Here at Northern Sky Financial, our mission is to help our clients plan, grow, and protect their finances. Here are the products we provide.
The purpose of life insurance is to protect the financial security and lifestyle of the people you love by leaving them tax-free money after you pass away. The type of coverage and the amount of coverage you choose depends on your personal situation. The cost can be extremely reasonable, and depends on your age, gender, health, lifestyle, as well as the amount and type of coverage you select.
Although you may have a small amount of life insurance through work, it may not be sufficient for your family’s needs. Also, this type of work coverage typically ends when you leave your job.
Critical Illness coverage is a living benefit that provides a lump-sum of money (which you can spend on anything you need or desire) if you are diagnosed with a covered sickness. Common sicknesses that are typically covered under this type of plan are: any life threatening cancer, heart attack, stroke, and many more.
You may choose to use these funds for specialty medical treatment, travel expenses, or lost wages for yourself or a family member who is leaving work to help.
This type of insurance is designed to replace your monthly income if you become disabled and are unable to work. A disability may result from an accident or an illness.
The length of the disability may be short term or long term, and these monthly funds can be extremely important to yourself and your family.
A Registered Education Savings Plan, or RESP, is an investment vehicle used to save for your children’s post-secondary education.
One main advantage of an RESP is that the savings grow tax free. There is no tax on the investment earnings, as long as you keep the funds in the plan.
Also, the Canadian government provides an additional 20% into this fund as a grant.
There are different types of RESPs so it’s important to get educated on the various options and make the right choice for you and your family.
It’s a smart choice to begin investing for your future. There are many different investment vehicles out there, and we like to educate our clients on as many of these options as possible.
Some of these options include:
Segregated funds: This is an investment fund administered by the insurance company in the form of a life insurance contract, which offers certain guarantees to the policyholder, such as reimbursement of principal upon death.
EFTs: Exchange Traded Funds are an index fund that trades like a stock and often has much lower fees when compared to a mutual fund.
GICs: Guaranteed Investment Certificates are fixed bond contracts and although they are guaranteed, they often have a lower return when compared to other products etc.
Health and dental plans are designed to help you cover the high cost of dental procedures, prescription drugs, vision, and more.
These plans are offered by various companies, such as Greenshield, Blue Cross, Manulife, and many more. Get a free quote for either an individual, family, or group plan today.
It’s important to have your affairs in order, should you pass away sooner than expected.
The purpose of a will is to legally document your wishes upon death. These may include the distribution of your assets, the list of beneficiary designations, details about your life insurance plans, designated guardians of children, power of attorney, designated executor, and more.
Travellers should consider coverage in the event of a medical emergency when away from home. Plans may also include trip cancellation and interruption insurance, and/or baggage loss coverage.
Reimbursable Health Plan for Business Owners
Business owners may purchase a health spending account for themselves, their family, and/or their employees.
This option allows the company to pay for medical expenses, therefore claiming the expenses through the business as a tax deduction. Typically, the cost to set this up is $300, as well as a low administration fee on all claims.