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Author Archives: Terry Zavitz

Introducing the new Zavitz Insurance & Wealth

At Zavitz Insurance we go to great lengths to make sure that you, your business and your family is covered. We’ve built a 35+ year tradition in insurance and group benefits that has always included extensive wealth management expertise.

Enter our new brand: Zavitz Insurance & Wealth, a new look and a new name that says exactly what we do.

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When Life Insurance is More than JUST Life Insurance

Terry Zavitz

Terry Zavitz

 

Most of us know that life insurance pays a lump sum upon your death.  Some policies are temporary and bought in case you die unexpectedly (think mortgage protection, young kids, etc), while others are permanent and bought to assist with estate plans, liquidity, funerals, legacy and so on…because we all know we’re going to die one day, right?

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The Enhanced CPP and What It Means To You

 

Terry Zavitz

Terry Zavitz

January 1, 2019 marks the beginning of increased contributions to the CPP by employees and employers alike. This increase has been implemented with the goal of ensuring that Canadians are better prepared for retirement by ultimately receiving higher CPP payments. Currently, working Canadians and employers make CPP contributions of 4.95% on earned income between $3500 and $55,900.

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Critical Illness Insurance – Who Needs It

Terry Zavitz

Terry Zavitz

More and more Canadians who are concerned about the financial costs of major disease are turning to Critical Illness Insurance (CII) to gain peace-of-mind and protect their savings. CII pays a tax-free, lump-sum benefit, for a coverable illness/accident defined in the policy contract, typically 30 days after diagnosis, as long as the insured is alive. The most common illnesses insured include cancer, stroke, heart attack, and multiple sclerosis (MS), with most contracts covering over 20 ailments. 

While Disability Insurance (DI) provides a monthly benefit to replace lost income due to a critical illness, CII helps to pay for the extra costs so often associated with being diagnosed with one. 

critical-illness-cancer-health-insurance

 

CII also helps to cover income lost during the waiting period,

a period of time in which no benefits are paid under a

DI plan, as well as top up the benefit since DI typically

covers only 85% of after tax income. 

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Maturity Options and Your RRSP

 

Terry Zavitz

Terry Zavitz

Is a RRIF or an annuity a better option?  As with most personal finance situations, it is unique to each individual.

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