In this episode of Smart Wealth, Brett Cranson and Omari Whyte discuss the importance of understanding and enhancing personal financial protection through group benefits and individual coverage. They explore the limitations of group benefits, the necessity of personal insurance, and share a case study highlighting the implications of inadequate coverage. The conversation emphasizes the need for proactive financial planning and risk management to secure one's financial future.

Takeaways

• Group benefits are a great starting point for coverage.
• Many employees are unaware of the limitations of their group benefits.
• Life insurance through group plans often isn't sufficient for personal needs.
• Critical illness insurance is becoming less common in group plans.
• Personal coverage is essential to fill gaps left by group benefits.
• Understanding your benefits is crucial for effective financial planning.
• Morbidity rates are rising, affecting younger individuals as well.
• Tax implications can be significant upon death, necessitating proper planning.
• It's important to ask, 'What if I couldn't go to work?'
• A review of group benefits can uncover opportunities for better coverage.

LinkedIn Brett Cranson: linkedin.com/in/brettcranson

LinkedIn Omari Whyte: linkedin.com/in/omari-whyte

For business inquiries, please head over to

https://www.uptownwealthmanagement.com
https://www.familyfirstadvisors.ca

email:

[email protected]

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Brett Cranson & Omari Whyte have been helping Canadians with their Financial, Retirement and Estate Planning since 2003. Our office is based in Toronto, ON, Canada - but help Canadians Coast to Coast.