FAQ

How much insurance is needed?

With my knowledge of insurance, as well as experience with investments, finance and accounting, I take my clients through a process to determine their unique insurance needs.

 

We analyze assets and debts, business, income, family needs, inheritances and other personal circumstances and existing insurance contracts. 

 

Then we evaluate the risk of events such as death or illness that are a be a threat to their family well being.      

 

As part of a big picture financial plan, insurance is an important component that helps to protect and enhance lifestyle and wealth. 

What is the purpose of life insurance?

   The purpose of life insurance is to provide financial stability for beneficiaries that depend on the person insured, in the event of the death of the insured. These beneficiaries can include spouse, children, parents, or even business partners and corporations. Life insurance proceeds can be used to pay off debt, such as a mortgage, ensure income for dependents, and pay off taxes owed upon death (estate capital gains, etc.). Peter can help you determine what level of coverage best fits your current situation.

Can I save on my income tax by having life insurance?

In many cases, insurance policies can be structured to take advantage of Revenue Canada laws that allow for reduced taxes. In fact, several types of insurance have been designed with tax reduction in mind.

What is the difference between temporary and permanent life insurance?

   Temporary life insurance provides coverage for a specific period of time, known as the "term". Temporary life insurance is ideal for younger adults with higher debt and modest income.

   Permanent life insurance provides coverage indefinitely up to death. It is often used in conjunction with retirement and estate planning. 

What is living benefits insurance?

Living benefits insurance pays to the insured if there is a critical illness or disability.  

 

Critical illness insurance provides a lump sum payment to the insured in the event of severe illness, such as cancer, heart attack, stroke, and many others. 

 

Disability insurance provides monthly income when the insured is incapacitated due to illness or injury.

How about health and dental insurance?

Government health insurance often excludes prescription drugs, dental costs, vision care, physiotherapists, chiropractors, massage therapists, and hospital accommodations. Individual, family, or group health and dental insurance can be used to enhance overall insurance coverage to avoid out-of-pocket costs for these expenses.

How much does insurance cost?

Insurance cost is based on health, age and type of insurance. Many basic plans are reasonably priced for the peace of mind benefit. More complicated plans generally cost more, but provide significant protection against catastrophic events.

  

 

 

CONTACT INFO

Peter Wolgram, CPA/CGA

Insurance Advisor

(BC and Alberta)

Vernon, British Columbia.

Certified General Accountant Chartered Professional Accountant

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Tel:

778-932-1196

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Email:

peter.wolgram@holliswealth.com

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Disclaimer

Wolgram Financial Services is my trade name. I work as an independent Insurance Agent,  licensed in British Columbia and Alberta.  I am contracted to work with many Canadian insurance companies including   Manulife,  Industrial Alliance,  Sunlife,  IA Excellence,  RBC,  Desjardins,  Ivari and  Blue Cross.

My MGA  (managing general agent)  that processes my paperwork and helps me with individual cases is PPI of BC. 

This website is not deemed to be used as a solicitation in a jurisdiction outside of BC or Alberta.

The information provided on this website and in my practice were obtained from sources I believe are reliable, or are my own views, and are not guaranteed and may be incomplete.  Please do contact for updates and more information.

All information gathered is held as confidential. I conform to the Insurance Council of BC rules and code of conduct.