Robert Carducci, RRC®
Financial Planner
Financial Planner
I am a licensed and professionally trained insurance representative providing independent insurance analysis and services for all your personal and business needs.
An estate plan is essential because it assesses your needs for Individual life insurance protection, which provides your family capital to replace your income in case of a disability or your passing. We address liabilities, household debts or taxes to ensure your heirs are not saddled with debt. Such plans include:
I will compare several different policy options among Canada's best insurers side by side and custom tailor a policy that's best for you.
Life insurance is a type of coverage that pays benefits upon a person's death to designated beneficiaries. In some cases, there may be a maturity date where the insured, if still living, can receive the proceeds. A small premium gives you immediate coverage and provides for a large death benefit payable upon the death of the insured to provide capital to provide an income for dependents.
Tax deferred interest accounts are allowed with some types of life insurance to offer insurance in tandem with an investment component, which can allow increased funds to pass tax-free to heirs. This advanced estate planning tool is used by tax specialists who maximize the estate value while using life insurance. The investment after achieving growth can enhance retirement income.
Insurance continues to cover the life of the insured for life. Some plans can pay out cash at a certain age of maturity (usually age 100). These plans can offer tax-advantaged or premium prepayment incentives. Read More
Permanent Life Insurance plans include:
Contact me today, why not protect your loved ones.
Term life insurance can be the least expensive up front, with an increasing cost over the long term. Thus, term insurance is used primarily when families with lower net worth are young.
Term insurance is less expensive, but most term periods are only temporary:
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Disability Insurance provides a monthly income if you are incapacitated and incapable of working due to an injury or illness. Often called “Income Replacement Insurance”, this coverage is essential for self-employed individuals. It is also for those without disability insurance via their employer.
Your ability to earn income may be compromised through injury or illness if you become disabled. A disability could compromise your ability to pay bills or save for retirement. Disability insurance plans are designed to help you meet necessary income requirements, enabling you to concentrate on recovering from your disability and returning to an active income-generating life.
Generally, disability benefits are received if you can't perform the duties of your own occupation, a similar job in your field, or any job at all. Your policy contract determines how soon and for how long you can collect benefits.
Income protection can provide income for disabled professionals such as lawyers or doctors, small business owners like plumbers or carpenters, leading business executives, and full- or part-time or home-based workers.
Disability insurance benefits are payable monthly during a disability for the benefit period of the contract, which can vary. When you recover from a disability, the policy continues, usually payable again for a subsequent or recurring disability.
Most people are aware of the importance of life insurance but rarely think about having a disability despite the statistics indicating they are quite common. Death is inevitable, while disability is probable at any given age.
Contact me today, why not protect your loved ones?
Critical Illness Insurance is a plan contracted with a life insurer, typically to make a lump sum cash payment if a policyholder is diagnosed with one of the critical illnesses listed in the insurance policy.
These policies can cover serious illnesses that can cause loss of independence, such as the primary health threats of cancer, heart attack, and stroke. Many more illnesses are covered. We can provide a list of the coverages as we review the insurance planning with you.
The policy may also pay out regular income to a policyholder undergoing a surgical procedure, such as having a heart bypass operation.
The policy may require the policyholder to survive a minimum number of days from when the illness was first diagnosed (usually 30 days).
Contact me today, why not protect your loved ones?
If a person is hard to insure, life insurance plans are specifically designed for no medical underwriting for a lower face value. The premium may be slightly higher than a brokered insurance plan for healthy people. You will only have to answer the typical questions in the policy application.
Non-medical life insurance works best for people who:
Before you purchase this plan, we can advise you of your options based on your health history or if there are past failed applications. We will find the most suitable plan for your situation by searching the market. You may be able to be underwritten by certain underwriters who accept more risk.
We will assess both regular and non-medical life insurance plans and may advise submitting both types of applications. Traditional and non-medical insurance plan benefits are 100% tax-free in Canada when paid to beneficiaries.
Why not protect your loved ones?
Our governments do not provide us with the level of healthcare you may need. As they cut back their levels of health care coverage, you may be left to pay for expenses.
We offer plans such as:
Private Health and Dental Insurance plans are designed to cover individuals not protected or inadequately covered by a group health plan. These plans can benefit you by reducing your fees per visit to your dentist or health care provider.
Plans available offer:
Considering coverage for unexpected medical expenses that may supplement your current health care plan makes sense. These plans generally cover chiropractors, osteopaths, naturopaths, podiatrists, registered massage therapists, acupuncturists, physiotherapists, psychologists, homecare nursing and necessary medical devices and equipment.
Why not protect your loved ones?
Mortgage insurance is creditor insurance where financial institutions offer to pay off the remainder of a mortgage if the mortgagor dies during the mortgage term. Another strategy to achieve this is personally owned life insurance, which gives you more flexibility to insure your mortgage liability.
Compare the mortgage insurance your bank or financial institution uses for your mortgage creditor life insurance with buying your own personally owned term insurance.
Since the 1920s, the ratio of seniors over 85 has doubled to one out of every ten people. According to Statistics Canada, this number will increase to five times the current demographic into the 2050s. That means half the population in 40 years will be over age 85. Long-Term Care Insurance (LTCI) is an insurance contract with an insurer designed to provide care for our chronic illness, disability, or accident, all of which have a higher potential of occurring as we age.
When our health is fine, it is hard to imagine that we may, as many will, lose the ability to manage our basic daily activities such as bathing, toileting, walking, dressing, feeding, or moving from bed to chair. Many also lose mental faculties we often take for granted, such as memory, logical or conceptual thinking, or referencing dialogue with others. With assistance, it is possible to function with these capacities.
LTCI protects our families from the financial strain of providing long-term care, just as importantly as life and disability insurance protects the income of younger families. The ultimate question is, who will financially support long-term care for you? LTCI is for seniors and those who become similarly incapacitated at any age.
It is essential to independently plan for our own long-term care because our government healthcare budgets and initiatives are limited. Facilities often need to be more staffed with overworked or burned-out employees. Strict regimes are often the norm where the government foots the bill in both government- and privately-run institutions (many private companies provide government-funded care). For example, bathing can be limited to twice a week, toileting to three times a day, elders may not be allowed to nap, and most are all placed in bed at 8:00 p.m. to be awakened to a prepared breakfast at dawn. These are the governmental necessities where a limited budget provides extensive health care for the aging populace.
Most of us understand the need to save for retirement that can provide an income sufficient to meet our lifestyle expenses. However, most people overlook the enormous expense of paying for a private long-term care facility (some cost up to a quarter of a million dollars for five years). Why are they so expensive? They offer 24/7 high-level nursing care in a highly secure environment. Note: Anyone can call a few private long-term care companies and inquire about the cost of their care.
The time is fast upon us when aging baby boomers starting to retire will increasingly depend on long-term care, either paid for by themselves, their children and/or professional health care services.
Contact me today, why not protect your loved ones?
There are many ways to reduce your estate liabilities. You work hard to earn a living, save for retirement, and own property. Knowing your estate liabilities concerning capital gains, mortgage debt, car loans, unpaid taxes, and business-related liabilities is essential.
Reduce the impact of income taxes.
Here are some methods to reduce taxes due upon your death:
Probate fees will be based on the value of assets administered through your will. Here are some ways to reduce probate fees:
Contact me today to design an estate plan specific to your needs.