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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.

What are Segregated Funds?

Segregated funds are similar to mutual funds and represent market- based, equity, bond or fixed income investments.  They differ from mutual funds in that as they are offered by life insurance companies, they have special benefits that mutual funds do not.  These special benefits include: Read more

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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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Basic Planning for Young Families

As a young family, you will be facing a lot of new challenges that you may or may not be prepared for along the way. Whether it’s children, a mortgage, or unexpected expenses that come up, now is the perfect time to start thinking about all the potential pitfalls that may arise.

In this article we want to share some of the ways that insurance can help you stay ahead of these issues, as well as how to prepare yourself for some of life’s obstacles that you and your family may face.

What Issues Should Concern you the Most?

Now that you’re starting a family, your life is just one piece of the puzzle. Your spouse and any children are also top priorities, meaning that you should consider what could happen to everyone in a variety of scenarios. Here are some crucial questions you and your partner should discuss:

What happens if one of us dies? – While this question may seem a bit morbid, it’s a necessary possibility to plan for, particularly if you are a one-income household. Even with two breadwinners, chances are that your bills and financial responsibilities are too much for one person, meaning that you need to supplement any lost income as a result of one of you passing away. Read more

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The Case for Life Insurance

 

When it comes to most forms of insurance, many people understand the importance of having coverage. Whether it’s your car, your home, or other valuable possessions, having insurance means that you’re financially protected should disaster strike.   One of the first things you do when you buy a new car is to make sure it is protected before you drive it off the lot.  Why? Because if you are involved in an accident chances are good you would suffer financially.

But, what about life insurance?

Although this form of protection works the same way as all other types of insurance, many are reluctant to open the conversation.  Perhaps one reason is that life insurance involves the planning for the worst-case scenario – your death.  The truth remains however, that if someone, your family or your business for example, would suffer a financial loss due to your death, life insurance is the answer.  In fact, life insurance is one of the smartest ways to provide for both yourself and your loved ones.

For today, take stock of your current situation and consider these important reasons why life insurance is needed: Read more

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Do Retirees and Empty-Nesters need Life Insurance?

Now that the kids are out of the house, you should be shifting your focus on retirement. Since your money isn’t going towards feeding, clothing, and supporting your children (hopefully), you should be figuring out the best way to maintain your quality of life once you retire.

One of the biggest variables in this scenario is the fact that it’s impossible to know how long your money will have to last. Whether it’s 20 years or 40 years can make a huge difference, particularly if you’re not earning money from various investments.

With that in mind, we want to discuss how retirees (and soon to become retirees) can use insurance to help provide for their health and well-being well into their golden years. You don’t want to be left in the lurch because you failed to plan. Here’s what you can do. Read more

ARTICLES OF INTEREST

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Aging Parents? Who’s in Charge?

Here’s a valuable piece I came across on Forbes.com on the subject of Aging Parents in fragile health and the decisions that have to be made for the best outcome..  I wanted to share it as a resource for anyone who may be in this situation with their own parents.

 

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