Copyright © 2024 Brian So Insurance
Charitable donations totaled $9.6 billion in 2017, and this number is on the rise.
But did you know that besides donating cash, you can also give the gift of a life insurance policy?
How does it work? And what are the tax benefits?
In this post, we’ll go over your options for charitable giving using life insurance. You’ll learn:
-Which method gives you a tax credit while you’re alive and which one gives it when you pass away
-What type of life insurance you should use for charitable giving
-How using life insurance can increase your contribution by 50% compared to other investments
Let’s begin.
Last week we looked at when you should perform a life insurance review. One of the suggestions that was brought up during a review was to replace your current policy if a new one would better serve your needs. How do you determine if a new policy is more suitable for you? In which way is it better? Worse? Is there a cash surrender value in the old policy that would trigger tax if you cancelled it? Would you qualify for a new policy for the same or better rate? These are all questions that you need to ask before replacing a life insurance policy.
Some people buy life insurance and have a ‘set it and forget it’ attitude, opting never to look at their policy again. After all, they’ve done their research, and are certain they have the most suitable policy. Why should they have to change anything? The reason of course is that life is never static. Circumstances change – sometimes abruptly – which may call for a life insurance review. You may find yourself wondering if you have enough coverage, or if you should renew the term or not, among other similarly tough decisions. It’s recommended that you perform a life insurance review whenever the following events occurs.
Attention: The MIB may have your medical information.
No, not the Men In Black. The Medical Information Bureau.
In this post, we explain what the MIB is and how it helps prevent fraud and keep life insurance affordable.
Let’s get started.
Are you a thrill-seeker who loves dangerous hobbies? Did you know that participating in these high-risk activities can affect your life insurance rates?
You could end up paying thousands more for life insurance. Even worse, the insurance company could deny coverage altogether.
What are the 9 activities insurance companies consider dangerous, and what factors do they look at when determining your rate?
This post answers those questions and more.
By the end, you’ll know exactly what you need to do to get the coverage you need.
So if you’re a thrill-seeker looking for life insurance, this post is for you.
This is the ultimate guide for saving on life insurance.
Here, you will find a massive list of 87 simple tips to maximize your insurance dollars, leaving you more money in your pocket.
So don’t buy life insurance until you read this. It could end up saving you thousands of dollars over the life of the policy.
As a realtor, you are busy with your day-to-day tasks – things like staging or showing a home, meeting with clients, driving around town, and more.
You never think about not being able to work because of a disability. But what if your income suddenly stopped? How will you maintain your lifestyle?
Maybe you have enough savings to get you through a short-term disability. But what about one that lasts for several months or even worse, years?
Can you afford not to insure this risk?
This is the definitive guide to disability insurance.
You will learn about the sources of income during a disability, how to design your policy, and much more.
So if you want to know how to protect your income during a period of incapacity, you’re in the right place.
As we travel through the journey of life, our financial needs and obligations undergo constant change. For example, your financial obligations increase once you are married, and continue to do so as your family grows in size. It should come as no surprise that insurance varies in importance at different stages of life. Proper planning at each stage of life is necessary to ensure that you and your dependents are protected. Without knowing the risks and a plan to minimize the risk, you are potentially exposing your family to a financial disaster. Here are which types of insurance you should be aware of at each stage of life.
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.
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.
Attention: The MIB may have your medical information.
No, not the Men In Black. The Medical Information Bureau.
In this post, we explain what the MIB is and how it helps prevent fraud and keep life insurance affordable.
Let’s get started.
Serious illnesses can significantly impact our lives, from causing emotional distress to financial strain. While we can’t always prevent these health issues from occurring, we can take steps to protect ourselves and our families from their potential consequences.
One such step is getting critical illness insurance, which provides financial support if you are diagnosed with a covered illness. But with so many options available, it can be challenging to know how much coverage you need.
In this post, we’ll explore the factors you should consider when determining the appropriate level of critical illness insurance coverage so that you can make an informed decision about your insurance needs.
You may know that critical illness insurance covers cancer and heart attack, among several other conditions. But did you know you have to satisfy the definitions of the illnesses covered to qualify for the lump sum payment?
What are these definitions? And do they vary between insurance companies?
In this post, we provide the definitions for all 26 critical illnesses covered. So if you want to know if a specific cancer diagnosis is covered, you’re in the right place.
Critical illness insurance protects your financial plan if you are diagnosed with cancer, heart attack, or another covered illness. It’s crucial in ensuring you have the financial means to endure a severe illness. But what is critical illness insurance, and how does it work?
Read on to learn how critical illness insurance can provide a financial safety net in the event of a serious illness.
Disability and critical illness insurance are a vital part of a sound financial plan. One protects you if you become disabled, while the other does if you become critically ill.
But how exactly do they work? And if you had to choose, which one should you prioritize?
In this post, we explore the key differences between disability and critical illness insurance.
This is the definitive guide to critical illness insurance (CII).
You are going to find out how exactly how CII works, what’s covered, how much it costs, and whether or not you should buy it.
So if you’ve ever wondered about adding CII on top of your existing life insurance for complete insurance coverage, you’re in the right place.
Nobody wants to read fine print. It can be a chore squinting to read thousands of tiny words when the vast majority of its content isn’t applicable to you. But when you purchase something as important as a house, car, or insurance policy, it’s in your best interest to comb over the fine print. What you find may surprise you.
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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.