Welcome to Health and Life Insurance made Simple
The Castle Wealth Basics

To buy the right insurance for you, we only need to answer a few questions. 

  • What is the need?  Is it temporary or permanent? 
  • Who is it for? 
  • How much do I need? 
  • Do I care? – That’s right, we said that.  If you don’t care, don’t buy it.  Just be informed and know what you’re saying no too. 

Note that we left out cost? Remember – Insurance products are for disasters.  If you care then the priority for such products in your financial world should be right after food, clothing and shelter and right before long term investing, vacations and shiny toys!  Use a broker to get the most cost-effective solution on the market and accept that the cost is what it is.  Focus on becoming wealthier, not cutting corners on basic protections.

Ready to go through our needs analysis tool with one of our consultants?

Complete or needs analysis or Contact Us and we’ll be happy to complete the form with you.

Want more meat? Read on....

What’s it for? 

We’re going to start with what insurance is for and what it is not for.  Insurance products are designed to support you in the event of a disastrous event.  This holds true whether we’re talking about life insurance, home owners insurance or pet insurance.  Someone or something in your life needs to basically stop functioning before policy requirements will be met such that there is a payout. 

Insurance should not be purchased for inconveniences.  Things like car repair insurance on used vehicles and extended warranties often add up to significant costs relative to the benefit being provided. 

With this in mind let’s sum it up.  What is insurance for?  Insurance products exist to support us in the event of total or devastating loss. 

What kinds of coverage should be considered? 

Insurance is largely sold under two categories, Life & Health or Property & Casualty.  There is some overlap but by and large, life and health is about you and the other is about your stuff.  Castle Wealth’s focus is on you and empowering you to own the stuff you may want.  So let’s look at Life and Health insurance.

Life insurance 

  • Two kinds – temporary or term and permanent 
  • Term insurance is designed to cover large needs for a defined period of time in your life.
    • For instance, replacing the loss of one’s income due to passing while your children are young. 
    • Paying off a large debt like a mortgage
  • Permanent insurance will get it’s own video.  While some people may want to guarantee that they leave behind money for their loved one’s, this kind of product most typically fits tax planning strategies for estate preservation and excessive tax avoidance (or prepayment if you wish). 

Critical illness insurance 

  • In the last 20-30 years we as a society have started surviving the leading illnesses that afflict us, heart attack, cancer and stroke among many others.  Unfortunately these events can be financially devastating. 
    • Designed to provide cash lump sum in the event of diagnosis of some or our most prominent illnesses 
    • Typically pays 90 days after diagnosis
    • Used to cover deficits in income, travel for treatment, medications, home alterations, respite/support and more items that are not typically considered or covered under a provincial health plan 
  • Again this kind of insurance can be set up as temporary or permanent.   

Disability insurance

  • Replaces lost income in the event of illness or injury, rendering us partially or completely unable to work. 
    • Based on income and profession 
    • Can be extremely expensive as this is by far the most common threat
    • People tend to view this coverage in terms of monthly benefit; 
      • “I’m buying a policy to replace $3000 per month of income.” 
      • Insurance company view – $3000 per month, times 12 months, times 30 years….  Total risk to insurer = $1,080,000 
      • You feel you’re buying a $3000 benefit, but the insurance company sees a million dollar risk. 
  • Most of us depend on a group insurance plan for this coverage.  How these plans integrate with each other and government benefits such as workers compensation benefits is somewhat complex.
  • Should not be confused with debt/payment waivers.  Not making a payment is not the same as receiving income paid directly to you, though both tools can be used to mitigate costs. 

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Your Success is Our Success. Let us open the right path that will lead you to Wealth and Prosperity.