Insurance Products - Introduction
Insurance
The fact that you are looking for more information about insurance means you recognize that your current coverage may not be complete. Insurance is an essential part of any financial plan.
Broadly speaking, the primary use of insurance (all kinds) is to help maintain cash flow through life’s disruptions. However, as your assets grow you will be less concerned about protecting cash flow and more concerned about protecting your family’s wealth and estate. Insurance contracts have certain characteristics that make them indispensable tools for wealth and estate planning.
What will happen to your family if something happens to you?
If something should happen to you, will your family have enough money to cover the mortgage and household bills? What if you become critically ill? How will you support your family and pay for the unexpected medical costs? These are tough questions. But anything can happen. That’s why you want to be certain you have the right insurance coverage to protect your family and everything you’ve worked hard to achieve. Many Canadians don’t have the right insurance coverage to meet their needs. It’s unfortunate, but not surprising. Insurance is a complex subject. There are so many different types to choose from, it can be confusing. And you may not know how much coverage is enough.
A comprehensive wealth management strategy should include an insurance review. For younger families the concerns are often cash flow related, term life insurance provides a flexible, low cost alternative. When cash flow is no longer the issue and we start dealing with questions about business succession and estate planning, Permanent Life Insurance becomes a very effective tool. Business owners with discretionary capital held in the business or a holding company can use an insurance contract to extract the capital from the Holdco tax free. Several tax strategies are outlined under the tab Universal life.
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Tips
To send me an email click above on "more info please"
If you are a business owner, incorporated professional or an executive you can get up to 65% more into your retirement fund while your company makes large tax deductible contributions on your behalf or to benefit your family members, key executives. Click on IPP for more information
RRSPs are the single most significant financial opportunity available to Canadians today and investors recognize them as the best way to save for retirement. Click on RRSP for more information
An RDSP can be established for a Canadian resident aged 59 and under(excluding plan transfers), who is eligible for the Disability Tax Credit and has a valid Social Insurance Number. Click on RDSP for more information
As an incentive to help you save for your children’s education, the government offers the Canada Education Savings Grant (CESG) – a grant of 20% on the first $2,500 contributed to an RESP each year for a total of $500. Click on RESP for more information
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