In many cases, you may be unaware of what you are paying for and what the coverage entails. The devil is always in the details. Sometimes insurance policies overlap or the product is no longer suitable for your current needs. Other times, your health status may have changed which can have a positive or an adverse effect on the premiums you pay. Understanding the policy contract allows us to utilize the options within it to potentially enhance your coverage. The critical elements of an insurance audit are: Identifying your risk by conducting a Capital Needs Analysis Defining what your present policies do &…

Life insurance provides a lump-sum tax-free payment to the named beneficiary when the insured dies for as long as the contract in effect. There are two types of life insurance that are available to protect your family in case of death. They are term life insurance and permanent life insurance. Each type has its distinct features designed to meet different needs. Term Insurance Term life insurance is most cases the least expensive form of life insurance that protects an individual over a pre-defined period. Offers temporary Protection Different periods available Fixed payments for chosen period Offers ability to purchase large amounts of coverage at relatively low cost Automatically…

No Medical Exam insurance is a simplified insurance application process that provides Term Life, Permanent Life, Critical Illness, and Disability Insurance. This process offers affordable insurance in an easy and accessible way to clients that may be hard to insure. Simple application process Ideal for those who may find difficulties getting insurance due to pre-existing conditions Affordable coverage No medical exams or doctor’s reports required Proof income not required No-Medical Exam Insurance can be used in following instances: To get insurance without undergoing medical exams To offer protection to those who may have been denied insurance or offered insurance with increased premiums due pre-existing conditions To build an immediate cost-effective…

Often times when we refer to insurance we think of life insurance which is a benefit that is paid out as a result of death. We seldom think of the financial repercussions of a life changing event caused by an accident, an injury, a sickness or a life-threatening disease that occurs during our lifetime. Living Benefits coverage allows the insured to be protected in these instances to avoid potential financial hardship. There are 3 types of Living Benefits: Critical Illness Insurance Disability Insurance Long Term Care Insurance Critical illness Insurance Critical Illness Insurance provides a lump-sum tax-free payment to the insured during their lifetime in the event…

HEALTH & DENTAL INSURANCE Health & Dental Insurance provides a tax-free benefit reimbursement for medical expenses that provincial health care plans don’t cover. These include: Prescription Drugs Dental (minor and major) Hospital Vision Paramedical Services (such as Chiropractor, Massage Therapist, etc) Medical Equipment Ambulance Services And more Different levels of coverage available Guaranteed issue plans are available for those who have pre-existing conditions Available for individuals, couple and families Health & Dental Insurance can be used in the following instances: When Self-Employed and not eligible for group benefits When no longer covered by group benefits because of retirement or job change To supplement existing group benefit coverage Travel Insurance Travel Insurance is offered to Canadians who travel abroad and…

Creditor Insurance is an insurance contract that allows for the repayment of a loan in the event that the insured is unable to pay due to a long-term disability, a critical illness or an untimely death. Life Creditor insurance is available in different term duration and coverage can be level or decreasing Disability Creditor insurance will cover the loan payment amount outstanding at time of claim Critical Illness Creditor insurance is available in different term duration Creditor Insurance can be used in the following instances: To repay a mortgage To repay a personal loan To repay a line of credit To learn more about these products, Contact Us.…

Group Health Benefits Group Benefits are provided by employers and associations to assist their employees cover the costs of medical/health expenses that the provincial health plans may not pay for. May include group life, disability, critical illness coverage Tax-effective way to compensate employees Helps with employee retention Allows employees to get coverage they would otherwise not have access to due to medical eligibility and/or cost Group Benefits can be used in the following instances: To attract and retain employees To learn more about these products, Contact Us. Group Savings Benefits A group RRSP plan is offered by employers or associations to help employees save for their retirement. Some employers…

Life Insurance companies provide a wide range of investments solutions that have unique and beneficial features to help build and preserve wealth. An investment portfolio can include Segregated Funds, Annuities and/or Banking Solutions. At Kelvin Chong & Associates, we conduct a Financial Needs Assessment to help us construct an investment portfolio that meets your needs. A Financial Needs Assessment is the process that allows us to determine your investment risk tolerance and financial goals. Once those are identified, we can then build your investment portfolio based on an investment strategy that is tailored for your financial needs. There are various types of accounts…