Jeff Somers & Associates Private Wealth Management

01/02/2025

Happy New Year! 🎊

Here are some key dates to note down for the new year. Let’s review your plan to make sure you’re still on track to meet all your financial goals this year.

08/22/2024

Good luck this weekend PEI Senior Islanders Baseball Team!

We’d like to thank Jeff Somers & Associates Private Wealth Management for sponsors the Islanders Breakfast program at the 2024 Senior Men’s Nationals!

07/31/2024

Without the proper planning, an inheritance can become an ordeal. Let’s connect and find ways to keep it simple → https://www.jeffsomers.ca/lp-insurance

07/26/2024

From easing your final tax burden to making your estate fairer, insurance is a great estate planning tool. Contact us for a complimentary consultation → https://www.jeffsomers.ca/lp-insurance

07/24/2024

Protection for what matters most: Laura's story

We encourage you to watch the story of Laura and Rod, who live in Guelph, Ontario. Their story is very similar to people who live on Prince Edward Island. Life changes happen to everyone, sometimes unexpectedly. You can view the video here → https://www.jeffsomers.ca/lp-insurance

In this video, we share Laura’s touching journey after the loss of her husband, where a well-structured insurance policy provided stability and security for her family of three children. Witness how meticulous financial planning and the expert guidance of their IG financial planner enabled Laura’s family to persevere and thrive eventually.

The narrative underscores the core values we uphold - the same values which families of Prince Edward Island share - empowering families to navigate life’s challenges with resilience and confidence. We extend our deepest gratitude to Laura for sharing her story.

To discover how the guidance of Jeff Somers & Associates can make a difference in your financial well-being, book a complimentary consultation today → www.jeffsomers.ca/lp-insurance

07/19/2024

Myth: Taxes will erode the value of my estate.

Want to protect your accumulated wealth and maximize what you can pass to your family and beneficiaries? I can help you with a solution. (Spoiler alert: it’s life insurance) Let’s discuss how life insurance can maximize and optimize your estate in the context of your holistic financial plan.

Contact the team at Jeff Somers & Associates for a complimentary consultation today → https://jeffsomers.ca/lp-insurance

07/17/2024

Myth: Life insurance is just for emergencies only

Only 17% of high-net-worth Canadians fully know the tax advantages and estate benefits life insurance brings for them and their families' future. Learn how life insurance in your holistic financial plan can provide you and your family with a tax-free solution to preserve or maximize your estate.
Request a consultation to learn more → https://www.jeffsomers.ca/lp-insurance

07/12/2024

4 Part Social Media Series: Disability Insurance versus Critical Illness Insurance: Which Do You Need?

Part 4:
Disability insurance versus critical illness insurance: which is right for you?
As we’ve seen, there are many instances where coverage for disability insurance doesn’t overlap with coverage for critical illness insurance, so for many people, taking out coverage on both could be a wise move.

For the self-employed, business owners and anyone who doesn’t receive employer insurance benefits, both disability and critical illness insurance should be a priority. Critical illness insurance provides a lump sum to help you hire a replacement while you recover or replace your lost earnings. If you become disabled, disability insurance could replace most of your lost income.

We encourage you to contact Jeff Somers & Associates to determine which insurance would suit your circumstances and how each would fit into your financial plan. These insurances and life insurance can be essential for ensuring that your financial plan doesn’t go off the rails if the worst happens.

Contact us today to discuss whether disability insurance or critical illness insurance has a place in your financial plan.
→ https://www.jeffsomers.ca/lp-insurance

07/10/2024

4 Part Social Media Series: Disability Insurance versus Critical Illness Insurance: Which Do You Need?

Part 3:
Disability insurance versus critical illness insurance: how they’re different
There is some overlap between critical illness insurance and disability insurance, but they are designed to help people going through different experiences and can payout (or not) in different ways.

Critical illness insurance provides a one-off lump sum payment, while disability insurance provides ongoing payments for the duration of your disability (or until the end of the coverage period). There can be instances where someone will receive payments for critical illness but not disability insurance, and vice versa.

For example, suppose you experience a serious depression that prevents you from working. In that case, you won’t receive a payout from critical illness insurance, as it’s not a covered condition, but you would receive a payout from disability insurance. Conversely, you could receive a payout from critical illness insurance if you were diagnosed with cancer. Still, if the illness doesn’t prevent you from working for a considerable time, you won’t receive any payments from disability insurance.

Critical illness insurance coverage can last your lifetime, whereas disability insurance ends at age 65. Being unable to work because of a disability qualifies you to receive disability insurance payouts, while critical illness insurance requires the diagnosis of a covered serious illness.

Disability insurance is only available to workers, whereas critical illness insurance is available to everyone.

Follow this post series over the coming days to learn more.

You may also request a consultation → https://www.jeffsomers.ca/lp-insurance

07/05/2024

4 Part Social Media Series: Disability Insurance versus Critical Illness Insurance: Which Do You Need?

Part 2:
How Disability Insurance Works
If you get ill or have an injury and cannot work, disability insurance will pay you a (usually) tax-free monthly amount designed to replace a considerable portion of your salary. Payments continue until you can return to work or your coverage period ends (whichever comes first). There is a mandatory waiting period, after which you’ll start receiving payments.

Disability insurance can cover a wide range of disabilities that prevent you from working, including:

→ Injuries from an accident
→ Cancer
→ Depression and other mental health issues (such as anxiety)
→ Chronic pain (such as back pain, fibromyalgia, arthritis)
→ Cardiovascular conditions
→ Neurological disorders (like stroke and Parkinson’s)

The cost of disability insurance can vary greatly, depending on several factors, and can range between 2% and 4% of your salary.

Factors that will affect the cost include the coverage amount (how much you’ll receive monthly if you can’t work), the length of time you want to receive benefits, the waiting period, your age, your current state of health and your job (people with dangerous jobs usually pay more).

As with critical illness insurance, many disability insurance policies (including those offered by IG) have optional return of premium riders.

Follow this post series over the coming days to learn more.

You may also request a consultation → https://www.jeffsomers.ca/lp-insurance

07/03/2024

4 Part Social Media Series: Disability Insurance versus Critical Illness Insurance: Which Do You Need?

Part 1:
When it comes to insurance, there are some types that we automatically take out. Car insurance, home insurance and life insurance are often considered non-negotiable essentials.

Canadians seem to value disability and critical illness insurance much less than life insurance. Yet, both can be crucial in maintaining your lifestyle and keeping you in your home if you get a debilitating illness or injury.

Both disability and critical illness are more prevalent than most people realize. A recent survey found that more than one in four Canadians aged 15-plus had at least one disability that affected their daily activities. Similarly, almost a third of men and almost a quarter of women who are healthy at age 35 will suffer from a critical illness before they reach 65.

We take a close look at how disability insurance and critical illness insurance work and explain the differences between the two. We also examine which insurance policies are right for you and how they should fit into your financial plan.

How Critical Illness Insurance Works
Suppose you’re diagnosed with a condition covered by your critical illness insurance. In that case, you’ll receive a one-time, tax-free lump sum designed to help you cover the costs related to the illness (including loss of income, medical costs, in-home care, etc.).

Critical illness insurance often includes dozens of potential illnesses, including:

Brain injury due to trauma
Aplastic anemia
Blindness
Various types of cancer
Deafness
Dementia/Alzheimer’s
Heart attack
Kidney failure
Organ transplant
Multiple sclerosis
Parkinson’s disease
Stroke

You can choose how long you will have this kind of coverage or have it for your whole life. You’ll typically be paid out after the survival period, the length of which will depend on the type of coverage you’ve bought. You’re paid out whether you continue to work or not.

Follow this post series over the coming days to learn more.

You may also request a consultation: https://www.jeffsomers.ca/lp-insurance

At Jeff Somers & Associates, we are dedicated to working with you to achieve your financial goals. IG Wealth Management Inc. Mutual Fund Division

07/01/2024

Happy Canada Day to all from Jeff Somers & Associates! 🎉🌊 Let's celebrate the charm and beauty of our island province, known for its red cliffs, stunning beaches, and warm hospitality. Whether enjoying a feast, exploring the unique sites and sounds of , or soaking up the island vibes, today is a day to cherish our unique island culture. Here's to a wonderful Day filled with island magic and unforgettable moments! 🍁🦞