Life, Disability, and Health Insurance for Professionals and Business Owners

Home | About Us | Blog | Reviews | Contact Us
  • Request a Quote
  • 200, 5041 Gateway Blvd
    NW Edmonton, AB T6H 4R7
  • (780) 433-3900
    (780) 433-4044
Life Insurance
Vistaplan Blog

Read the Vistaplan Financial Group blog: Universal Life Insurance, Term Insurance, Disability Insurance, Critical Illness Insurance, Super Visa Insurance.

Posted: 13 Oct '11

How to Choose Your Life Insurance?

The life insurance business seems complicated with every company having 4 or 5 different life insurance products and many different disability and critical illness policies. 

Things get more complicated when companies have names for each life insurance product even though many policies with different names work in much the same way.

Adding to the complexity life insurance is set up to last from 1 to 60 years.  The question is, “how do you even start to make the right decision?”

5 points to consider

  1. You want to own a private disability insurance contract for as much monthly benefit as your current income qualifies.
  2. Get a large amount of Term Life Insurance because the premiums are low and you can always reduce the death benefit in the future.  When you look out over your life time unless you’re buying the term life insurance to cover a particular loan repayment how can you make a decision on the amount of life insurance you will need to cover you for 60 years?  The larger your death benefit the better protected you’ll be.
  3. You need to give yourself as much flexibility as you can so you can make changes to the contract even if your health changes and you become less insurable or not insurable at all in the future.
  4. Consider office over head insurance if you’re responsible for office expenses should you suffer a disability.  Office over head insurance is the only insurance were the premiums are tax deductible.
  5. After your disability insurance is set up and you have a large term life insurance death benefit then consider Critical illness.

Always look for flexibility, the future is just too unpredictable and to infinite.


About the Author - David Motkoski

David Motkoski—At the Helm of Vistaplan Financial Group

The team at Vistaplan is led by David Motkoski, a well-respected insurance adviser to hundreds of business and individual clients. David has 30+ years of experience in this industry helping clients understand their life and disability insurance, office overhead, critical illness, long term care, and accident insurance. David’s focus has been medical doctors, dentists and business owners who are concerned with having the right coverage to provide for their family or business and protecting their income

David is an independent broker offering policies with Manulife, ivari and RBC to name a few. Vistaplan Financial Group has clients dating back to 1983 and they stay loyal with David because of the strong relationships he builds.