Based in Victoria, Canada, Sun Life Financial Advisor Cary Leung has spent nearly three decades assisting clients to create financial plans, set achievable goals, and protect their health and families. Along with insurance coverage for personal health care and critical illness, both of which provide protection against the costs of medical treatment and other health-related setbacks, Sun Life also offers disability and long-term care insurance to address the issues of reduced earning potential and costly long-term care.

An estimated 15.9 percent of men and 17.5 percent of women in Canada become disabled by the age of 65, with mobility and pain the most prevalent types of disability for both sexes. Although government benefits and group coverage may offer avenues for disability coverage, these options contain benefit limitations and are subject to change. Meanwhile, Workers' Compensation and unemployment insurance also restrict individuals to specific types of disabilities and a finite period of coverage. In contrast, a customized Sun Life disability insurance plan provides the security of guaranteed coverage and premiums to prevent a loss of income from the inability to work, especially over longer periods of time.

Similarly, government health plans may not cover the costs of long-term care, whether at home, in the community, or at a live-in facility. While long-term care can include specialized medical treatment, the term encompasses a variety of services provided over an extended period of time, including nursing care, rehabilitation, and therapy. Other covered services include those that may be handled by a professional or a family member, such as personal care, homemaking services, and in-person supervision. Sun Life Financial currently offers income-style, long-term care insurance policies, a flexible option that provides income when it is needed, rather than subjecting beneficiaries to the time-consuming process of reimbursing expenses.

For more information about options for disability and long-term care insurance at Sun Life Financial, call 1-877-786-5433.

Over the course of his career at Sun Life Financial in Victoria, Canada, Cary Leung has worked with clients to identify the types of financial services and health insurance policies that best meet their current and future needs. Four types of health insurance are offered through Sun Life: personal, critical illness, disability, and long-term care insurance. These policies are all designed to maintain an individual’s finances in the case of a health issue.

1. Personal Health Insurance This type of policy covers unanticipated health expenses and other health-related services that may greatly affect an individual’s finances without coverage. The basic personal health insurance plan at Sun Life allows simple coverage for individuals, while the standard plan offers added vision coverage, as well as emergency travel medical coverage. The enhanced personal health plan gives clients restorative dental coverage and the most extensive level of insurance.

2. Critical Illness Insurance Those with critical illness insurance who are diagnosed with a life-threatening condition and survive a specific waiting period are qualified to receive a lump cash sum that can be spent however the beneficiary pleases. Basic critical illness insurance covers 4 full payout conditions (cancer, stroke, heart attack, or coronary artery bypass surgery), while the next step up covers 22 full payout illnesses, and the highest level of critical illness insurance covers 24 full payout illnesses.

3. Long-Term Care Insurance Sun Life offers an income-style long-term plan for individuals who have conditions that necessitate long-term care from a rehabilitation and/or therapy institution, a nurse or nursing care facility, or another health care organization. This type of plan pays a regular income to the owner, who is considered physically dependent on a nurse or other professional and must participate in a long-term care living arrangement.

4. Disability Health Insurance An insurance plan that is designed to defend customers from a potential loss of income should they become disabled, this type of health policy allows individuals to benefit from certain coverage and premiums that will be consistent even in the case of an accident that prevents the individual from working.

Tax-Free Savings Accounts

Cary Leung Sun Life

As Canadians begin to plan for their retirements, they may want to look into Tax-Free Savings Accounts (TFSA), especially as an alternative to Registered Retirement Savings Plans (RRSP). With an RRSP, individuals may write off contributions, but they pay tax as they withdraw funds later in life. Individuals pay income tax on all contributions to TFSAs but do not incur tax obligation upon withdrawal. In addition, all investment income accrued by the account, including capital gains, remains untaxed. Those with TFSAs may withdraw money at any time and for any reason without paying any capital gains tax. The account permits income from interest to compound tax-free and allows individuals to invest in several different securities without the pressure of time constraints. At present, individuals may not place more than $5,000 in a TFSA each year. The cap increases in $500 increments to account for inflation. In addition, when an individual does not meet the cap, he or she may carry over the difference and make a larger contribution the following year. These differences may be carried over for any number of years without a limit.

As with RRSPs, TFSAs allow a higher-earning spouse to make deposits in the other spouse’s name to his or her account. Unlike RRSPs, however, TFSAs never expire. Before an RRSP holder turns 71, he or she must cash the account out or convert the money to a Registered Retirement Income Fund, which requires a minimum annual withdrawal. Individuals may place the same investments in either account, including stocks, currency, mutual funds, and real estate investment trusts. Although the Canadian government intended individuals to use RRSPs for retirement savings, some may benefit more from a TFSA. When preparing for retirement, individuals should discuss their options with a trusted financial adviser, who can offer guidance regarding the various pros and cons of each account, as well as those of other savings vehicles.

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