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Corporate Insurance

Corporate Insurance

Insurance^† is one of those products we all hate to pay for. However, there are some instances in financial planning in which insurance plays an important role in protecting your business. Some of these include:

• The untimely death of a key employee;
• A serious illness or disability that affects your revenue;
• The threat of legal action against your company.

The succession of your business to the next generation

Business owners with substantial assets should pay attention to what will happen to their assets and the taxes that will be owing on their own death.

If you have a business partner, how does your family receive full value for your shares in the business in the event of your death? If your children are to inherit the shares in your business, how will the capital gains taxes and value of your shares be funded? Insurance often provides a cost effective solution for these types of planning challenges.

In the investment industry, an insurance^† solution is sometimes referred to as using 10 cent dollars; for example, paying $10,000 in premiums for an insurance policy that will pay out a benefit of $100,000. No matter how much you dislike paying an insurance company a premium of $10,000, it is preferable to your estate than giving the Canada Revenue Agency $100,000 out of your investments.

It is most cost effective to make these arrangements as early as possible, when company officers are in excellent health.

Services Include:

• Providing for your company’s financial obligations should the firm experience a critical illness, disability, legal action, or death

Products Include:

• Key Man Insurance^† (key employee coverage for businesses)
• Life Insurance^† — Term and Permanent
• Guaranteed Income Funds (GIFs)
• Disability insurance^†
• Critical illness insurance^†
• Segregated funds
• Term certain and life annuities
• Custom insurance^† solutions — for tax minimization and security
• Online access
  • Envoy — Live 24/7 Internet access to account information, market data, news and investment research
  • Electronic monthly statements
    

^† Insurance products and services are provided by Blackmont Insurance Services Ltd.