Collins Financial Services Ltd. in Saskatoon also provides several types of insurance plans to meet the needs of individuals of all types and businesses of all sizes.
Our financial services firm offers different types of life insurance, including term, whole life, universal, and Term to 100. Term life insurance pays a one-time benefit to family members in the event of the insured individual’s death during a term specified in the plan. Whole life insurance pays beneficiaries an amount stated in the coverage plan upon the insured person’s death and also accumulates cash value which the policyholder can borrow against or withdraw from as needed. Universal life insurance is a permanent life insurance option that allows you to pay in extra funds that will accumulate cash value. Finally, Term to 100 life insurance is a policy option that will ensure your surviving children and spouse will have access to enough money to live comfortably.
The insurance company promises to pay the sum insured if the life-insured dies within the period. indicated in the policy. If the life insured is alive at the end of the period, the policy terminates and life insurance ceases. Premiums are due either monthly or annually and no cash value is ever generated.
Term insurance is best used for specific needs. For example, as an insurance policy for your mortgage or against a loan, or other type of collateral loan event, which will disappear within a short time span.
This type of insurance is also very good for young families who may be in a lower income bracket as protection for their families. As the family amasses greater income and starts to develop their estate, the term insurance may then be converted over to a Whole Life or Universal Life policy or Term to 100.
Participating Whole Life: Equity build up in the policy from a cash value and dividends. The cash surrender value, is usually not present in the first two to three years due to the cost of setting up the contract. However, the cash reserve increases from year to year as the policy gets older. Cash value also makes it possible for policy loans, extended term insurance, and paid-up insurance. Premiums for a whole life policy are payable at the same amount each year until the insured dies, unless the insured chooses to discontinue paying premiums and surrenders the policy for the cash value, or takes extended term or reduced paid-up insurance. A dividend is provided as a return of investment. The dividend is not guaranteed, and is based upon expenses, mortality gains and losses.
Non Participating Whole Life: These policies do not share in any dividends, All the premiums, benefits and values associated with the policy are fixed and guaranteed at the time of issue.
Universal Life Insurance is a unique blend of insurance. A Universal Life policy combines insurance and savings in a tax-advantaged single plan.The savings component may be invested in a variety of investment options such as Guaranteed and Indexed linked accounts. The equity build up inside a Universal Life policy is tax-sheltered throughout the life time of the contract. Thus, this provides for an excellent vehicle in which to increase one's assets. Investment returns are based upon current interest rates and market conditions. Universal Life has a flexible premium. that can be increased or decreased, paid when due, or at unscheduled intervals. Once the cost of coverage for insurance is made, the extra deposit will be added to your investment account.
Universal Life is designed for: People who have maximized their annual RRSP contributions and are seeking additional tax-deferred cash accumulation. Business owners seeking to diversify investments away from their business. People who want to effectively transfer wealth to their children or grandchildren.
Term to 100
Term 100 is basically used for the estate, paying taxes upon death, probate fees etc. Term to 100 Plan provides guaranteed premiums and death benefit and is a great estate planning product. Guaranteed premiums and death benefit. Issue ages 60 to 85 and premiums payable to age 100. (issue age varies based upon company) No paid-up values or cash values. Available on Joint first to die and Joint second to die basis with premiums to first or second death. Various riders and additional benefits are available.
We also offer critical illness insurance through LifeCheque. LifeCheque will provide a tax-free lump sum payment upon diagnosis of cancer, stroke, coma, heart attack, the need for an organ transplant, and many other life threatening or altering conditions. Coverage options include primary, level, renewable, and lifetime. Ask our staff for more information on critical illness insurance coverage options.
Long Term Care
Long term care insurance provides you with the support and services you need to maintain your day to day activities while receiving treatment for chronic illnesses cognitive impairments. People between the ages of 40 and 80 qualify for this type of coverage. The professional team at Collins Financial Services Ltd. can explain all the long term care policy options we have available.
We also offer individual disability insurance, a cost effective way to address the hardship that would result if in the event of a long-term disability. Even if you have disability insurance through your employer, you should consider purchasing additional insurance to cover any shortfalls. Our team will ensure you have the financial resources you need even if you incur an injury or illness that results in a permanent disability.
Our financial advisors in Saskatoon also work with corporations to design a disability program that will meet the needs of the president, CEO, executives, and their employee teams. Because each program is so complex, it should be discussed through a personal consultation at our office. Contact us to schedule your appointment and learn more about how you can implement a structured corporate disability plan for your business.