the 5 basic types of insurance and how they benefit the policy holder.
Life Insurance
When the policy holder passes away, their named beneficiaries get a lump sum of money, tax-free. This makes sure that the beneficiaries can maintain their life style and pay off any remaining debts.
Disability Insurance
If the policy holder becomes unable to work due to an injury or illness, the insurance company pays monthly payments that covers a part of the policy holders lost income.
Critical Illness Insurance
When the policy holder gets diagnosed with a critical medical condition, the insurance company pays a lump-sum of money.
Long-Term Care Insurance
Covers long-term care costs and gives cash payments to the policy holder to care for their home or a personal facility.
Health Insurance
Makes health care more affordable for the policy holder and their family by covering a portion of the health care costs that isn't covered by provincial health insurance.
For more information please visit:
https://www.getsmarteraboutmoney.ca/plan-manage/planning-basics/personal-insurance/5-types-of-personal-insurance/
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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