Life Insurance - Ogilvy Insurance

It’s the story of YOUR success!

You work hard to build your lifestyle, set goals, and live your dreams.

Income protection, life insurance, and our full range of asset protection and investment services help make sure you never put what you have worked for at risk.

Whether you are self-employed, starting out, or looking for a plan in retirement, we are here for you.

Did you know about the many other uses that life insurance has besides providing for dependents?

Some of these uses are:

  • Maintaining the family’s standard of living
  • Estate planning
  • Providing for children’s education
  • Handling tax situations

In the table below, we have included some information and videos on a range of topics relating to life insurance and financial services.

One of our major carriers can provide you with their “Mortgage Select” product.
This can simply be completed over the phone. In most cases, no medical tests will be required for ages 18 to 50, and $250,000 or less. Higher amounts are available subject to medical evidence.
Taking care of your financial commitments when you can’t.

Debts typically covered by this type of plan:

  • Mortgage Loan Payments
  • Credit Card Payments
  • Line of Credit
  • Car Payments
  • Leverage Loan
  • Business Loan

Available in two types of coverage options: Disability or Life and Disability.

Most people will consider getting insurance to insure their car, home and even life insurance but will fail to realize that they need insurance to replace their income by taking a Disability and Sickness insurance.

This is the only product available to replace their income if they were not able to work following a sickness or a disability. Surprisingly, this insurance can be more important than life insurance because the risks of being sick or disabled are higher than the risk of premature death. Did you know that one person out of three will be disabled or sick for a period of 90 days (three months) or more before age 65? Imagine no income ….. and all those bills to pay.

Are you self-employed, a business owner, work full-time or part-time, retired, at school, or raising a family? No matter how you spend your day, you never plan on having an accident. An accident can happen to anyone, at anytime. Imagine for a moment that you were to become seriously ill or disabled as a result of an accident. Think of how difficult it would be for you and your family to manage your monthly expenses in addition to any extra costs related to medical treatment. An accident insurance can help by providing a monthly benefit if injury prevents you from performing your day-to-day activities. Planning for the possibility of an accident can reduce the risk. Taking an accident insurance plan makes sense.

For you, your spouse, or your parent

Long Term Care provides the insured with financial resources to take control of their future health and personal care services. It provides a flexible range of benefits and features to choose from, so that the insured can customize a plan for their specific needs.

Long Term Care pays a daily/monthly benefit to the person insured if they:

  • lose the ability to care for him/herself, due to cognitive impairment or a condition that results in the inability to perform two or more activities of daily living.
  • and requires the services of a Long Term Care Facility or professional assistance at home.

Have you thought about how you will manage if you become seriously ill and have to stop working? What if you need help taking care of yourself?

Life is unpredictable.

A critical illness can be emotionally and physically devastating. It can also lead to
significant and unexpected costs that may not be covered by your provincial or employee health plans.

What is a Critical Illness Insurance Plan?

A critical illness insurance provides a lump-sum cash benefit if you’re diagnosed with a covered condition and satisfy the waiting period. The money is yours to use however you want. For example, you can use it to:

  • Help pay your medical bills and cost for prescriptions
  • Replace lost income or make mortgage payments
  • Hire a nurse or caregiver to help you out at home
  • Find the best health care available anywhere

Usually this plan will cover between 22 and 26 conditions, including the most common like cancer, heart attack and stroke. The benefit paid helps you get the money needed so that you may focus on your recovery.

A look at disability insurance claims:

Many people feel that estate planning is for the wealthy or just to avoid paying taxes; however, organizing your estate to provide maximum benefits to your dependents and to minimize tax is simply prudent planning.

Estate planning allows your assets i.e. home, business, and stock and bonds, to be distributed according to your wishes. For most people, estate planning begins with the birth of their first child because parents feel the need to provide for their growing family. Life . insurance is often the first step in estate planning because it creates a means to provide funds for the surviving family members.

This is particularly important later in life as assets accumulate.

Five important steps for estate planning are:

  • Setting the objectives of your estate plan.
  • Collecting and analyzing data.
  • Selecting strategies for distributing your estate before and after your death.
  • Implementing the before-death strategies.
  • Monitoring the plan and updating as required.
A Registered Retirement Savings Plans (RRSP) is a savings plan registered with Revenue Canada to assist and encourage Canadians to save for their own retirement. RRSPs are set up so that an individual holds a variety of investments which are sheltered from tax. The purpose of using this vehicle is to provide a retirement income.
Two major advantages to contributing to an RRSP are:

• Contributions are deductible from current income for tax purposes (up to a certain limit.)

• Investment income sheltered within the plan accrues tax free, until the individual retires or makes a claim.

Types of RRSPs are: Basic RRSP, Group RRSP, Self-Directed RRSP

The cost of post-secondary education is increasing dramatically while most family incomes are increasing at a much slower rate or not at all. Although many children are contributing to the cost of their own education through summer jobs and savings, families are finding it harder and harder to finance their children’s post-secondary education. Due to the direct relationship between the level of education a child receives and her employability and level of income, it is critical that children still receive post-secondary education.

Children need proper training and education to secure employment in a world that is becoming increasingly competitive and technology driven. This of course means that it is imperative that parents take the necessary steps and plan ahead. These steps include setting educational objectives, analyzing costs, developing funding strategies, and implementing and monitoring the plan.

Planning for a financially secure retirement nowadays is one of the most important challenges facing Canadians. This is largely due to the uncertainty of today’s Pension Plan. Many people are making several car:eer moves during their working lifetime and choosing to retire early. People are living longer, which means a longer retirement span; therefore it is important to take responsibility for funding your retirement and relying less on the governments .

A financial advisor can play an important role in helping a client establish his retirement goals. Retirement planning involves determining which strategies satisfy individual needs. With proper planning, your retirement fund should provide enough money to last through your retirement years and leave some money to your dependents. Inadequate planning may lead to a smaller retirement fund that will not provide enough money to last through your retirement . years much less for your dependents.

Careful planning can help you have the retirement you want, preferably at one of the higher income brackets of the graph below.

About 43% of Canadian seniors* have incomes under $30,000, 63% have incomes under $40,000 and 75% have incomes under $50,000.

retirement chart

Percentage Distribution of Canadian Seniors* by Income Bracket (in $1,000)

* Individuals who are age 65 and over and the head of a household.
Source: Family Income, Census Families 1995, Statistics Canada

Segregated investment funds (“seg” funds) are mutual funds offered by life insurance companies. Segregated funds are similar to mutual funds but come with additional guarantees and benefits because they are an insurance product. The seg fund assets are held separated or are “segregated” from the insurance company’s other assets to protect the investor in case of the company’s insolvency. With these funds, you have guaranteed principal, no probate fees, and creditor protection.

Our financial advisers can answer any questions you may have as a potential investor. They will help you come up with a portfolio that will . best suit your investment needs.

Life insurance is not a simple product. Although Term insurance and Permanent insurance are the two major areas of life insurance. The options within these categories are vast, term insurance is used to address temporary concerns and buys protection for a certain period of time. Permanent insurance is usually used to address more permanent concerns i.e., income for survivors, real estate, RRSPs at death.

It is really helpful to have the analysis of your personal situation every few years to determine if the life insurance you have is really right for you. Along with options, the cost varience in these products is huge. Where someone could be paying $150 a month for one kind, they could also potentially find something else for $30 a month (or less – depending on age). The difference is all in the type of plan and product.

It’s time to stop paying for things you don’t need and really assess what the best value for your dollar is.

At every stage of life and every age group, people have different needs,check out what your options are, you may be surprised.