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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.
We face many risks in our lives on a daily basis: the risk of being in a car accident, the risk of a snow storm grounding our flights, the risk of a home burglary, just to name a few. While some of the risks are a minor nuisance and not of financial significance, others have a catastrophic effect on our finances. The purpose of insurance is to transfer some of the risk to an insurance company in exchange for a fee known as the premium.
Did you know that 48% of bankruptcies and mortgage foreclosures are due to disabilities? How can you cope financially if you suffered a long-term disability?
With mortgage disability insurance, you ensure that you can make your monthly mortgage payments if you can’t work due to an injury or illness. But is it the best insurance coverage for you?
In this post, we explore:
What mortgage disability insurance is, and how it works
How much mortgage disability insurance costs
Why you should get a long-term disability insurance policy instead
Keep reading to find out if mortgage disability insurance is right for you.
Is it worth purchasing disability insurance?
This is an important question that not many people think of. Disability insurance can be helpful in many ways, especially if you were to suffer from a long-term disability.
You may be thinking: “Why would I need this? I don’t think I could ever get hurt or sick enough for this to happen!” But the truth is, life happens, and sometimes things are out of our control. That’s why we must be prepared for anything that life throws at us.
If you’re not sure if it’s worth purchasing, read on to learn the things you should know why long-term disability insurance might be one of the most important purchases you ever make.
Did you know that 1-in-4 Canadian adults will become disabled before the age of 65?
For disabilities that last longer than 90 days, the average length is almost six years. Most people disabled that long will have their plans for the future derailed.
That’s where a disability insurance policy can be a lifesaver. By providing a monthly benefit if you can’t work due to an injury or illness, you protect your ability to make a living. Disability insurance is essential for working-class Canadians who want a secure financial future in case of a long-term disability.
But, how much disability insurance should you have? And how much does it cost? Find out the answer to these and more in this post.
Are you a working professional looking for long-term disability insurance benefits? If so, you may have heard of a type of disability insurance called own occupation.
Own occupation disability insurance (DI) is an essential coverage that can help with financial security. While it’s crucial for doctors, lawyers, and other professionals, these are not the only careers that benefit from this type of insurance.
What is own occupation DI? And how does it compare to other types?
Read on to learn more about this type of coverage and how it can help protect your income during a long-term disability!
Do you ever fear that you might not be able to work and take care of your family one day? After all, lots of people live with disabilities and are unable to work. Disabilities that could derail their financial plans if they last a long time.
You might worry about the financial impact of a long-term disability. However, there is a solution—long-term disability insurance (LTD). It can help you survive the most challenging time of your life.
But how long does long-term disability insurance last? And what are the factors that affect this? Keep reading to find out the answers to these and more.
Your ability to earn a living is one of your greatest assets. But what if you cannot work indefinitely because of a sudden disability?
That’s where a disability insurance plan can help you. It’s intended to preserve your income if you cannot work due to injury or illness.
But you might be wondering: how much does disability insurance cost?
In this post, you will learn about the factors that affect the cost of disability insurance. By the end, you’ll know how to find a policy within your budget to protect your earning power.
Is the lump sum benefit you receive from critical illness insurance taxable? Whether you have a personal policy or your employer pays for your coverage, you’ll want to know if you have to pay tax on the benefits.
That’s because when it’s time to make a claim, the last thing you want to worry about is whether taxes will affect the benefit amount.
In this post, we’ll reveal the tax implications of a critical illness insurance payout. So, let’s dive in and explore this important topic in detail.
Homeownership is a significant investment and a source of pride for many. However, with homeownership comes the responsibility of paying a mortgage every month. It can be daunting, especially if unexpected circumstances like a critical illness arise.
That’s where mortgage critical illness insurance comes in. This type of insurance coverage helps homeowners pay off or reduce their mortgage balance if they are diagnosed with a critical illness, such as cancer, heart attack, or stroke. It can provide financial security and peace of mind during a difficult time.
While mortgage critical illness insurance is a practical option for homeowners, weighing the benefits against its limitations is essential. Personal critical illness insurance, for instance, can provide more comprehensive coverage for various expenses related to a critical illness.
In this article, we’ll explore mortgage critical illness insurance, its benefits, and how it compares to personal critical illness insurance. By the end, you’ll better understand which option is best for your needs.
Are you prepared for the financial impact of a serious illness?
Critical illnesses like cancer, heart attack, and stroke can have devastating financial consequences. The costs of medical treatments, lost income, and lifestyle adjustments quickly add up, leaving you and your loved ones vulnerable.
That’s where critical illness insurance comes in. It gives a cash injection in a time of crisis to provide financial security for you and your family.
In this post, we’ll walk you through purchasing critical illness insurance, from understanding the basics to finding the right coverage that fits your needs and budget.
If you’re considering buying critical illness insurance in Canada, this post is for you.
Have you considered purchasing critical illness insurance but felt overwhelmed by the underwriting process?
Critical illness insurance underwriting is a complex process that involves a thorough evaluation of your medical history, current health status, and lifestyle. Understanding this process is crucial in managing your expectations so you know your chances of being approved for coverage.
In this post, we will guide you through the underwriting process for critical illness insurance, uncovering the top things underwriters look at when assessing your risk.
By the end, you will better understand how underwriting works for critical illness insurance, allowing you to make an informed decision about your coverage and ensuring that you are adequately protected in the face of unexpected health issues.
Have you ever considered what would happen if you were diagnosed with a critical illness? Medical expenses, lost wages, and other financial obligations can quickly add up and cause significant stress during an already challenging time.
Critical illness insurance can help ease this burden by providing a lump-sum payment in the event of a severe illness. But how much does critical illness insurance cost? And is it worth the investment?
In this post, we will explore the factors that impact the cost of critical illness insurance and provide tips for finding the best policy for your needs. With this information, you can make an informed decision about whether critical illness insurance is right for you and your family.
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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.