Canadian insurers have gone through two rounds of price increases since December 2010. Does pricier insurance still make sense for clients who want to leave legacies?
Most people don't like talking about insurance. Whether it’s a life policy, critical illness or long-term care, the discussion revolves around topics most people want to avoid. Now think about the discussions around insuring children.
A challenging part of an advisor’s job is discussing two topics people least want to discuss: illness and death. Starting a conversation with clients about insuring their children is even more difficult.
When selling or passing ownership of a business, 23% of the fair market value of the business goes straight to the CRA. How should you save for it?
How to get the funds to buy out deceased partner's shares
Life insurance is an appropriate tool to generate funds for charities and to enjoy significant tax benefits both in life and death.
Wealth brings its own set of problems, among them large tax bills and uncertain wealth transfer upon death. Even if your wealthy clients don’t like to talk about dying, you can reframe the conversation to be about legacy.
Would the law go so far as to impose an obligation on an advisor to seek out and advise a beneficiary of a right to pay a premium on a lapsed policy? I don’t know, but if I were an advisor encountering a potential lapse situation, I’d have Compliance on speed dial.
Even if an insured answers all the health questions accurately at the time of application, a material health change could occur between the application date and the time the insured signed the good health declaration. So it’s vital the declaration be completed accurately and with the same diligence used in completing the application.
Set it up and leave it alone?