Deciding on Temporary or Permanent Life Insurance in Montreal? Robert Yancovitch Can Help!

It can be tough to decide what you REALLY need when it comes to life insurance. After all, who really wants to bet on when they’re going to die? What you’ll discover is that one type of insurance is drastically cheaper than the other (term, or temporary life insurance), while the other plan has a wide varieties of bells and whistles.

Understanding Life Insurance Policies

Think of Life Insurance policies like a more morbid form of renting. Imagine paying into a term insurance policy for 5,10, 20, or even 30 years, and never actually having to use it? Then you’re putting down a whole bunch of money on something you’ll never get. On the other hand, permanent insurance is more concrete. Imagine buying the whole house- for example Dad is a single parent and worries about his kid paying bills and going to college without him in the future.

With all the Variables, What do I Choose?

There are a huge amount of variables to consider, and Robert Yancovitch has the experience in Montreal to help you solve your insurance dilemma, but until then we’ve got some features and statistics for you to consider:

-When premiums don’t escalate, permanent plans are far more likely to hold their worth until a person actually dies to pay death benefits over term policies. Term policies start out very, very affordable and tend to increase as the age of the policy matures. Permanent policies also transfer death benefits at much lower tax rates (some term insurance policies tax about 50 percent).

-Permanent life plans actually give users tax advantages in that the actual “cash value” of the plan doesn’t accrue tax at a normal rate (instead at a tax-deferred rate). If your term life insurance doesn’t have a legitimate cash value, your really don’t make anything on the investment.

-Life insurance policies are typically never enough, because people invest in cheaper, more affordable plans that pay minimums (and that’s usually it). You should either ramp up your policy (with Robert Yancovitch’s help in Montreal) or expect to save regularly to commit an investment on the side.

Get all the Facts from Someone in Your Corner

It’s not all doom and gloom, however. With a skilled and helpful Montreal insurance agent you can find an affordable plan if you’re in the right health that maintains a steady value and makes you money!

A good term life program starts growing your money within the first year of being funded. Interest rates are locked in, the money can never be lost, and there are far lower tax rates to consider. These factors alone greatly improve the value of index life insurance for investors. It just takes the right agent. Get interest free access to the cash inside your policy, helping you rebuild wealth after a death in the best way possible- contact Robert Yancovitch today.

Robert Yancovitch Montreal Insurance Tips: Disability Insurance

To find protection during dire times is an innate reflex we all seem to have. During emergencies, we seek to protect our valuable assets and belongings—our families, our homes, and our way of living. This feeling is especially heightened when something unexpectedly hurtful occurs. Accidents happen all the time, and there is no better way to be prepared for an accident than to have an alternate plan of action. This is why disability insurance is the best possible contingency plan anyone can ever have.

In Canada, one out of three people will experience an injury that will disable them temporarily for at least 90 days. With a disability insurance policy, a person’s income is protected in case the insured is unable to continue to perform work due to an illness or injury. As Montreal’s leading financial advisor, Robert Yancovitch can adapt a plan to accommodate any client’s needs.

Canadian employees are mandated to contribute to the Canada Pension Plan, a social insurance program that can provide disability insurance in the event of severe and long-term physical or mental disability. However, Canadians citizens seek private insurance coverage for better protection. As there are different types of disability insurance out there, it is important to understand and know which one you will need. There are personal and business types of disability insurance.

Individual plans will pay the insured tax-free monthly benefits, while business plans typically cover for fixed expenses such as property taxes, utilities and rent, and even payroll. There’s also short-term and long-term disability. Short-term disability covers a timeframe of about 15-52 weeks and usually pays around 70% of the insured’s income. Long-term disability takes over once short-term disability coverage runs out. In order to continue receiving benefits, the insured is typically required to participate in a work rehabilitation program for the additional two years of long-term disability coverage.

Having a financial advisor such as Robert Yancovitch in Montreal will help clarify disability insurance options for those who are looking for that extra financial security. There really is no replacement for peace of mind, and having disability insurance will guarantee that and more. With all his experience working in Montreal’s insurance industry, Robert Yancovitch will guarantee you have just the right plan you need.

Terminal Illness Insurance vs. Critical Illness Insurance: What’s the difference?

When you decide to purchase life insurance, you will be faced with the choice to purchase various types of coverage in your policy.  A financial securities advisor such as Robert Yancovitch can help you to best understand the different options, but what follows here is a basic discussion of two of the options you may encounter: Critical Illness Insurance and Terminal Illness Insurance.  Knowing the difference is very important when you consider purchasing life insurance.

Basically, a Critical Illness Policy offers a broader scope of coverage than a Terminal Illness Policy would.  Generally, terminal illness coverage (or Accelerated Death benefit as it is otherwise known) pays out to the policyholder a capital sum if he is diagnosed with a terminal illness.  A terminal illness is defined as one from which the diagnosed person is expected to die within 12 months of receiving the diagnosis from a physician who specializes in that illness.  Often, terminal illness coverage is part of the umbrella of coverage offered by a life insurance policy, but this is not always the case.

Critical Illness Insurance, on the other hand, is generally a “stand alone” policy, as they cover those who have been diagnosed with any of a list of about 20 different illness.  It’s typical to have to pay an extra premium to have Critical Illness coverage.  Critical Illness insurance covers, for example, the loss of wages that may result from having to scale back hours due to a chronic illness.  Note that a Critical Illness policy covers things like losing one’s eyesight or suffering from stroke or heart failure, whereas Terminal Illness Insurance does not.  Critical Illness coverage would be paid out to you in the event of such an illness to cover things such as your living expenses and medical treatment needs.

Examples of the types of illnesses/injuries covered by Critical Illness Insurance include:

Severe burns


Parkinson Disease



Kidney failure

Blindness or deafness

And Alzheimer ’s disease

None of us knows what the future holds.  You can be healthy today and be diagnosed with a terminal illness tomorrow.  It is very costly to be sick, so it’s never a bad investment to purchase insurance coverage that will help alleviate the costs associated with your treatment, loss of wages, hospitals stays, etc.  Talk to your financial securities advisor today to find out what types of coverage are available to you and what your best course of action is.

Too often, people assume that they are invincible, and that they will never be diagnosed with a serious illness.  Unfortunately, none of us can make that claim with any authority.  We can’t change the future, but with Critical Illness Insurance and/or Terminal Illness Insurance policies, we can at least ensure the financial burden of what may be around the corner will be alleviated.

Travel insurance: Do you really need it?

In a word, yes!  Experts such as Robert Yancovitch will tell you that it is absolutely imperative that you secure travel insurance before taking any trip.  Why?  There are actually several good reasons.  Read on to find out more about the importance of travel insurance.

First, let’s discuss what travel insurance actually is.  Essentially, it’s a type of insurance that covers the policy holder against illness or financial loss that may occur while you are on your trip.  For example, if you get sick while on your holiday and require hospitalization, your travel insurance policy should cover the cost of the hospital stay, etc.  Travel insurance can be purchased from a financial security advisor before you leave for your trip.

Although the specific coverage will vary by policy, travel insurance generally covers things like transportation to a medical facility (e.g. by ambulance), the cost of treatment, as well as any financial loss you may have suffered from having to cut a trip short, such as the cost of changing a plane ticket, hotel fees, etc.

The cost of insurance coverage will vary also, depending on where you buy your coverage and what type of coverage you purchase.

The duration of your coverage will also depend on the particular policies of the insurance carrier from which you purchase your policy, as well as your particular needs.  You can purchase travel insurance for a short trip or even a policy that covers you for up to a year, which may allow you to travel several times on one policy.

It’s important to purchase your policy as close to your departure date as possible.  This may seem counterintuitive, as most travel preparation tasks are usually best done well in advance, but there’s actually good reason to hold off on purchasing your travel insurance policy until just before you leave.  Doing so will ensure that your insurance policy coverage will be active throughout your whole trip.  You don’t want to purchase it too far in advance and then find out that your coverage runs out partway through your trip.  Ensure you are covered for the entire duration of your trip, from your front door and back again.

If you are planning a trip, you know how much preparation goes into the process.  Before you head out, however, it’s important to talk to a financial securities advisor to discuss purchasing some travel insurance.  They have all of the information you need to decide on a policy and they can make recommendations as to the type and scope of coverage you should purchase.  When you purchase travel insurance, you can rest assured that if bad things happen, whether you fall sick or whether your flight is cancelled, your insurance policy will have you covered.  Travel insurance allows you to relax and focus on the fun of travelling!