Guaranteed Income Protection

Retirement Planning begins with incorporating guaranteed lifetime income products into your financial strategy to stay independent and confident to meet life’s challenges.

The Guaranteed Income Protection Insurance Canada Benefit Plan offers, will help you acquire additional financial security and improve your financial wellness. Our guaranteed income assurance is a key component to ensure a smooth road to planning for unexpected.

What’s even more – if you’re unable to work due to sickness or accident, Canada Benefit Plan’s wage loss insurance coverage will pay you a monthly income, whether you’re employed or self-employed or could replace your annual income in case you are unable to work due to a serious health condition. You can also get additional amounts to pay for your monthly loan installments in case of illness or accident.

Guaranteed Income Protection Features and Funding:

  • Coverage amounts are available for ages 18 to 70 up to $50,000
  • Monthly disability benefit available for ages 18 to 69 from $500 to $10,000
  • Instant approval, most coverages issued in minutes
  • No Appointments are required, from inquiring quotes to receiving your policy  is all at home comfort (e-application to e-policy) for amounts up to $25,000
  • No denials due to health conditions or previous decline history
  • Access to funds in a situation where you are unable to work due to critical illness (Heart Attacks, Strokes, Severe Burns, Multiple Sclerosis, Cancer, Parkinson’s Disease, Paralysis, Benign Brain Tumor or accidents 
  • No questions asked, No Medical Exams & No Needleseed life insurance with no health questions or long processing times.

 

Eligibility:

  • Must be between the ages of 18 to 70 for lump sum $50,000 coverage
  • Must be between the ages of 18 to 69 for monthly disability benefit
  • Must have a valid government-issued photo Id 

Every person and every situation is unique, so we offer a variety of guaranteed income protection coverage types.

We’ve chosen to partner with Canada’s leading insurance providers to offer you independent advice on which guaranteed income protection products are right for you.

Guaranteed Income Protection Features and Funding:

  • Coverage amounts are available for ages 18 to 70 up to $50,000
  • Monthly disability benefit available for ages 18 to 69 from $500 to $10,000
  • Instant approval, most coverages issued in minutes
  • No Appointments are required, from inquiring quotes to receiving your policy  is all at home comfort (e-application to e-policy) for amounts up to $25,000
  • No denials due to health conditions or previous decline history
  • Access to funds in a situation where you are unable to work due to critical illness (Heart Attacks, Strokes, Severe Burns, Multiple Sclerosis, Cancer, Parkinson’s Disease, Paralysis, Benign Brain Tumor or accidents 
  • No questions asked, No Medical Exams & No Needleseed life insurance with no health questions or long processing times.

Eligibility:

  • Must be between the ages of 18 to 70 for lump sum $50,000 coverage
  • Must be between the ages of 18 to 69 for monthly disability benefit
  • Must have a valid government-issued photo Id 

Every person and every situation is unique, so we offer a variety of guaranteed income protection coverage types.

We’ve chosen to partner with Canada’s leading insurance providers to offer you independent advice on which guaranteed income protection products are right for you.

Find the best-suited plan for you Get A Quote
Calculate your insurance needs today Insurance Calculator

CALCULATE YOUR BENEFIT AMOUNT

Life Insurance Needs Calculator | Canada Benefit Plan

An easy-to-use calculator to help determine your insurance needs.

Step 1- My debts and final expenses?

The first step is to determine your liabilities (mortgage, loans) and final expenses (funeral costs, tax bills and final medical bills)

How much do I owe on my mortgage?
  (Your total outstanding mortgage balance) includes your home line of equity


How much other debt do I have?
  (Your total debts are all types of loans, credit card balances, used portion of your line of credits, auto loans etc.) includes your home line of equity


How much do I expect in final expenses?
  (Your expected cost of funeral, any tax bills and unpaid government bills, and final medical bills such as parking costs, family attendant wage compromise in your final times etc.


Step 2- My family's financial needs?

This step is to consider how much income your family would need and for (how many years) in case of your unexpected death. You are financially worth for your family as your family is depending on your income and financial decisions

What is my current annual income?
  Your total gross annual income from all sources


How much annual income would my family need if I die today?
  (This should be your total annual household expense: groceries, travel, out of pocket medical and emergency expenses) Generally it is equal to your annual spending on your family living expense needs.


How many years would my family need the income?
  (Consider your elder child to grown up and could be potential replacement of your income. Generally, it is 15 to 20 years in considering to provide your family family with an income for next 20 years after you die.


How much will my family need in an emergency fund?
  Consider once in a while emergency: natural disasters, pandemic diseases, family incidents, necessary travel, shortage on unexpected expenses etc.


How much do I expect to pay for my childern's education?
  (Consider all of your dependent children educational cost, Books, tuition fee, student expenses, other college and university expenses). Generally it is $50,000 per child subject to change in inflation and cost of education.


How much do I expect in child-care expenses ?
  Total expense of your toddlers or any dependent children: babysitting cost, mental, social, physical development costs like swimming, additional learning & development activities etc.


Step 3- Are my parents dependent on me?

In this step, you should consider your parents if they are relying on you for basic needs and how they will continue to meet those needs if you are not there.

How much money would my parents need if i died today?
  Consider the amount you are spending today on your parents needs: health & wellness, transportation bills, phone bills, shortages in their regular living expenses etc. Generally, it is $3000 to $12000 annually per person depends on their need and your support level. If your parents are not receiving any pension or other income and fully dependent on you then it could be higher need depends on the unique situation.


How much will i need to cover for my parents funeral costs?
  (Consider funeral cost: inflation, rising property and land prices etc.) Generally, it is $6,000 to $15,000 per deceased. The funeral cost could go higher as per unique situation and the time.


Step 4 - My favorite charity?

This step is the opportunity to continue to taking care of your favorite charity after your death. What is a better gift than charity?

How much would you like to donate in one lump sum?
  Consider the total amount you are donating now in one or more charities: Your long distance relative, friend, kids foundations etc.


Step 5- How much are my assets worth?

This final step is to help you evaluate your financial position and add up your total debts (mortgage, loans etc.), final expenses (funeral costs, tax bills, medical bills etc.) family’s financial needs (family income needs for the desired number of years, family emergency need, children education costs, child-care expenses etc.) Dependent parents’ financial needs (parent support, parents funeral cost etc.) charity (lumpsum donations) and subtract all this from your total assets to calculate your life insurance needs.

How much do I have saved?
  Consider all your registered, non-registered savings, TFSA current value, other liquid savings: Stocks, bonds, mutual funds, segregated funds, GICs, etc.


What is the value of my real estate assets?
  Consider the total current market value of all of your properties today: Primary residence, commercial or investment property, apartments, condos etc.


How are my other assets worth?
  Consider the total other assets: Any valuables


-RESULT SUMMARY-




Mortgage$ {{quantity}}.00
Debts $ {{price1}}.00
Expected final expenses $ {{price2}}.00
Current Annual Income $ {{price3}}.00
Family's income after death $ {{price4}}.00
Years of income needed {{price5}} Year/s
Emergency funds for family$ {{price6}}.00
Expected childeren education cost$ {{price7}}.00
Expected child care expenses$ {{price8}}.00
Amount for parents after death$ {{price9}}.00
Parents funeral cost$ {{price10}}.00
Would like to donate$ {{price11}}.00
Savings$ {{price12}}.00
Real Estate Assets$ {{price13}}.00
How much my other assets worth?$ {{price14}}.00
 

My life insurance need is : $ {{quantity + price1 + price2 + price4* price5 + price6 + price7 + price8 + price9 + price10 + price11 | number:'1.0':'en-US'}}

The Amount of Life Insurance I Need Is:


$ 0.00

$ {{quantity + price1 + price2 + price4* price5 + price6 + price7 + price8 + price9 + price10 + price11 | number:'1.0':'en-US'}}



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