Frequently asked questions
What is Critical Illness Insurance
Critical illness insurance is coverage which protects those within a certain age range from the financial stress of a critical illness. Although recent technology and advancements in the medical industry are improving, the survival rates of victims of critical illness and the read to recovery can be long, stressful and expensive. Critical illness insurance covers a wide variety of illness including but not limited to:
- Heart attack
- Kidney failure
- Alzheimer's disease
- Major organ transplant
What is administrative services only (ASO) insurance?
Adminstrative services only (ASO) is one method of insurance which can significantly reduce costs to an employer. With this form of insurance, the employer provides the benefits to employees on a self-insured bases , meaning to premiumis paid to the insurer, the employer only pays for actual claims.
What is disability insurance?
In the event of an accident ot development of a disability, one's ability to earn income may be hindered. Having disability insurance can protect you from the financial stress of a loss or reduction of income. Disability insurance is desinged to replace income in the event of a disability which prevents you from working. There are 3 types of disability insurance:
Total: Coverage for when a client is unable to preform at a job which that would be otherwise qualified for due to their disability.
Partial: Coverage for when a client is unable to perform certain duties of a job they would otherwise be qualifed for due to their disability.
Residual: Coverage for income the client can no longer earn when back at work due to their disability.
What are segregated funds?
Segregated funds are a type of investment which are similar to mutual funds except they are adminsited by insurance companies. These investments include many guarentees and advantages not available through mutual funds. Advantages of segregated funds include:
High flexibilty: clients have the ability to access funds at any time.
Effecient estate transfer: upon death proceeds are paid directly to beneficiary and probate is bypassed.
Maturity and death guarnatee: funds guarentee return upon maturity and death, which can range to 75% to 100%.
Protection from creditors: in an event of bankruptcy or lawsuit investments within segregated funds are protected from creditors.
Higher privacy: segregated funds are not part of the estate and upon death proceeds are paid to the beneficiary privately.