The Need for Disability Insurance

When we think of our most valuable asset, I suppose our house comes to mind first, and then our vehicles. We would not go to sleep at night knowing our fire insurance was not paid for or drive on the road before insuring our brand new car.
But our most valuable asset is the very thing that pays for everything else – our ability to work. Yet too many people ignore the most important insurance we should own – long term disability insurance.

Consider that one in three people will be disabled for 90 days or longer at least once before age 65 and the average length of a disability that lasts over 90 days is 2.9 years.

Could you afford to take a holiday for three years without a pay check?
If you are one of the lucky ones that has disability insurance through your group plan at work you might be alright, but if not, or you are self-employed, it is time to think about insuring your most valued asset. And P.S., don’t rely on your ‘work safe’ insurance policy as your long term disability insurance plan; remember it only pays for accidents at work, leaving you uninsured for sickness and accident off the job. It’s like having fire insurance on your home that only pays if it burns down on a Sunday.

When considering long term disability insurance for yourself, there are several things to keep in mind and the price you pay will be dependent on several things. I will go through some of the most important aspects on purchasing disability insurance to help you familiarize yourself with the details.

First is-- how much do I need?
Consider all of your monthly expenses: mortgage, food, rent, utilities, loans, auto expenses, other insurance premiums, clothing, etc. You are allowed approximately 66% or your taxable income as a maximum benefit, but anything under that is your choice.

Second is-- how long does it pay?
You can purchase a plan that has a benefit period of two years, 5 years, 10 years, or to age 65. So the choice as to how long the money lasts is up to you.

Third is-- how long do I wait?
This means if you get sick tomorrow, how long do you wait before you receive your first cheque – 30 days, 60 days, 90 days or longer?

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Marine Insurance Victoria BC

Marine Insurance in Victoria BC covers the loss or damage of ships, cargo, terminals, and any transport or cargo by which property is transferred, acquired or held between the points of origin and final destination

A marine policy typically covered only three-quarter of the insured's liabilities towards third parties. The typical liabilities arise in respect of collision with another ship, known as "running down" (collision with a fixed object is a "harbour"), and wreck removal (a wreck may serve to block a harbour, for example).

The Marine Insurance Act includes, as a schedule, a standard policy (known as the "SG form"), which parties were at liberty to use if they wished. Because each term in the policy had been tested through at least two centuries of judicial precedent, the policy was extremely thorough.

Actual Total Loss and Constructive Total Loss

 

These two terms are used to differentiate the degree of proof where a vessel or cargo has been lost. An actual total loss occurs where the damages or cost of repair clearly equal or exceed the value of the property. A constructive total loss is a situation where the cost of repairs plus the cost of salvage equal or exceed the value.

The use of these terms is contingent on there being property remaining to assess damages, which is not always possible in losses to ships at sea or in total theft situations. In this respect, marine insurance differs from non-marine insurance, where the insured is required to prove his loss. Traditionally, in law, marine insurance was seen as an insurance of "the adventure", with insurers having a stake and an interest in the vessel and/or the cargo rather than simply an interest in the financial consequences of the subject-matter's survival.

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Long Term Care Insurance Victoria, BC

Long Term Care Insurance protects the insured against care costs that arise when they can no longer 
care for themselves. These contracts can provide a daily benefit ($10-$300) to cover care-costs incurred
in the Insured's home or in a government or private facility.

Long Term Care insurance pays out only when the insured requires care which is judged based on their 
inability to perform a predetermined number of activities of daily living (i.e transferring, bathing, eating etc) 
Most contracts will pay if care is required due to either physical or cognitive impairment. The daily benefit 
is paid out after a predetermined elimination period and is payable for a predetermined length of time 
called a benefit period (1 year, 2 years or lifetime).

Get insured by Long Term Care Insurance which protect against care cost that arise when they can no longer care for themselves. Get expert advice to guide you Call now (250) 592-4887 or click here for more information.

Home, Auto & Commercial Insurance Victoria BC

Home and personal possessions are the most cherished assets. The most important part of insurance coverage is property protection and make sure that you’ve properly invested in it to get the most out of it.

Find the best insurance brokers coverage for your valuable investment. We have specialized insurance coverage of best product at the best price to meet any need like commercial insurance, home insurance, condo insurance, tenant insurance, auto insurance, life insurance, disability insurance, or critical illness insurance.

For detail info visit http://www.discoveryinsurance.net/home_auto_insurance_victoria.php

Insurance Brokers Victoria: Financial Services

Insurance is cost effective way of financial protection against an untimely accident or death.

Discovery Insurance has been providing great insurance & financial services over 20 years.  We are an insurance broker selling of auto, commercial travel and home insurance. We also offer a full array of financial services including life & disability as well as deposit instruments (RRSP's, RESP's & TSFA's).

Our small business insurance package in which you can get all the coverage options and flexibility of a standard commercial insurance policy.

If you are looking for best insurance policies? then you are at the right place. Our specialist team helps you to take best insurance decisions. We maintain relationships with several insurance companies and able to meets all your requirements.

For detail info visit: discoveryinsurance.net

Life & Health: Term Insurance Plan

Term insurance is short term life insurance insurance plan. Term insurance is at first the most affordable cost life insurance security that you can buy for individuals, families or businesses. It is intended to protect a wide range of short-term insurance needs such as income replacement, loan-mortgage-debt coverage, buy sell, & key person etc. Common premium structures for term products increase the amount of premium payable at the following intervals: 1, 5, 10, 15, 20, 30 years. Generally invested in term products are Term-10 and Term-20.  Term insurance is also offered with level pay periods and coverage periods of 65 and 75 years.  Term to age 100, or T-100 may sound as if it is a term insurance plan, is in fact a permanent insurance solution.  Term to 100 provides coverage at the same premium through to age 100, with no increase in price.
Read Original Source: http://www.discoveryinsurance.net/term_insurance.php

Tax corner-Pension income dividing

At first glance, it would appear that spousal Registered Retirement Saving plans (spousal RRSPs) are no loner required because the retirement living income dividing policies allow partners to divided their income in any case when their Registered Retirement Savings Plans (RRSPs) become Registered Retirement Income Funds (RRIFs). However, there are a several conditions in which spousal RRSPs can offer some benefits.

Income dividing at any age

Under the retirement living income dividing policies, you must be at lease age 65 to divided income and you must convert your RRSP into a RRIF. Regular RRSP withdrawals do not qualify for pension income splitting. However, with spousal RRSPs, you can divided income anytime that the attribution policies don’t apply. If a spousal contribution hasn’t been made in the current year or the two previous calendar years, any withdrawals from the RRSP will be taxed to your spouse. Read More