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Insurance

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

• The untimely death of the major income earner;
• A serious illness or disability that affects your income and savings; and
• When health services are required outside of Canada.

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 both spouses are in excellent health.

Services Include:

• Providing for your financial needs and those of your survivors
• Shaping a model of your retirement lifestyle and ensure you will have ample income to achieve it
• Planning for your family’s needs so they are prepared if you require long-term care or experience a critical illness, disability or death

Products Include:

• Life Insurance^† — term and permanent
• Guaranteed Income Funds (GIFs)
• Disability insurance^†
• Critical illness insurance^†
• Key man insurance^† (key employee coverage for businesses)
• 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.

The comments contained herein are general in nature and professional advice regarding an individual’s particular tax position should be obtained in respect to any person’s specific circumstances.