Assuris

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