Lucy Lukic is the President of AGFI (Anchor Group Monetary Inc.) in Hamilton, Ontario, and an insurance coverage advisor with 25 years of expertise. All through her profession, she has held senior management positions at outstanding companies, together with CIBC Monetary Planning, Burgeonvest Bick Securities, Burgeonvest Insurance coverage Corp, yourCFO Advisory Group, and Hub Monetary. Identified for her client-first mindset, Lucy is captivated with demystifying insurance coverage and serving to Canadians safe their long-term monetary futures.
Past her skilled accomplishments, Lucy is a devoted philanthropist who actively helps animal rescue efforts, youngster welfare initiatives, and charities combating human trafficking.
Q: The Canadian insurance coverage market is presently leaning towards residing advantages as a substitute of conventional death-benefit insurance policies. How are you seeing this pattern occur in your work?
Lucy Lukic: We’re seeing an enormous change and what Canadians anticipate from their insurance coverage. For some time, Insurance coverage was seen primarily as a security web for family members after passing away. Now, youthful professionals and households need residing advantages like essential sickness and incapacity protection as a result of these insurance policies assist folks shield their funds whereas they’re alive. They need to have the monetary liquidity to pay their mortgage, cowl youngster care, or entry various remedies if a well being drawback occurs.
Q: Current business information says that a variety of Canadians fear about issues like most cancers and coronary heart assaults, however lower than 10% have essential sickness protection. Why do you suppose that’s?
Lucy Lukic: There’s a extremely massive data hole. A whole lot of Canadians absolutely imagine that their office advantages or public healthcare will cowl every thing in the event that they get sick. In actuality, office advantages lack the pliability wanted to cowl out-of-pocket medical prices, way of life adjustments, or misplaced revenue for a partner who must take a go away from work. Folks additionally fall for the parable that essential sickness payouts can solely be used for direct medical prices, when in truth, the lump-sum profit is totally tax-free and can be utilized nevertheless the policyholder sees match.
Q: Extra insurance coverage corporations are introducing modular, lifestyle-linked merchandise to draw the youthful demographic. What does this imply for the on a regular basis shopper?
Lucy Lukic: It implies that protection is turning into extra customizable. Prior to now, essential sickness insurance policies had been inflexible, all-or-nothing packages. Now, insurers are letting purchasers decide particular circumstances, add riders for early analysis, and even construct in wellness advantages that encourage preventative well being. For the under-40 era, who worth flexibility above all, this implies they don’t should overpay for cumbersome packages once they solely want personalised protection for his or her particular life stage.”
Q: How does this concentrate on residing advantages handle the elevated value of residing and medical bills in Canada?
Lucy Lukic: At a time like this, monetary fragility is at an all-time excessive. Whereas a analysis might affect an individual’s bodily well being, it additionally impacts family money stream. If a shopper has a essential sickness coverage with a tax-free payout, they’re basically shopping for time to concentrate on restoration with out feeling compelled to make use of their retirement financial savings or accumulating high-interest debt.
Q: For somebody reviewing their insurance coverage plan this yr, what actions ought to they take to leverage these new traits in residing advantages?
Lucy Lukic: Don’t depend on assumptions. Begin by reviewing your present protection with an advisor to search out any blind spots between your work advantages and particular person wants. It’s additionally good to ask about modular essential sickness riders that supply early-stage payouts. If you tailor a plan to match your way of life, you assure that if the sudden occurs, you shield each your well being and your monetary future.
