Copyright © 2024 Brian So Insurance
Life insurance can mean the difference between a family being dependent on the government for financial support or becoming self-sufficient after the provider of the family passes away. Many families who loses a loved one are not able to recover from its financial implications. Immediate expenses such as burial costs and legal fees coupled with the long term income requirement for living expenses can devastate a family financially. It may take years for the survivors of a family to recover from the death of the breadwinner of the family. Oftentimes, full recovery is impossible as a single parent is unable to keep up with the cost of raising a family alone. They may need to downsize their home, take out additional loans, cease contributions to education and retirement savings plans and do other things that reduce their standard of living just to get by.
Are you looking for a way to transfer your wealth to your children in the most efficient way possible?
Did you know you can do this with the wealth transfer strategy using life insurance?
With this strategy, you:
Reduce the tax you have to pay
Avoid costly probate and other estate fees
Can build up significant cash value inside the policy tax-sheltered
And much more.
So if you’re want to know more about how this strategy can help protect your wealth, this post is for you.
Let’s get started.
This is the complete guide to estate planning using life insurance.
In this post, you will learn:
-What estate planning is
-How much tax, probate fees, and other costs your estate has to pay
-How life insurance is a cost-effective way to cover these expenses, preserving your estate for your loved ones
So if you’ve ever wondered how life insurance fits into your estate plan, you’re in the right place.
Life insurance isn’t a set it and forget it deal.
Major life events should trigger a review of your policy. During the review, you may find that you need to make some changes.
In this post, we go over changes you can make to your policy. Things like:
-Changing the beneficiary
-Increasing the death benefit
-Removing a rating
And much more.
Read on for a complete list of common life insurance policy changes.
Most people know that life insurance proceeds are paid out tax-free.
But how about the cash value inside a policy? Can you also take that out without paying tax?
And in what situations can you deduct your premium from your income?
This post answers these questions and more, all the while simplifying life insurance taxation to make it easy to understand.
Do you have assets that you want to protect from creditors?
Did you know that insurance products like life insurance, annuities, and segregated funds can provide creditor protection?
In this post, you will learn:
Why creditor protection is so important for business owners
How you can shield your assets from creditors using insurance products
And much more.
So if you want to find out how you can use life insurance to shield your assets from creditors, this post is for you.
Long-term disability insurance pays you a benefit if you can’t work because of an illness or injury. But while a disability insurance policy is essential, the base policy only gives you the minimum coverage. To get the best disability policy, you’ll need to add disability insurance riders.
Disability insurance riders are optional benefits that enhance your disability policy. But which riders should you get and which ones aren’t worth it? Read on to find out.
Disability insurance can serve as income replacement if you can’t work due to an injury or illness. While anybody with gainful employment should have coverage, nobody wants to go through a disability claim.
But statistics show one in three people become disabled for 90 days or longer before 65. So if you’re wondering how to make a disability insurance claim, this post is for you.
Long-term disability insurance pays an ongoing benefit if you can’t work in your job due to an injury or illness.
The advantage of a long-term disability insurance policy is that the definition of a disability is extensive. As long as an illness or injury prevents you from doing your job, you should qualify for disability insurance benefits.
But what types of disabilities are covered? How do you define a disability? And are there any exclusions or limitations?
In this post, we explore what disability insurance covers.
Disability insurance protects your most valuable asset—your ability to earn an income. Without it, chances are you won’t meet your ongoing financial obligations if you become disabled. It will be a struggle to pay your mortgage, buy groceries, and maintain your lifestyle.
So how does disability insurance work? And if it’s such a critical part of a financial plan, why is it so often overlooked?
In this post, we explain what disability insurance is and how you can protect your most valuable asset.
Small business owners purchase personal disability insurance to protect their income if a disability leaves them unable to work. But while that helps pay for personal expenses, it doesn’t cover the ongoing expenses of the business.
You still have fixed business expenses that continue even if you become disabled. Rent for your commercial office, employee salaries, equipment leases, and utilities are just some of the overhead expenses you need to pay to keep the business running.
Without any protection, your business might not have the means to endure a long-term disability.
That’s where business overhead expense insurance can help. It covers your ongoing expenses, so you have a business to return to when you recover from your disability.
When asked what their most valuable asset is, most people would conclude that it’s their home. But did you know that your most valuable asset is your ability to earn a living?
Think about it, from the day you start working to the day you retire, you will end up making millions of dollars. This is worth more than any physical asset you possess.
But if you suddenly lose your ability to work due to an injury or illness, how will you cope with the loss of income? How would you maintain your standard of living? How long would your savings last? What would happen to your retirement plans?
That’s where disability insurance can help. It replaces your income when you need it the most, so you can focus on returning to work.
But how do you buy disability insurance? In this post, we guide you through the steps of purchasing disability coverage.
Forget the fear-mongering and misinformation. Navigating the world of critical illness insurance can be clouded by confusion, riddled with common myths that deter informed decision-making.
“I’m too young,” “It’s redundant with my health insurance plan,” or “It’s a rip-off” – these are just a few pervasive misconceptions that leave many unprepared for life’s unpredictable curveballs. But what if these assumptions were simply half-truths, roadblocks holding you back from the potential security this coverage offers?
This post cuts through the clutter, debunking these widely held myths one by one. It empowers you with the facts to make confident choices about protecting your financial future—and your peace of mind—should a critical illness strike. Buckle up, get ready to ditch the doubt, and let’s navigate the road to clarity together.
Life-altering in more ways than one, a critical illness diagnosis not only shakes the individual directly affected but sends ripples of impact through the lives of those in close proximity.
In Canada, it is crucial to address the increasing prevalence of chronic diseases that have long-term impacts on one’s life. As we delve into this pervasive issue, it’s essential to acknowledge that the statistics speak louder than one might anticipate. The reality is that chronic diseases are on the ascent, and the likelihood of you or someone you know already grappling with one is statistically significant.
This post aims to shed light on the escalating prevalence of chronic diseases, emphasizing the need for proactive measures like lifestyle choices and critical illness insurance.
Critical illness insurance plays a vital role in maintaining your financial stability after being diagnosed with a covered illness, like a life-threatening cancer or heart attack. It pays a one-time tax-free lump sum benefit that you can use to pay for extra medical expenses, replenish your emergency fund, replace lost income, and more.
However, the landscape of critical illness insurance is expansive, with several plan options available. From term policies with a defined coverage period to whole life plans, ensuring lifelong protection, the array of choices can be overwhelming.
In this post, we shed light on the options you have to buy critical illness insurance. By the end, you’ll be equipped with a clearer understanding of the plans available, empowering you to make informed decisions to safeguard yourself and your family.
Critical illness insurance offers financial protection if you are diagnosed with a covered condition, like life-threatening cancer, heart attack, kidney failure, or motor neuron disease. Despite its comprehensive coverage, scenarios exist where an insurance provider might withhold the critical illness insurance payout. These are called exclusions.
Critical illness insurance exclusions outline what a policy won’t cover, representing the boundaries and limitations of the coverage. Understanding these exclusions isn’t merely an afterthought but a pivotal part of making an informed decision. They serve as guardrails, defining the scope of the policy and shedding light on scenarios where the safety net might not extend.
This post equips you with the knowledge necessary to navigate through policy intricacies, ensuring that the safety net you’re investing in aligns with your expectations and needs.
In today’s world, securing the well-being of our children extends beyond providing daily care and nurturing their dreams. As parents or guardians, safeguarding their future against unforeseen challenges is a responsibility we take seriously.
Child critical illness insurance protects against the financial strain that may arise if a child encounters a severe health setback. This specialized coverage offers peace of mind and practical support, ensuring that in the face of a critical illness diagnosis, the focus remains on the child’s recovery rather than financial worries.
This post explains what child critical illness insurance entails, why you need it, and the type of coverage to get. Read on to equip yourself with the essential knowledge to make a well-informed decision.
Life and critical illness insurance form the bedrock of safeguarding your future and that of your loved ones. Life insurance ensures financial stability for your family in the event of your premature death.
In addition, attaching critical illness insurance as a rider to a life insurance policy adds another layer of protection. This supplementary coverage offers a lump sum benefit upon diagnosis of a covered illness, providing financial support during challenging times.
Should you add critical illness insurance to your life insurance coverage? Or should you keep them separate? Do you even need both? In this post, we answer these questions and more, helping you in your informed decision-making journey.
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Copyright © 2024 Brian So Insurance
Brian So Insurance is an insurance advisor licensed to sell life insurance products in British Columbia, Alberta, and Ontario. We are not available in other provinces. Insurance policies described, quoted, shown, and illustrated throughout this website are not an offer for the sale of any particular insurance policy or product, only an invitation for application for insurance coverage and may not be relied upon. There are many variables in different insurance coverages and companies, including various insurance company standards and offerings and underwriting requirements. Please see policy documents for full terms, conditions, and exclusions. The logos and trademarks used here are owned by the respective entities.