Your insurance needs reflect your responsibilities to others, especially your family. To protect them, you want to ensure that you have right coverage in the right amounts.
Whether you have insurance or are considering it for the first time, here is a quick review to help you assess your present situation.
Life insurance policies are offered as either term or permanent plans. Term plans are effective for a set time, often 10 years, and are usually renewable at a higher cost. Permanent insurance covers your entire life at a level cost. This group includes universal policies, which also offer tax-sheltered growth. Policies vary widely, so professional advice is a must.
Term Life Insurance
Designed to meet the needs of individuals and families term products provide Ten Year and Twenty Year Term plans with a guaranteed and level amount of insurance. It is no secret that good health and cost of life insurance go hand in hand. However, in today’s marketplace many insurance products have not addressed the correlation between good health and insurance premiums. Our products do.
Whole Life Insurance
Provides guaranteed level premiums and guaranteed insurance coverage for life. The level premium is higher than initial term insurance premiums, but this higher premium contributes toward a significant tax-deferred savings component. I offer several permanent Whole Life Insurance Plans.
Universal Life Insurance
Another form of permanent insurance, Universal Life Insurance, offers the security of life insurance with a highly flexible tax-deferred investment component. For investor who have already maximized their RRSP contributions and are looking for other tax-sheltered investment opportunities, a universal life insurance policy can have “universal” appeal.
With a universal life policy, individuals acquire both insurance protection and a means for accumulating assets on tax-sheltered basis.
Upon your death, the benefits paid to your named beneficiaries are tax-free, making insurance policies a very tax-effective means for transferring wealth to your estate or heirs.
In additional to the death benefit, Universal Life policies provide the policyholder with a wide range of tax-sheltered investment opportunities. To remain exempt from taxation, the government imposes limits on both how much you can contribute (i.e. maximum premiums) and how much your policy’s cash value can grow. However, you can still manage to build a significant investment portfolio which can be used for a variety of purposes – one of which may be to supplement your retirement income.
Whatever your insurance and financial needs, I will have a plan for you. A team of specialists are well equipped to help you achieve the best in insurance flexibility and protection. I look forward to bringing protection to your life.