We have strategic partnerships with the most reputable and stable insurance companies in Canada.  Our insurance platform enables our agents to provide clients with various insurance products and services from well-established Canadian Life insurance companies. The products available through the platform are Term insurance, Permanent or Whole Life insurance, Universal Life insurance, Critical Illness, Disability and Long Term Care insurance, Annuities and Segregated funds products. In addition to these products and services, we are able to provide business owners with Group insurance products.

Insurance Strategies

ACCESS TO THE RIGHT PRODUCTS FOR YOU

Insurance can make a meaningful difference in your life and in the lives of those who matter most to you. Protecting your financial interests and providing for your loved ones are important actions to take at any stage of your life and career.

Chevron Wealth Preservation and its partners can give you access to the right insurance products for your personal and business circumstances. We have the expertise to assess your insurance needs and recommend the products that best meet those needs.

INSURANCE SOLUTIONS FOR YOUR LIFE AND BUSINESS

When you hear the word “insurance”, what comes to mind first? Being able to replace your car in case of an accident? Repairing damage to your home when a severe storm hits? Many people consider these things valuable enough to insure while often neglecting what is most important; their own lives, the well-being of their family or the continued success of a business.

From simple to complex, insurance strategies exist that can help you and your family prepare for life’s challenges and preserve the wealth you have worked so hard to build. A life-licensed advisor at Chevron Wealth Preservation can help you determine the best strategy to help protect what you value most.

The following are just some of the ways insurance can work for you.

PRESERVE YOUR LIFESTYLE

Whether you are single or married, just entering the workforce or planning for retirement, having a conversation about your personal situation with a trusted advisor at Chevron Wealth Preservation allows you to explore risk-management options using insurance. An interruption of income, particularly for an extended period, could significantly impact your life and your future. Having adequate insurance coverage can help replace income that is lost as a result of these or other events, at a time when you need it most.

BUSINESS SUCCESSION PLANNING AND PROTECTION

You have invested a lot of time and effort to establish and grow your business. The business could be at risk if you, a business partner or a valuable employee, dies or is incapacitated for an extended period. When you have “key person” insurance in place, you can be assured that your business maintains every opportunity to continue to grow and thrive, even in the face of a significant issue.

ESTATE PRESERVATION

When you pass away, there will be taxes, liabilities and other costs related to settling your estate. Through a life insurance policy, your beneficiaries will receive tax-free insurance proceeds that can help offset these costs. Since life insurance proceeds are tax-efficient, it means your heirs will receive more from your estate instead of having taxes erode much of its value.

ENHANCE YOUR INCOME IN RETIREMENT

If you are looking for a tax-efficient way to boost your income stream in retirement, consider combining a life insurance policy with an annuity. This proven strategy is especially effective in a low interest rate environment where your net income could exceed that generated by fixed-income products like government bonds and guaranteed investment certificates.

Download our Insurance Strategies Brochure.

Critical Illness

WE CAN HELP PROTECT YOU AND YOUR FAMILY

It is never pleasant to think about suffering a serious illness, but just as you purchase other types of insurance to protect you and your family, having critical illness insurance is part of a comprehensive financial plan. It is important to protect against a significant loss of income or to ensure a high degree of business continuity.

Chevron Wealth Preservation and its partners can give you access to the right insurance products for your personal and business circumstances. We have the expertise to assess your insurance needs and recommend the products that best meet those needs.

PROTECTION WHEN YOU NEED IT MOST

Most people understand the concept of life insurance and many have taken out a policy to protect their loved ones. Disability insurance is also well known, as it protects your financial security in case you suffer a long-term injury and cannot work. However, have you stopped to think about what you and your family would do if you were stricken by a heart attack, stroke or some form of cancer? Business owners must also prepare for, and protect against,  a serious illness to one of the partners or key employees.

The risk is more common than you might think. Consider these statistics:

  • 29% of Canadians will develop heart disease
  • Every seven minutes, a Canadian suffers a stroke
  • 45% of males and 41% of females in Canada will develop some type of cancer. That is almost one out of every two people
  • In 2015, an estimated 196,900 new cases of cancer (excluding about 76,100 non-melanoma skin cancers) and 78,000 deaths occurred in Canada
  • More than half (about 51%) of all new cases will be prostate, breast, lung and colorectal cancers
  • About 2 in 5 Canadians will develop cancer in their lifetimes and 1 in 4 will die of the disease

Source: Heart and Stroke Foundation and Canadian Cancer Society May 2015

While it may be emotionally challenging to face the possibility of developing a serious illness, you do not want to make the situation worse by being financially unprepared. Critical illness insurance reduces the financial burden of a severe medical condition by providing a tax-free, lump sum payment if you are diagnosed with a qualified illness. The amount of the benefit depends on your needs and typically ranges from $25,000 to $2,000,000. Knowing that you have this potential benefit is comforting, and, if you are fortunate enough not to develop a critical illness, some policies will even return the insurance premiums.

WHY SHOULD YOU CONSIDER CRITICAL ILLNESS INSURANCE?

  • Protect your income. You could be at risk of losing years of income if an unexpected illness prevents you from working. Your insurance policy will pay out benefits that can help cover your regular living expenses, maintain your mortgage payments or provide savings for the future.
  • Pay medical costs. With a serious illness, not all treatments or related expenses are covered by government health plans. A critical illness policy will pay benefits in case you need to modify your home or purchase medical devices, or if you require in-home care, child care, physical therapy or a number of other special services related to your illness.
  • Enhance the recovery process. You need time and rest to recover from a critical illness. Your insurance policy is there so you are not pressured into returning to work before you are ready. By managing the financial burden associated with treating and recuperating from a serious illness, you can recover at the right pace for you – and even arrange for a loved one to take an unpaid leave of absence from work to spend valuable time with you during your recovery.

WHY SHOULD BUSINESS OWNERS CONSIDER CRITICAL ILLNESS INSURANCE?

  • Protection for the sole owner. Critical illness insurance can help you hire someone to run your business while you recover, pay for expenses related to out-of-country medical treatment or even retire earlier.
  • Key person coverage. If you, a partner or key employee, falls ill for an extended period, insurance can help you hire a replacement or cover a loss in business income that results from a decline in productivity.
  • Funding for a buy-sell agreement. This feature provides business owners with the option to buy out the other partner of the business in the event that one partner suffers a career-ending critical illness. With this coverage, the critical illness insurance benefit is paid to the healthy partner so he or she can purchase the business interest from the other partner.
  • Provides an employee benefit. Critical illness can be included in any group life and health benefit plan to give your employees a greater sense of financial security.

Download our Critical Insurance Brochure.

Disability

WE CAN MEET YOUR DISABILITY INSURANCE NEEDS

If you are in reasonably good health, you may not have considered the benefits of having disability insurance. However, as is the case with all insurance products, you never know what life will throw your way and it is important to be prepared in order to protect yourself, your family and your business. Navigating the finer points of disability insurance can be challenging. We can help.

Chevron Wealth Preservation and its partners can give you access to the right insurance products for your personal and business circumstances. We have the expertise to assess your insurance needs and recommend the products that best meet those needs.

WHY IS THERE A NEED FOR DISABILITY INSURANCE?

Disability insurance is a cost-effective way to provide a steady stream of income should you become disabled through an accident or illness. It helps to alleviate the financial burden that can follow a disability. While most of us exercise caution in our everyday life, many things are beyond our control and you never know when an accident or illness can occur. In its Canadian Survey on Disability, Statistics Canada reported in 2012 that 3.8 million Canadians stated they were limited in their daily activities as a result of disability. Not surprisingly, the survey also revealed that the likelihood of disability rises steadily as people get older.

Should something unplanned occur, are you financially stable enough to withstand the cost of maintaining your current lifestyle? How long could your current financial savings sustain your standard of living? If you are a business owner, how would the disability affect your business? These are some important questions that should be asked and answered when reviewing your financial situation.

WHO SHOULD CONSIDER DISABILITY INSURANCE?

  • Those who are self-employed or do not have adequate (or any) coverage at work
  • Those who own or run a business or are considered a “key person” for a business
  • Those who have a group plan and want to top-up with personally-owned disability insurance

FEATURES OF DISABILITY INSURANCE

The purpose of disability insurance is to replace any income that is lost when you suffer an accident or illness. Your disability benefit comes in the form of monthly, tax-free payments, and the amount typically covers more than half of your pre-tax income. Disability insurance provides income replacement until the age of 65, and the benefits often start within 90 days after the accident or medical diagnosis.

When it comes to your business, you can also purchase disability insurance for yourself, a partner or key employees. Disability insurance benefits will allow you to focus on the important task of finding a replacement employee if you or a key employee cannot work. Unlike personal disability insurance, where you select one policy to insure your income, business coverage involves choosing a plan that meets the specific needs of the business.

HOW CAN A BUSINESS USE DISABILITY INSURANCE?

First and foremost, insurance can help protect your business operations if you suffer a disability. If you are the sole owner of your business, disability insurance can also provide income replacement if you are unable to work as a result of a disabling injury or illness.

Your business has ongoing expenses that must be paid, whether you are disabled or not. Disability insurance can assist you with covering these costs.

The following are examples of expenses that can be covered by a disability insurance policy:

  • Salaries of administrative and support employees
  • Rent or mortgage payments on your business premises
  • Property taxes
  • Utilities
  • Insurance premiums
  • Government small business loans
  • Term business loans
  • Lines of credit
  • Account overdrafts
  • Regular accounting services

OTHER IMPORTANT REASONS TO CONSIDER DISABILITY INSURANCE

  • Key person coverage. If you, a partner or key employee, are disabled for an extended period, insurance can help you hire a replacement or cover a loss in business income that results from a decline in productivity.
  • Funding for a buy-sell agreement. This feature provides business owners with the option to buy out the other partner of the business in the event that one partner suffers a career-ending disability. With this coverage, the disability insurance benefit is paid to the healthy partner so he or she can purchase the business interest from the other partner.
  • Provides an employee benefit. Disability insurance can be included in any group life and health benefit plan to give your employees a greater sense of financial security.

Download our Disability Insurance Brochure.

Segregated Funds

Segregated Funds are investment funds that offer a guarantee and are manufactured and distributed by Canadian life insurance companies. The funds consist of professionally managed investment portfolios that offer certain guarantees to the policyholder upon maturity or death. Segregated funds are kept separate from the life insurance company’s general investment funds, hence the name "segregated". Chevron Wealth Preservation distributes the following segregated fund products:

Annuities

An Annuity is a financial product sold by life insurance companies that are designed to accept and grow funds invested by the individual.  The insurer promises to provide an income stream from the investment that includes interest and principle to the annuitant at a later date. These products are designed to provide a steady stream of cash flow during retirement years.  There are two types of annuities, fixed and variable.  A fixed annuity will provide a set amount of cash flow to the annuitant for the term of the contract, while a variable annuity can provide larger payments when market returns are higher and smaller payments when market returns are lower.  It is important to note that once purchased, the annuity is locked in.  There are surrender fees should the annuitant decide to break the contract.  Chevron Wealth Preservation offers annuities through our Canadian life insurance company partnerships.