As life changes, insurance needs can change too. Life insurance is a way to help ensure that your family’s financial future will be protected. We offer different types of life insurance and we can help you find the solution that’s right for you.
We offer products that provide tax-free benefits which can help:
- Replace your income to maintain your family’s standard of living.
- Secure your dependent’s future by covering education and other needs.
- Cover your home expenses and debts.
- Pay for final expenses and funeral costs.
Term Life Insurance
Term life insurance provides you with coverage for a set number of years and is typically one of the most cost effective options. Your premiums are initially lower as you are only covered for the term you choose and some products require you to answer health questions to qualify.
Term insurance can be good if you are just starting out, are expanding your family or if you just took on a lot of debt like a mortgage.
Permanent Life Insurance
Permanent life insurance provides you with coverage for life, and depending on the product, your premiums may never increase as you age. Permanent insurance can be a good solution if you simply want the peace of mind that you will always be covered, or you do not have life insurance but want final
expenses to be covered.
Find the life insurance option that’s right for you by contacting Sagewise today.
Many families worry about how a loved one with a disability will be cared for in future years. Thanks to the Registered Disability Savings Plan (RDSP) and generous federal grants and bonds, now it is easier for people with disabilities to save for their long-term financial security.
Why RDSPs are the best way to save:
- Anyone can contribute to an RDSP with the written consent of the account holder.
- The total lifetime contribution for each beneficiary is $200,000, with no annual contribution limits.
- Contributions can be matched, based on family net income, with up to $3,500 a year in Canada Disability Savings Grants and up to $1,000 a year in Canada Disability Savings Bonds.
- The money you contribute grows tax free.
- Savings and withdrawals do not affect federal and provincial income-tested benefits.
- Carry forward on CDSG and CDSB is available back 10 years or to date of diagnosis. Since RDSP was launched in 2008 carry forward can go back to then. Maximum grant someone can receive in a year is $10,500 and maximum bond is $11,000.
An example of how your money can grow:
Jack, whose family net income is less than $26,364 a year, opens an RDSP at age 19 and contributes $1,500 a year until he is age 49, investing the money in a balanced mutual fund that returns 5.5% annually.
Even though his annual contributions only total $46,500 ($1,500 x 31 years), when those contributions are combined with Canada Disability Savings Grants and Canada Disability Savings Bonds, by age 50 Jack will have accumulated $398,891.
Whether you’re self-employed, between jobs or retired, there is a perfect health care package of benefits available for you and your family. With the ongoing changes to provincial health care plans, it is important to ensure you have affordable protection against unexpected medical expenses.
Supplement your provincial health plan
Individual health plans are uniquely designed to provide services that supplement the province’s government health plan. They offer an excellent range of supplementary health and dental benefits, including prescription drug, vision and hospital.
And did you know that the premiums for your individual health plan are eligible medical expenses under the Canadian Federal Income Tax Act?
What’s NOT normally covered by your provincial plan?
- Prescription drugs
- Glasses and contact lenses
- Registered massage therapy
- Homecare and nursing
- Dental care
- Hearing aids
- And much more
Please contact Sagewise today to explore your options.