• Insurance Audit
  • Life Insurance
  • No-Medical Exam & Simplified Issue Insurance
  • Living Benefits
  • Health & Dental Insurance/Travel Insurance
  • Creditor Insurance
  • GROUP BENEFITS
  • Investing & Saving
Critical Illness Insurance Gatineau

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 & do not cover.
  • Identifying potential savings.
  • Making appropriate recommendations & implementation.

To find out more about how to arrange an insurance audit or if you have questions simply give us a call.

Capital Needs Analysis

Capital needs analysis is the process of determining the risk and the potential cost associated with a premature death or a life changing event that has an impact on your health or financial wellbeing.

When we refer to capital, we are referring to money.

Capital Needs Analysis is an integral part of Financial Planning, Estate Planning and Business Succession Planning.

Often times, when a financial, estate or business succession plan is being completed the funding solution and the urgency of the need for the immediate required capital is overlooked or underestimated.

These are the common solutions most people think of when they need to address the immediate need for cash:

  • Use of available liquid assets/savings
    • May result in a potential significant reduction or even depletion of the estate
    • May result in a pushing the estate into a higher tax bracket due to deregistration of RRSPs, RRIFs, LIRAs and/or LIFs
  • Sale of fixed assets
    • May force fire sale of assets which will render a much lower value than their real worth
    • May force sale of assets you otherwise wanted to bequeath to a loved one or a charity
  • Borrowing
    • May or may not be a possibility depending on ability to get credit
    • Cost of borrowing may prove to be prohibitive

A cost effective and efficient answer to any of these situations can be the use of an Insurance based solution.

Insurance based solutions are often overlooked and misunderstood as an effective means of providing immediate capital when needed most.

To learn more about Capital Needs Analysis and how it may fit your situation Contact Us.

Mortgage Disability Insurance Ottawa

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 renews without medical evidence
    • Convertible to permanent insurance without medical evidence

    Term Insurance can be used in the following instances:

    • To replace lost income in the event of premature death
    • To cover debt
    • To fund a buy/sell agreement for business owners
  • Permanent Insurance

    Permanent Life insurance provides protection for your lifetime and typically the premiums are guaranteed for life. This is why the cost is relatively higher than the ones found in Term insurance products.

    There are various types of Permanent life insurance: Non-Participating Whole Life, Participating Whole and Universal Life. Depending on the product, a portion of the premiums can go towards building up a cash value. This cash value can be used in later years to pay the policy, provide a loan or be paid out as an additional part of the life insurance benefit.

    • Offers permanent lifetime coverage
    • Premiums guaranteed for life
    • Flexible premium payment period
    • Some contracts will offer cash values

    Permanent Insurance can be used in the following instances:

    • To cover last expenses and funeral costs
    • To cover potential capital gains taxes
    • To build wealth
    • To supplement retirement income
    • To fund a buy/sell agreement for business owners

    To learn more about these products, Contact Us.

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.

Disability Insurance Ottawa
  • 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 estate

To learn more about these products, Contact Us.

Mortgage Life Insurance Ottawa

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 they are diagnosed with a critical medical condition. The main conditions consist of Heart attack, Stroke and Life-threatening Cancer.

    • Choice of Basic coverage (3 conditions) or Enhanced coverage (25 conditions)
    • Available in Term and Permanent coverage
    • Available to adults and children
    • Early detection benefit may be included in certain contracts
    • Additional options can be added, such as Return of Premium

    Critical Illness Insurance can be used in the following instances:

    • To help pay for medical expenses
    • To cover debt
    • To replace lost income
    • To protect retirement assets and other savings
    • To fund a buy/sell agreement for business owners

    To learn more about these products, Contact Us.

  • Disability Insurance

    Protect your most valuable asset: protect your ability to earn an income

    Disability Insurance provides a monthly tax-free benefit payment to the insured to replace a portion of their income in the event they stopped working due to sickness, injury or accident.

    • Plans available for Employed, Self-Employed and Business Owners
    • Monthly benefit payments can replace up to 90% of your income
    • Plans can be customized to personal needs and budget
    • Plans can be set up to offset/supplement employer’s group benefit plan

    Disability Insurance can be used in the following instances:

    • To replace portion of income
    • To supplement existing group plan
    • To cover fixed business overhead expenses
    • To protect retirement savings
    • To fund a buy/sell agreement for business owners

    To learn more about these products, Contact Us.

  • Long Term Care Insurance

    Long Term Care Insurance provides a monthly tax-free benefit/reimbursement in the event of losing independence as a result of being unable to perform 2 out of the 6 activities daily of living. These daily activities consist of: Bathing, Dressing, Eating, Maintaining Continence, Toileting and Transferring.

    Long term care isn't just for seniors. You may become unable to care for yourself for 90 days or more at any point in your life. Long term care insurance can cover some of the costs of a care facility or a caregiver in your own home following an accident or illness.

    • Allows the option of staying at home and pay for additional expenses as a result
    • Allows for the option to pay for a portion of expenses incurred when admitted to a long term care facility
    • Available to individuals age 30 and over
    • Plans can be customized to personal needs and budget

    Long Term Care Insurance can be used in the following instances:

    • To protect retirement assets and other savings
    • To take the financial burden away from a loved one who wishes to become the primary caregiver of the insured

    To learn more about these products, Contact Us.

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Term Insurance Gatineau
Term Insurance Gatineau
  • 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 to foreigners who visit Canada. It provides protection against unexpected costs that are incurred due to a Medical Emergency, whether it be minor such as a discomfort that requires a visit to a doctor or a more serious situation such as being hospitalized.

    Travel Insurance also offers protection for situations such as Cancellation or Trip Interruption, lost Baggage and Flight Accident.

    • Travel Insurance (single trip or annual plan)
    • Visitor to Canada Insurance
    • Super Visa Insurance
    • International Student Insurance

    Travel Insurance be used in the following instances:

    • Travel within Canada and internationally and suffering an accident or a sickness that requires medical attention
    • A parent applying for a Super Visa to visit their family in Canada

    To learn more about these products, Contact Us.

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.

Mortgage Disability Insurance Ottawa
  • 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.

Permanent Insurance

  • 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 may offer to match a portion of the employee’s contribution. It is a great way to help employees save for the future while deferring some of their taxes.

    • Wide range of investment options available
    • Typical percentage of contributions ranges between 3% to 10% of employee’s pay.
    • The employee chooses contribution percentage.

    To learn more about these products, Contact Us.

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.

Mortgage Life Insurance Ottawa

There are various types of accounts that can be opened with a Life insurance company. These include:

  • High interest chequing/savings account
  • Open Account (Non-registered)
  • Tax-Free Savings Account (TFSA)
  • Registered Retirement Saving Plan (RRSP)
  • Registered Retirement Income Fund (RRIF)
  • Locked-In Registered Account (LIRA)
  • Life Income Fund (LIF)
  • Registered Education Savings Plan (RESP)
  • Segregated Funds

    Segregated funds are investment funds offered by Life insurance companies. They consist of a pool of investments of securities such as bonds, debentures and stocks that are managed by Fund Managers according to their mandate. Each Segregated Fund mandate will follow specific risk tolerance ranging from conservative to moderate to aggressive.

    Unlike other investments available in the marketplace, Segregated Funds have unique features that provide guarantees to preserve capital, provide a lifetime income and can create a cost effective and efficient way to pass on wealth.

    These Features Include:

    • Maturity & Death guarantees
    • Potential Creditor Protection
    • Probate Protection (except in RESP accounts)
    • Reset Option

    To learn more about Segregated Funds and their unique features, Contact Us.

  • Annuities

    The basis of an annuity contract is the deposit of registered/non-registered monies with a life insurance company which in turn provides the investor with a guaranteed income for a predetermined period or for life.

    There are various types of annuities available. These include:

    Life Annuity SUB-TOPIC OF TOPIC 8

    A life annuity provides you with a guaranteed lifetime income.

    • The insurance company is responsible for managing how the money is invested
    • The contract is non-reversible
    • The contract does not allow for access to the invested capital
    • Provides the highest guaranteed income payments for life
    • Guaranteed income payments for as long as you live
    • no risk of outliving your income
    • additional joint and survivor option to transfer payments to your spouse/partner

    To learn more about these products, Contact Us.

  • Life Annuity

    A life annuity provides you with a guaranteed lifetime income.

    • The insurance company is responsible for managing how the money is invested
    • The contract is non-reversible
    • The contract does not allow for access to the invested capital
    • Provides the highest guaranteed income payments for life
    • Guaranteed income payments for as long as you live
    • No risk of outliving your income
    • Additional joint and survivor option to transfer payments to your spouse/partner
    • Additional options to provide money to your beneficiary or estate when you die
    • You may pass away before receiving all of your money back
    • Adding extra options usually means a lower regular payment (such as providing payments to your spouse when you die)

    To learn more about these products, Contact Us.

  • Term-Certain Annuity

    A term-certain annuity provides guaranteed income payment for a fixed period of time.

    • The insurance company is responsible for managing how the money is invested
    • The contract is non-reversible
    • The contract does not allow for access to the invested capital
    • Guaranteed income for a set period of time
    • Your beneficiary or estate will receive any remaining benefit if you die before the end of the term period
    • You may outlive the term chosen of your Term-Certain annuity

    To learn more about these products, Contact Us.

  • Guaranteed Income for Life

    Guaranteed Income for Life is a type of variable annuity that provides a guaranteed lifetime income with the option of having access to the money invested, if needed. It also offers the possibility of having your guaranteed income increase based on the market performance of the investments selected.

    • The investor is responsible for managing how the money is invested
    • The contract offers liquidity, if needed
    • Allows for additional deposits
    • Offers potential of increasing the guaranteed income payments based on performance of investments selected
    • Additional joint/survivor option available
    • No risk of outliving your income
    • Protects the guaranteed income regardless of possible market downturn
    • Wide selection of investment choices available

    To learn more about these products, Contact Us.

  • Banking Solutions

    Kelvin Chong & Associates offers many Banking solutions though Manulife Bank such as:

    • Personal High Interest cheque/savings accounts
    • Business High Interest cheque/savings accounts
    • Credit Cards
    • Lending solutions
    • And more

    To learn more about these products, Contact Us.

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