Life and Health Insurance for Pharmacists

Life and Health Insurance for Pharmacists

The profession of a pharmacist is considered to be an extremely important one in field of health care and medicine. Pharmacists acquire, through education and experience, the ability to add value in our lives. These professionals could either be employees of large companies or could be self-employed. Hence, like several other professionals, there is a need for them to be acquiring life and health insurance.  There is a strong possibility that these professionals are covered through their group benefits , either from their employer or as being members of a professional organisation. However, a personally owned life insurance or health insurance is a way to protect through plans that could be customised to suit their needs.

They could take life insurance as a permanent or a term policy. They could also take a combination of permanent and term insurance.

Term Life Insurance is an extremely cost effective way to insurance yourself when your temporary ( or time bound) needs for insurance are high. During the years when we are raising our kids, have big loans to pay and also building our assets, term insurance could be a great fit.The cost of insurance ( or the premiums) are constant for the duration of the term. Policies are renewable and convertible.

Permanent Life Insurance is essentially a coverage that is lifelong. It runs through our life assuring a payout upon death. The cost of insurance can be level or YRT and the payout is tax free. Its main purpose is :

  • To protect family or business from financial hardship whenever death was to occur,
  • Insure children,
  • Inter-generational wealth transfer or sharing,
  • Provide for debt and tax repayment on death,
  • Enhance and protect estate
  • Fund charitable giving

Universal Life Insurance is one of the best things that could happen in the world of Life Insurance. UL policy is when a permanent life insurance is merged with the possibility to have several investment options.

Your policy provides a lifelong coverage and at the same time you can save money within the policy to create tax-sheltered savings.

So, for example, you take a UL policy with a face amount ( a death benefit) of $200,000.00… and lets say that its monthly level cost of insurance is $100.00 per month ( also called minimum premium). That premium would remain the same in the entirety of the policy. However if you choose to put $50.00 per month extra over and above the premium, that would be saved separately within your policy.

You could choose from a variety of funds and have that sum invested in a portfolio. The growth within a UL policy of those funds is tax sheltered. There are several options how that cash savings could be touched by you…however upon death those savings are are rolled over into your face amount and go to your beneficiary as a Tax- Free benefit.

…So lets say that your $50.00 that you put aside grow to become $20,000.00 upon death. The amount received by your beneficiary is $220,000.00 ( IE. $200,000 as face amount + $20,000.00 as cash values).

UL Policy ….an excellent way to build wealth that could actually become tax-free for your family. There are several options that could be customised for an individual.

Combining your term and permanent insurance: both are important.   People often wonder what is better, Term or Permanent Insurance. Both have their advantages and disadvantages. However, both have a significant role in our world of protecting our family, assets, incomes, family etc etc. Therefore, it could be a good idea to take a combination of Term and Permanent Insurance. It can be bought together in one policy , thus there could be some savings on policy fees and in premiums. It is a Think Smart approach to buying Life Insurance. ( Read More and watch a video)

 

Disability Insurance: Its importance and significance

  • For someone under 65, there is 60% more likelihood to become disabled than to die without any ailment.
  • The second leading cause of bankruptcy in Canada, behind over extension of credit, is a disability of some kind. An injury or an illness leads to a disability which generally creates an inability to work in your regular occupation. This could lead to serious financial problems like a reduction in income, liquidation of assets and further bankruptcies.
  • Despite these serious implications, most Canadians either do not have Disability Insurance, or they have something but are not sure how it works or the coverage is not adequate as it might not be regularly reviewed.
  • There could be some disability Insurance from your work, but usually people do not know how it works and it could only be valid till the time you are employed with that employer. Most group disability plans have limitations regarding the amount of benefit being a low percentage of income, the period of benefit could be inadequate…… ( Read More about different definitions of Disability)

 

Critical Illness Insurance, Part-1.

Get paid after 30 days from being diagnosed of one out of almost 25 different but really common critical illnesses. Donot have to worry about money when you are ill. Focus solely on your recovery and then tell tales of your recovery…

 As established insurance brokers, we could help you with detailed understanding of the several insurance products from all major insurance companies in Canada. Please free to contact me at aman@yourinsuranceguy.ca or at 1 416 509 2540. Please visit me for a no obligation quote or advice.

 

Prepared by:  Aman Kapur

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