Elite Pacific Insurance & Investments

We wish you all a very Merry Christmas! Stay warm and stay safe! 🎄

Critical illness insurance serves as a financial safeguard similar to term life insurance. What sets it apart is that in the event of a critical diagnosis, the payout can be utilized to concentrate on recovery rather than financial concerns.

We typically advise initiating coverage with an amount equivalent to 3 to 6 months of your post-tax income. Subsequently, you can tailor your coverage considering factors such as:

- Your budget
- The duration of income coverage you desire
- Any pre-existing critical illness coverage

But remember that each individual is different and will have different needs.

The simple answer is Yes.

While prices increase dramatically as they get older, seniors might not need as much coverage as someone younger. Which means premiums may be lower than what you initially may have expected.

Because the risk of insuring someone older like our retired parents is much higher, chances are they'll have to complete a medical exam when applying for term life insurance.

If you have any questions, DM us!

2024 is around the corner. Have you reviewed your life insurance plans? It's always recommended to review your life insurance regularly as our financial needs may change over time. Make sure you're financially protected.

Did you know? – Approximately 60% of men have life insurance, compared to fewer than 20% of women. The ownership of life insurance among women has been decreasing consistently for the past five years.

Since you're in the shopping spirit already... might as well shop for Life Insurance too! 🙂

Life insurance is not just for the elderly; it's for anyone who has dependents or financial responsibilities. In fact, purchasing life insurance when you're younger and healthier often results in lower premiums. Life insurance is a crucial financial tool to protect your loved ones and secure their future, regardless of age.

Living in the moment, but also thinking ahead!

Friday Facts – 44% of Canadians don't have life insurance! 😲

With the security of life insurance, you're free to savour life's joys and adventures to the fullest. Enjoy the journey with peace of mind – Enjoy Life!

Periodically reassessing your needs can be a valuable exercise in personal and professional development, helping you make sure you're on the right track and making the most of your resources.

Trick or treat, smell my feet, give me something good to eat!

This is something that many people overlook. We insure our cars, jewelry, house but what about our ability to make a living? Our paycheque is what allows us to afford all living expenses and thus it's the most valuable asset one can have.

Life insurance helps your loved ones deal with the financial impact of your death. It provides them with a one-time, tax-free payment, called a death benefit. They may use the amount to: replace your income to allow your family to maintain their standard of living

Life insurance isn't just another expense; it's a vital investment in your family's security. When you choose a life insurance policy, you're not simply writing a check every month. You're making a conscious decision to protect and secure your family's financial future.

We know that talking about insurance can be overwhelming and difficult to understand. So that's why we take our time to explain things to our clients so they can fully understand what they need and what they are buying.

Today and every day, we're grateful for the opportunity to provide peace of mind and financial security to families like yours. Happy Thanksgiving from Elite Pacific!

Fun fact of the day. Are you above or below this average amount of life insurance protection?

Finding the best life insurance rates can be a challenge, but not with us. We have access to the most competitive and reliable life insurance companies in the market, and we can help you save money and time. Let us do the hard work for you, and enjoy the peace of mind that comes with having the best life insurance rates.

Calculating the right amount of life insurance coverage is crucial to ensure your loved ones are financially protected.

🔹 Assess Current Financial Obligations: Evaluate current financial responsibilities, including mortgages, loans, and credit card balances. Calculate your total debt to ensure it's covered in your policy.

🔹 Future Expenses: Consider future financial needs, such as education or major life events. Estimate costs and include them in your coverage to prepare for the years ahead.

🔹 Income Replacement: Determine the income your family would require to maintain their lifestyle if you're no longer there. Aim for 7-10 times your annual income, adjusting for your specific circumstances.

🔹 Final Expenses: Don't overlook funeral and burial costs, which can be substantial. Include all related expenses.

🔹 Emergency Funds: Set aside funds for unforeseen needs to reduce reliance on insurance.

🔹 Existing Savings and Investments: Account for savings, investments, and other income sources. Subtract them from your coverage needs to avoid over-insurance.

🔹 Inflation: Estimate future costs due to inflation for an accurate coverage amount.

🔹 Consult an Elite Pacific Advisor: Seek guidance from a financial advisor or insurance expert for personalized advice.

🔹 Review Your Coverage Periodically: Life changes; adjust your coverage after significant events like marriage, childbirth, or income changes.

🔹 Online Tools and Calculators: Online calculators can assist but consult professionals for a comprehensive assessment of your needs.

Protecting your loved ones even when you're gone. That's the power of life insurance.

Term vs. Permanent – It's important to know the difference so you can choose the write one that meets your needs.

Claiming a death benefit can be emotionally challenging, especially when dealing with the loss of a loved one. However, it's an important step to secure the financial future of the deceased's beneficiaries and fulfill the intended purpose of the life insurance policy. Take an early step by understanding the claims process, especially for those who are the beneficiaries.

We know insurance lingo might be confusing so let's explain it like this...

▪️ Term Life Insurance is like renting - provides coverage for a set period.
▪️ Permanent Life Insurance is like owning - lifelong protection with cash value.

Time for another fun fact! Did you know Canada's first-ever life insurance policy was issued in 1847 by the Canada Life Assurance Company. This marked the beginning of a legacy in safeguarding families futures in our country. 🇨🇦🔒

Cheers to hard work, dedication, and the pursuit of dreams! Wishing everyone a well-deserved and joyful Labour Day filled with relaxation – you deserve it!

It's important to proactively consider not only your future financial security but also that of your loved ones by investing in a life insurance plan. By concentrating on planning for the future, you can ensure the protection of your family's well-being, enabling them to move forward with confidence and peace of mind.

We are dedicated to exceeding expectations in assisting our clients by providing:
- Finding top rates for mortgage life & critical life insurance
- Access to top performing investment funds
- Plan for retirement
- Ongoing client service & advice

Missing a premium payment on your life insurance policy can lead to varied consequences, contingent on your policy's terms and the insurer. Generally, insurance companies grant a grace period, usually around 30 days, during which payment can be made without coverage loss. If paid within this period, your coverage is likely reinstated without harm. Failure to pay during the grace period might result in policy lapse or inactivity, leading to coverage cessation and ineligibility for benefits in unforeseen circumstances. Certain policies allow reinstatement post-grace period, potentially requiring payment of missed premiums, fees, and possibly medical assessments. Understanding your policy's terms, especially regarding missed payments, is crucial. In case of challenges, promptly contacting your insurer can aid in maintaining your coverage.