LIFE INSURANCE
Term Insurance
Term insurance protects your income for a specified amount of time, known as a term. Basic term insurance is very affordable and might be the best choice for you if your goal is the most protection for the least possible cost. We assess your needs and find the term insurance that best addresses those needs. Many insurance companies offer term policies without a medical test if the amount of coverage requested is below a certain amount. Although these policies are a bit more expensive, many people prefer them for the easy application process. Those with health conditions may still require a medical test even if the amount of coverage requested is below the limit, but the process is quick and is completed by a nurse in the comfort of your home.
Term Insurance is ideal if:
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you have a young family
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you are paying a mortgage
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you have outstanding consumer debt
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you need a large amount of insurance for a set amount of time
Protect the ones you love, should the unexpected happen. Your term coverage might cost less than a cup of coffee a day.
Permanent Insurance
As its name suggests, permanent insurance protects your income and your assets permanently, or for your whole life. When you own permanent insurance, you are investing in an appreciating asset, much like investing in real estate. With each monthly payment, called a premium, the value of your insurance policy grows, and your family or charity is guaranteed payment upon your death. We offer permanent insurance, particularly whole life insurance, from a variety of insurance carriers. We assess your needs and find the insurance product that best addresses those needs. Insurance companies offer non-medical whole life insurance policies if the coverage requested is below a certain amount.
Permanent Insurance is ideal if:
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you would like the option of your insurance coverage increasing over time
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you own property or assets that you would like to pass on to your heirs without the burden of capital gains tax
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you want to leave significant wealth to your heirs, risk-free
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you are in a high-income tax bracket
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you would like access to private cash throughout your whole life
A participating live insurance policy is one that allows the owner of the policy to be a shareholder. This means that each year, the insurance company issues you a dividend on your permanent life insurance policy.
Mutual Insurance companies are best known for offering these types of policies although some stock companies (having outside shareholders) also offer these types of policies. Participating insurance policies are great for wealth building as the dividends allow you to buy additional insurance to grow your policy or receive them as tax-free income. This income is tax-free until the dividends you have received exceed the amount of money paid into the policy.
If you choose to use your dividends to grow your policy, you can take out a policy loan to use towards your lifestyle or investment and repay it on your terms. Your policy's cash value and the death benefit will both still be growing in the background. Some insurance companies also allow you to use your policy as collateral for a bank loan. These are only a few of the benefits of a participating live insurance policy. Contact us to find out more.
Protect your loved ones while building wealth with stable premiums and insurance coverage that grows through your lifetime.
Simplified Issue Life Insurance
Non-Medical Insurance provides simple life insurance protection with no medical exam or blood tests. These policies are designed to accommodate common health issues (e.g., diabetes, cancer, and heart disease) that often prevent people from qualifying for life insurance at standard rates. Non-medical insurance is available in both term and whole life. They are more expensive than standard policies, but many find the cost outweighed by the peace of mind they get from knowing that their family will not be burdened with burial expenses and capital gains tax.
If you are between the ages of 20 and 80, you could be eligible for coverage even if you have pre-existing conditions. Your application is more likely to be accepted if your cancer has been in remission or your medical condition has been under control over the past 3 years.
Some insurance companies offer non-medical policies for those aged 20 to 70 with coverage ranging from $10,000 to $250,000, and policies for those aged 40 - 80 with coverage up to $100,000. Because there is no medical required, you could get coverage within 48 hours.
Business Life Insurance
As a business owner, you need to protect your business from unforeseen events, from creditors and from loss. Here are a few examples of how our business insurance solutions can help you run your business with complete peace-of-mind:
Buy-Sell Agreement Insurance
A buy-sell agreement allows your business to transfer shares or other business assets from a departing or disabled shareholder to the remaining shareholders. Its primary purpose is to facilitate this transition without interfering with shareholder's family's finances or the financial health of the corporation. When creating a buy-sell agreement, your need to consider:
● the triggering event (e.g., death, disability, retirement, or third party offer);
● how you will value the shares;
● how you will finance the purchase.
Our business solutions enable you to purchase insurance policies to fund the buy-sell agreement. Your corporation buys insurance on all shareholders in your business. If one shareholder dies, or is disabled, based on the triggering event set out in the buy-sell agreement, the insurance company pays your business and your business distributes the proceeds to the surviving shareholders. The surviving shareholders then use those proceeds to buy the
departing shareholder's shares.
Key Person Insurance
Key person insurance is needed if the sudden loss of a key executive would adversely affect the company's operations or productivity. The proceeds received from the insurance company upon the death or disability of the key executive protects the business from the losses it would incur from the departure or disability of that executive. This gives your business time to find a replacement for the key executive or work out some other solution. Key-person insurance is also beneficial for small businesses where the owner is the key executive.
Capital Building Key Person Insurance
In addition to the benefits mentioned above, specially designed, key-person insurance policies with capital growth, provides your business with immediate capital that you can invest right back into your business. Instead of applying to financial institutions for a business loan, you can use the capital available in your key-person insurance policy and repay it on your own terms.
Health and Dental Benefits for
Self-Employed Individuals
Self-employed individuals can receive similar health and dental benefits to those employed by large corporations. Features of the health benefits our insurance partner offers include:
• Guaranteed Issue Health and/or Dental, with plan upgrade options
• Drug Upgrade available with simplified underwriting of medication history
• Single, Couple, and Family coverage
• Drug Upgrade Guaranteed Issue for approved Multi-life groups of 3 or more
Being your own boss doesn't have to be risky. You and your family can enjoy the same benefits as corporate employees.