Life/ Group / Living Benefits
Life
Life insurance is a tool that you can use to help protect your family and loved ones against a financial hardship in the event of your death. Families buy life insurance to help the surviving spouse and children get through a very difficult time. When an adult passes away unexpectedly, life insurance can make sure that the family will be all right. Although it is less common now than in the passed, parents or grandparents sometimes start an insurance plan for children to ensure that they will always have some coverage and to provide an asset for them when they get old enough to be responsible for it.
Individuals also buy life insurance to take care of debts, final expenses and to preserve the value of their wealth and estate, so that it can be passed along to the people that they want to enjoy it when they are gone. Individuals also buy life insurance to create a positive legacy by using it to make a significant donation to a trust or charity in their name.
Many people aren’t sure if they need life insurance, what kind they should purchase, how much coverage they will need and how long they will need the coverage to be in place.
There are many types of life insurance, however, they can be categorized into three main groups: Term Life Insurance; Permanent Life Insurance; Universal Life Insurance.
Term Insurance

Term Insurance is usually used to cover debts and obligations that have a foreseeable time limit, such as loans, mortgages and family responsibilities. This type of policy has a level benefit in the event of a death of either an individual or one of the people insured, such as a husband and a wife or partners. These policies also have a predetermined age when the coverage will cease. If you choose, you may also be able to convert your term insurance coverage into a permanent insurance policy without having to prove that you are insurable.
If your obligation is for a short period of time, ten years or less, you may chose a term insurance policy that has a premium based on ten year increments. If however, your need will be for a longer amount of time, there are term insurance policies that are based on twenty or thirty years increments. There are also policies that will remain in force until you reach a specific age, such as To Age 65, 70, 75, 80 or even To Age 100 plans.
Permanent Insurance
When people and families anticipate an insurance requirement that will last for a longer period of time than term insurance can accommodate, permanent insurance can complete this need.
There are scores of different types of permanent insurance to suit your specific needs. It may be necessary to take such a policy to cover long term debts like: estate taxes; funeral costs; a surviving spouse; a dependent handicapped child; or to create a legacy for your children, grandchildren, charity or your favourite cause.
Since these policies have a level premium and certain policies will even increase their coverage and even might be able to self fund the premiums (either with guaranteed or non guaranteed contracts), there are a safe and predictable instrument to meet certain needs.

Universal Life

Typically, the insurance company that you purchased the coverage from is responsible for al of the investment choices and administration of the policy. As long as you keep paying your premium, the coverage will remain in force. However, for some people, their insurance needs and abilities may be a little bit different. They may find more use out of a Universal Life Insurance policy.
This type of life insurance provides the owner(s) of the policy a lot more flexibility in the type and amount of the life insurance coverage, the cost of the insurance, the amount of the premiums that they have to pay and the type of investments that they use within the policy.
Before you decide on what type of insurance that you need, it is very important to talk to an experienced licensed professional who has your best interests at heart when they help you to analyze the amount of insurance coverage that you need and the best ways to cover these needs.

Group Insurance
Some of our Popular Products and Services Include:
• Group Health and Dental Plans
• Group Retirement Plans
• Health and Wellness Plans
• Employee Assistance Plans
• Pension Plans
• Deferred Profit Sharing Plans
• Supplemental Executive Retirement Plans

• Key Person Life & Disability Insurance
• Partner Buy-Sell Insurance
• Disability Income Plans
• Business Continuation Insurance
• Business Overhead Insurance
• Intergenerational Business Transfers
• Business Deposit Accounts (Canadian and American Funds)
Focus on Group Benefits and Group Retirement Savings Plans:
Selecting an Employee Benefits or a Group Retirement Savings Plan Broker requires careful consideration. A well thought out decision promises hassle-free plan administration, cost-effective coverage, fair renewals and happy employees…all key contributors towards the success of a business, whether it is large, medium or small.

Your decision to select a broker will undoubtedly be based on a number of key factors including:

• History and Reputation – Does that brokerage and representative have the necessary experience and business structures to meet the goals of your business and the needs of the employees? Will they be able to provide accurate advice to you about the plan you are choosing?

• Product – Does the broker have the experience and knowledge to provide you with all of the products and advice that are necessary to meet your company’s needs?

• Service – Does the brokerage have the ability to respond to all of your questions and needs within a timely manner? Can they help you chose the best plan design with respect to the necessary features and keep the pricing reasonable?

• Price – Will the broker be able to make sure that you are receiving the best product for your needs and the most reasonable price? Are they able to monitor your plan on a regular basis, meet with you and provide you with timely advice? Can they successfully negotiate with the insurance carrier in the case of claims and for the annual renewal?

• Experience and Knowledge – All of this leads up to the question, “Does Dale and Morrow Insurance and Financial Services have what it takes to help you to successfully manage your Group Benefits and Group Retirement Savings Plans?”

Our success speaks for itself. We would not have been able to get to where we are through poor service, and disappointed customers. Many companies were willing to give us a try and they have become long term, satisfied clients. We hope that you are also willing to take the same step.
Living Benefits
Many people are selfless when they are making plans for their families in case of their death. However, people sometimes forget to think about the needs of the family and themselves in the event that they suffer a serious illness or injury.
We all know of family and friends who have had a serious illness such as a heart attack, cancer, or a debilitating injury. Sometimes they are able to keep working during this time, or they can return to work after a short period of time. However, there are many Canadians who can never return to work because of the illness or injury, or would have had a better and easier recovery if they were covered for such an event.
Living Benefits such as Critical Illness and Disability Income Insurance can offer you and your family protection in the event of a covered illness or injury.
Critical Illness Insurance

Critical Illness Insurance has been available in Canada for about ten years now. People and families have found it a valuable insurance policy to protect themselves in case they suffer one of the listed critical illnesses. They use the benefit to pay off debts, to use it for their regular monthly expenses and to cover the unexpected expenses that occur when someone suffers from a serious illness like cancer, a stroke or a heart attack. It is also important to know that this coverage is not necessarily based on your income, so it can offer protection to stay-at-home parents, students, and people with irregular income.
Everyone’s needs and abilities are different when it comes to Critical Illness Insurance. There are also many different types and amounts of coverage available to protect you in case of a critical illnesses. Policies can differ in the illnesses that are covered, how they define and determine if you have a covered critical illness, and the length of time that you want the coverage to last.
If you are interested in knowing more about Critical Illness Insurance, it is very important to talk to an experienced, licensed professional who has your best interests at heart when they help you to analyze the type of coverage that you want and the amount of insurance coverage that you require.

Disability Insurance

Many people have workplace illness and injury protection. As well, numerous employees also have a group Long Term Disability Insurance plan. However, there are many Canadians who are either self-employed, or are not offered this protection from their employment. In addition, those who are protected often do not know the details of their coverage until they need it, and by then it is too late for them to purchase adequate coverage.
A personal disability plan can protect a self-employed person, an employee who does not have enough coverage based on all sources of insurable income, or those people who want to extend their coverage beyond the typical two year “own” or “regular” occupation limit of their group insurance plan.
There are many factors that go into an offer from an insurance company for disability income protection. Insurance companies look at: your age; you health; your insurable earnings; non-earned income (i.e. investment income, rental income etc); your occupation; and, your lifestyle. Some companies are flexible in their offers of coverage if you do not meet all of their criteria, such as past injuries and lifestyle habits. Because of these factors, it is very important that you consult with an experienced licensed professional who has your best interests at heart when they help you to analyze the amount of insurance coverage that you need and the best ways to cover these needs.

For more details, contact us today