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Protecting Your Family

Let’s face it, raising a family today can be financially challenging.  The cost of living continues to increase, housing costs are rising along with education and extra-curricular activities for our children.  It is tough to make ends meet and still have something left over at the end of each month.

Most families today require both parents to work to afford the lifestyle they enjoy.  Losing one of those incomes through premature death, illness or a disability is a real risk that many families would have a difficult time facing emotionally and financially.

How do you protect your family?

  • Life insurance is designed to protect your family by providing the resource to replace income, pay off debt, and fund future education costs in the event that one of the parents dies.
  • Disability, or income replacement insurance, is designed to replace lost income if an individual is not able to work due to accident or sickness.
  • Critical Illness insurance will pay a lump sum benefit in the event of a diagnosis of many major illnesses.

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What is Key Person Insurance?

Most business owners understand that assets vital to the success of the enterprise should be insured.  Premises are routinely covered for fire and/or theft; vehicles used to make deliveries, insured; machinery needed for manufacturing, also insured. Given that these tangible assets are instrumental in the success of the business, it makes good business sense that the business is protected in the event of a loss.   But what about key employees? Many business owners overlook the impact on their business should a key employee die unexpectedly.

If you own or manage a company whose continued success is dependent on key people (it might even be you), it would be prudent to insure all key personnel whose death or incapacity would negatively affect profitability.  Key persons are those who contribute to the continuing success and profitability of the enterprise.

What happens when an owner or key person dies or becomes disabled? Read more

Segregated Funds for Estate Planning

As we age and our thoughts turn to estate planning, Segregated Funds may present a valuable planning opportunity.  As we progress through the stages of life our investment focus changes from growth to income to preservation.  Usually, the expected rates of return reduce as we age, primarily because we have less time to make up for a loss and feel the need to be more conservative in our approach.  Anyone who has retired shortly before or after a major market correction (or crash!) understands the impact volatility can have on their enjoyment of a comfortable retirement.

In addition, none of us want to leave an estate for our heirs which could be a fraction of what was intended or be a catalyst for family discord.   Fortunately, you do not have to forego the opportunity of growth in order to preserve the capital that you wish to leave to your family.  Segregated Funds not only protect your estate against market fluctuations, they also provide the comfort of knowing the inheritances you wish to leave will be received by those for whom they were intended.

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Insurance for Businesses: What You Need to Know

As an entrepreneur, protecting your business is important. You’ve invested your time, energy, and money into creating your new enterprise, which is why it’s so imperative that you take all the necessary steps to protect it.

Regardless of its size or scale, having the right insurance can give you peace of mind, knowing that your efforts won’t be destroyed because of a disaster. This article addresses the different kinds of coverage available for your business and the advantages of each.

Why is Insurance Necessary?

If you are just starting your company, then you’re probably trying to keep costs as low as possible. Adding insurance to the mix at this point might seem premature, particularly if you don’t have a lot of available cash right now. However, consider these potential scenarios and how they could not only impact your business but your family as well.
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Which Term Life Insurance is Right for You?

Once you have decided on how much life insurance you need, your next decision is whether you are going to use term insurance or permanent insurance to provide it.  For many Canadians, while permanent cash value life insurance offers a significant opportunity for them, many initially utilize renewable and convertible term life insurance.  Most life companies in Canada offer 10-year, 20-year and 30-year renewable term policies.   In deciding which one is right for you, attempt to match the need to the term.  While 10-year term might have the lowest entry level cost, the renewal premiums will be significantly higher.  If you have a young family, ask yourself, will I still need protection beyond the 10th year?  If that answer is yes, then a longer renewal period is more appropriate.

In making your choice, it is important to understand how renewable term policies function.  In Canada, the renewal of the coverage is automatic (unless you decide not to renew) and guaranteed.  The premium on renewal, however, will increase dramatically.  Anyone who has 10-year renewable term insurance, instead of renewing it, should re-write the policy for a new term period.  Read more

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Tips for a guilt-free Holiday Season

Even for those of us who love the holiday season, this time of year can be very stressful. In addition to all our regular commitments, we somehow manage to squeeze in enough time for holiday shopping, extra cooking and baking, get-togethers and parties, and maybe even a school concert or two.

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