Overview
Life insurance is an often misunderstood and underutilized financial tool. The most common understanding of life insurance is that it provides income replacement to those that rely on another for financial support. Although accurate, this tool is also capable of funding estate tax liabilities, enhancing intergenerational wealth transfers, acting as an alternative asset class, funding shareholder buy-sell agreements, charitable giving, supplementing retirement income and more.
The future of life insurance?
There is no better time to start utilizing this vehicle then today. There are significant tax advantages available under current legislation but these laws are subject to change. Those that have purchased policies in the past continue to benefit from various rules that are no longer available at present. When combined with the unpredictability of personal health and the flexibility that exists once a policy is in-force, we advise that clients act while they need insurance so that it is available when they want it.
Key considerations for life insurance:
What will happen to those that depend on you financially if you were no longer here tomorrow?
Where are you in your financial life cycle?
Have you maximized all of your registered investment vehicles?
What will happen to your assets if you were no longer here tomorrow?
Would you like to leave your assets to your loved one’s, your favorite charitable causes or the CRA?
What stage are you at in your business lifecycle?
What would happen to your business if you were no longer here tomorrow?
What would happen to your corporate assets if you were no longer here tomorrow?
Should you own your life insurance personally or corporately?
Whether you are looking for your personal needs or those of your business, we will tailor our approach to you. If you have existing coverage in place and you engage our services, we will take you through our process and incorporate these tools into our future solutions. Let us make things easy for you. Review our approach and start the conversation.
Our Approach
For both your personal and corporate needs, we will take your through this process multiple times as we transition through the various stages of your personal financial life cycle and your business life cycle.
HOW WE DEFINE SUCCESS
Solving problems & seizing opportunities
Achieving mutually established goals
Evolving solutions through the various stages of business and life
Protecting loved one’s from financial loss and protecting capital from taxes and market risk
how we get there
Identify
The single most important step in the process is to understand what challenges or opportunities we are solving for. The various insurance products that we have available are tools. However, if we don’t know what we are working towards, they will be used incorrectly.
Evaluate
Once we have obtained insight through open dialogue, from your tax and legal professionals, a financial needs analysis, copies of your current statements and any relevant financial documents, we take them away to assess.
Recommend
Based on the goals that we have established, we will provide you with options and make a recommendation. From there we will engage in open dialogue and arrive at a decision that you are comfortable with.
Implement
In its most basic form this will consist of the application process and any additional medical requirements. Depending on the product and amount applied for, we may also be required to submit detailed financials, blood and urine samples and undergo a paramedical exam.
Monitor
It is important to us to verify that the solution we put in place is achieving the desired result. Every situation is different so we will review at defined intervals most relevant to you.
Evolve
The solution we put in place today will not be universally applicable. We will continue to modify it and will repeat this process at each stage.