In recent weeks, we paid our respects to one of our team members whose father had passed away. This made us present to the importance of being proactive to plan for the emotional and financial stress that a death in the family brings.
Tricia has a mortgage and she wants to make sure her family’s needs are being met as they carry their financial obligations.
Creating solutions for customers is all about doing your homework.
Mr. Vassil came into our office last week upset about his increasing premium but he left satisfied with his auto policy and having requested a quote on life insurance. We had turned his frustration into peace of mind and gotten more of his business. How did we do it?
It was with some concern we found out that cancer rates are increasing among young people, reversing 60 years of continuous decline. According to the American Cancer Society, colorectal cancer rates have increased with each successive generation after 1960. One factor driving this increase may be sedentary lifestyles as we sit more and more at our desks and in our cars.
We don’t usually think in terms of quantity versus quality when it comes to our life expectancy. Often, we just assume that living longer in itself means we are living better. Certainly, this is true on one level in that improved hygiene and medical breakthroughs have added years to our lives, but we don’t necessarily consider the quality of those extra years.
With the overwhelming amount of insurance options that our at our disposable, be it with products or providers, it’s hard to know whether you are making the “right” decision when purchasing insurance. Let me help you understand how a broker can assist you in this process.
Life Insurance is a legal contract between you and a life insurance company. The contract outlines how much money will be paid to your beneficiaries upon your death, how long the insurance will cover you, and the cost of your premium which is the amount of money you will pay every month to get the insurance.
1. Permanent Life Insurance provides coverage for as long as you live and pays a tax free cash benefit to your beneficiaries. The premiums can be guaranteed for life which means that the premiums will not increase as you age and/or if your health changes. Some Permanent Life Insurance plans allow you to pay for a limited number of years although you will be covered for life.
2. Term Life Insurance is temporary and covers you in case of death for a specified period of time. It pays a tax free cash benefit to your beneficiary. Term Life Insurance provides coverage for one person or you can purchase Joint Term Life Insurance to cover two people who share a joint risk. It offers the lowest initial cost and does offer some degree of flexibility so that you can adjust your insurance as your needs change. These policies may be renewable without providing proof of health; however the cost of the premiums will increase so that they are appropriate to your age at the time of renewal.
Group Life Insurance Benefits play a huge role in providing peace of mind for employees and their families in the event of a tragic death.
There are a few components to Group Life Insurance – Employee Life Insurance, Dependent Life Insurance, Optional Life Insurance, Spousal Life Insurance, and Terminal Illness or Living Benefit.
Employee Life Insurance: Will pay a pre-specified amount in the event of the death of an employee from any cause.
Dependent Life Insurance: Will provide financial protection to an employee if his/her spouse or child dies. The benefit is designed to pay for illness and funeral expenses, not as a replacement for lost future income.
Optional Life Insurance: This is term life insurance that is available in addition to Employee Group Life Insurance, giving plan members the opportunity to add more coverage. By combining Employee Group Life Insurance with Optional Life Insurance a plan member can obtain the amount of coverage that he/she requires in order to provide:
Spousal Life Insurance: Insurance for the spouse of a plan member.
Terminal Illness or Living Benefit: This will advance the plan member 50% of the Group Life Insurance amount upon proof of diagnosis of a terminal illness where a plan member’s life expectancy is 12 months or less.
Accidents can happen, and they unfortunately do, sometimes with severe consequences. However, at The Shepherd Group, we can offer you protection against these unforeseen circumstances – Accidental Death and Dismemberment Insurance. It protects the employee and his/her family against the financial hardship that sudden death or dismemberment can cause. Accidental Death and Dismemberment Insurance provides coverage 24 hours a day, whether the employee is on or off the job.
The benefit paid is based on the dollar amounts assigned to the injury – the more serious the injury the greater the payment.
Accidental Death and Dismemberment Insurance can provide financial security and allow the plan member to make necessary lifestyle changes as a result of an accident.
We understand that there are many medical expenses that are not covered by the current government health care plan. Extended Health Care helps employees and their dependants pay for necessary medical expenses that aren’t covered by OHIP. Each Group Extended Health Care plan can be customized to meet the specific requirements of each organization with a variety of options including: Medical Services and Supplies, Prescription Drug Plans, Vision Coverage, Dental Coverage.
At The Shepherd Group, we have Advisors who can find you the right Group Life Insurance Policy to suit your employees needs. Contact one of our advisors today or phone us at 1.844.249.1700!