Life & Disabilty Insurance

Life and Disability Insurance for all Alberta residents

Most people know that life and disability insurance is extremely important. However, so many people are hesitant to discuss these matters because they can involve unpleasant scenarios. Yet, life is at best uncertain, and the only way you can prepare for the unexpected (that happens tomorrow) is to plan today. That is why it is so important to have the right kind of insurance. Take the case of Bill Z for an example.

Bill was a hard working man, 33 years old with a wife and 2 kids under the age of 12. Bill had a fairly new car, an older pickup truck, and a house worth about $185,000, with 125,000 owed on the mortgage. He recently learned that his wife Helen, was pregnant. Bill knew he needed to update his disability and life coverage in order to properly provide for his growing family but he was not sure what to do, and what type of insurance was best for him.

Bill recently changed his homeowners and auto insurance over to a local broker. He loved the service and decided to talk to his broker about insuring his life. Bill’s broker was also an experienced financial advisor and together they went over all of Bills current and future needs. The broker explained the different types of policies like term insurance and permanent insurance and showed Bill what kinds of disability policies were available.

Bill decided to take out a whole life policy for $750,000 and a disability policy that would pay his mortgage in case he became disabled. Plus, he opted for a separate disability policy that would pay him a monthly income should he be unable to work anymore, due to a covered illness or injury.

Fifteen years passed and Bill and Helen had 4 children. However, Bill recently developed a heart problem and had to be off work for some time after a successful surgery. While Bill was off work, he received income to replace the money he lost, from his disability insurance. In addition, Bills whole life policy was still in force and it was a good thing, because he would have a hard time getting a new policy due to his current medical condition. Bill was so thankful that he had the foresight to take out insurance when he was healthy.

What is Life, Disability or Critical Illness insurance Coverage?

Life coverage pays a Death benefit in the event of the death of the insured within the term of the policy. A Disability (also called Accident and sickness) policy will pay you a monthly income while you are unable to work and a Critical illness will pay a lump sum in the even of a critical illness of the insured, should you become totally and permanently disabled.

Who Needs Life, Accident and Sickness or Critical illness?

If you have a family depending on you, you can insure their financial future by taking out insurance now. It will pay your family if something happened that prevented you from supporting them.

This insurance is also available for businesses. For example, business partners may want to insure their lives and a corporation may wish to insure the lives of their Key persons.

How Much Life Insurance Do I Need?

Most people are unaware just how much insurance they should take out and greatly underestimate their own value. this is something that should be discussed with a licensed life insurance representative as each individual and family is different.

Life Coverage Options

There are two basic types of coverage permanent and Term insurance is pure insurance for a set term or amount of time. This should also be discussed with a Licensed Life Insurance professional as there are specific needs and requirements for both types of coverage.

What about Disability Insurance?

You may want to have a disability policy to cover all your debts. You also can have one to replace lost income. Temporary and permanent disability issues can be addressed too.

How Much Life and Disability Insurance Should I Buy?

The best way to determine your needs for life and disability coverage is to see a financial professional. A M Luken Insurance & Financial Services Inc has people with years of experience in the insurance and financial business. We are affiliated with many top insurance companies so we can find you the best policies, and the most affordable premiums for disability and life insurance. In addition, our trained financial experts are there to help you assess all of your insurance needs for today and the future.

What would happen if you were no longer around? There is great peace of mind in knowing your family is taken care of. Contact A M Luken Insurance & Financial Services by phone at 403-225-5996 about your life or disability insurance needs. Together we will help you plan a financially sound future for you and your family.