Example of adding benefits together
Policyowner A has the following benefits with the same member company:
- Individual term life policy: $300,000
- Individual Whole Life policy with Death Benefit: $100, 000 and cash value of $90,000
- Group Life Policy: two times salary (estimated at $75,000) so death benefit of $150,000
- Group Disability: estimated at 70% of salary so monthly income payment of $4,375
- Registered Accumulation Annuity: $80,000
- Group TFSA invested in an Accumulation Annuity: $5,000
 | Individual
Registered | Individual Non- Registered | Group
Registered | Group
Non- Registered | Individual Tax Free Savings Account | Group
Tax Free Savings
Account |
Death
Benefit | | $300,000 + $100,000= $400,000
Protected for 85% = $340,000 | | $150,000
Amount is fully covered as it's under $200,000 | | |
Health
Expense | | | | | | |
Monthly
Income | | | | $4375/month
Protected for 85% = $3,719 monthly payment | | |
Cash
Values | $90,000
Protected for 85% = $76,500 | | | | | |
| Accumulated Values | $80,000
Amount is fully covered as it's under $100,000 | | | | | $5,000
Amount is fully covered as it's under $100,000 |