Insurance Solutions

• What do you want to have happen at the end? Creating an Estate Plan will allow you to direct assets how you want, when you want and to who you want.
• An essential part of your overall financial plan is what happens at the end. Planning today can allow you to maintain more control of your assets in transition. 

Believe it or not, you have an estate. In fact, nearly everyone does. Your estate is comprised of everything you own— your car, home, other real estate, checking and savings accounts, shares, investments, life insurance, furniture, & all other personal possessions. Unfortunately, you can’t take any of it with you when you pass. When this happens, you probably want to control how those things are given to the people or organizations you care about most. To ensure your wishes are carried out, you need to provide instructions stating whom you want to receive something of yours, what you want them to receive, and when they are to receive it. With a well thought out estate plan, you can control how your assets are dispersed, but also minimize the taxes implications when transferring your wealth

Personal/Corporate

A well though out risk management plan can prepare for the unexpected, minimizing risks and extra costs before they happen. By considering potential risks or events before they happen and having a risk management plan in place, you can save your family money and unnecessary headaches.   Your personal risk management strategy can have a major impact on your family’s financial bottom line. Gaps in coverage or inadequate protection could cost them financially. That’s why we focus on value, creating peace of mind, and getting the most for your insurance dollar.We understand the risks you face today and uncover the emerging risks of tomorrow. You’ll get clarity and peace of mind from the people, processes, and programs we use to proactively identify, quantify, and manage risk.   If you are incorporated, there are some additional and significant advantages for having your business own and pay for certain coverages.   The first step is to assess what is currently in place (from all sources) and understand what you are trying to achieve.

Business

Every successful business owner represents the hub of a wheel connected to many spokes – your spouse, children (in or out of the business), partners, employees, suppliers, lenders and the CRA. No business plan is complete without a shareholder or partnership agreement containing buy/sell provisions that allow for the orderly transfer of ownership interests upon retirement, disability, death or disagreement. Business advisors generally agree that life insurance is the most efficient means of providing buy/sell funding on the death of a shareholder or partner. The question that must be answered is whether it is more tax efficient for it to be corporate or partnership-owned rather than personally-owned insurance.

Buy/Sell Coverage

Buy Sell Life Insurance – If a buy sell agreement calls for the surviving partners, shareholders or co-owners to purchase the deceased owner’s interests, they can fund the purchase with life insurance. Quite simply, the tax-free death benefit paid from the policy can be used for this purpose.

• Tailored coverage amounts available to meet your specific need
• Choose from term and permanent life insurance
• Insurance proceeds are tax-free

 

Buy Sell Disability Insurance – Buy sell disability insurance is designed primarily for partnerships and professional corporations with two to five principals. Consideration may also be given to corporations and partnerships with six to ten principals. The policy is most effectively used with partnerships and closely held corporations that employ less than 50 people, have up to $10 million in annual sales and are in stable industries.

• Ages 18-60 eligible to be insured
• Policy can be maintained until the insured person turns 64 or leaves the company
• Benefits can be paid monthly, in a single lump sum, or a blend of the two
• Benefits may become payable after 360 days of total disability
• You can purchase the right to increase coverage at a later date, with no medical evidence

Key Man Coverage

Key person insurance is needed if the sudden loss of a key executive would have a large negative effect on the company’s operations. The payout provided from the death or disability of the executive essentially buys the company time to find a new person or to implement other strategies to save the business. In a small business, the key person is usually the owner, the founders or perhaps a key employee or two. The main qualifying point would be if the person’s absence would sink the company. If this is the case, key person insurance is something worth considering.    

Key Person Life Insurance

• A wide range of coverage amounts are available
• Choose from term and permanent life insurance
• Insurance proceeds are tax-free

 

Key Person Disability Insurance

• Ages 18-55 eligible to be insured
• Policy can be maintained until the insured turns 62 or leaves the company
• Benefits range from $2,500-$15,000 per month for 12 months
• Benefits can start after either 60 or 90 days of total disability