Term Insurance – “Renting”
Term insurance is often used to provide coverage for these temporary situations. With term insurance policies, your premiums only pay for the cost of the insurance; there is no saving component or cash value. As a result, the initial premiums on a term insurance policy are generally lower than the premiums on a comparable permanent insurance policy.You can talk to us for more information.
Permanent insurance – “Leasing / Owning”
For permanent needs, there are insurance products that provide primarily protection with the lowest annual cost outlay such as permanent term insurance (Leasing) or limited pay product (Owing), to those which allow substantial tax-sheltered growth and asset allocational potential such as whole life and universal life insurance (Owing with Equity and Growth). You can talk to us for more information.
Regardless of when an individual die, there will likely be taxes, funeral coast and other expenses due at death. In addition, some individuals may desire to leave a bequest at the time of their death or wish to maximize their estate value.
For business owners who have accumulated a sizable investment portfolio or estate, permanent life insurance can be an important tool. You can talk to us for more information.
Disability Insurance – Income Replacement
Your ability to earn an income is quite simply your biggest asset. During a disability, house hold bills still need to be paid. Disability insurance provides a benefit, usually 60-70% of the annual salary, in the event the insured becomes disabled and unable to work. You can talk to us for more information.
Critical Illness Insurance
Critical Illness Insurance is a relatively new product, which was introduced in the 1980s. It pays a benefit to the insured in the event the individual is diagnosed with any of a specified list of Critical Illnesses such as cancer, heart attack or stroke and survives a waiting period that is usually. You can talk to us for more information.
Building Wealth Through Investment
It’s a vital part of any financial plan but can often be one of the most confusing and emotionally challenging experiences you will encounter. Many marketers promise “get rich quick” stock suggestions or sure-fire “market timing” schemes. It is easy to prey on most people’s desire to acquire wealth quickly without applying the diligence, prudence and sacrifice that is actually necessary.
Registered Retirement Saving Plan (RRSP)
Save now, tax-free; pay taxes later at a lower tax bracket.
An RRSP is the most effective retirement savings and investing tool available to most Canadians. It lets the money you invest grow unaffected by taxes until it is withdrawn. That means your money has the potential to grow faster and accumulate more returns. What’s more, you’ll get a tax deduction for every dollar you put into an RRSP, reducing your annual tax bill. You can talk to us for more information.
Registered Educational Saving Plan (RESP)
Tax savings that benefit the whole family
RESPs permit savings to grow tax-free until the beneficiary is ready to go to college, university or any other eligible post-secondary educational institution. Under the family RESP plan, if your child decides not to attend higher education, the RESP can be transfer to another beneficiary such as a sibling. RESP assets can also be transferred into parental RRSPs, provided the parent has enough contribution room left. You can talk to us for more information.
Tax Free Saving Account (TFSA)
Tax free saving Accounts (TFSA) were introduced in the 2008 Federal Budget effective January 1, 2009 to help us save and invest for our future. Canadians who are 18 years of age or older may contribute up to $5,500 per year to a TFSA. TFSAs are great because the earnings are tax-free. In Canada, only your principal residence and your TFSA are true tax-free investments. You can talk to us for more information.
Permanent Cash Value Life Insurance
A multifaceted tool to serve your insurance, investment and tax sheltering needs
Whereas temporary life insurance covers a variety of short term risks, such as providing mortgage protection or income replacement, permanent life insurance not only covers risks but also act as an important vehicle to maximize estate and retirement planning as well as business succession planning. Beyond the pure insurance aspect, most policies provide the owner with the option of contributing more money into the policy than is necessary to pay for the cost of insurance (COI). This additional money is invested and grow tax sheltered, similar to an RRSP. The policy holder is limited by certain government guidelines for how much extra money they can contribute, but this amount can be substantial. Tax sheltered growth/ Tax free death benefit/ Flexibility for withdrawal. You can talk to us for more information.
Take the first step today to better achieve your financial goals.