There are so many different options when it comes to insurance, and the stage of life that your clients are in will most certainly determine the types of conversations that you will want to engage in with them. Generally speaking, there are two types of insurance conversations that you will have with your client.

The first conversation will typically take place when your client is in their younger years and revolves around their need for income replacement. Your client’s insurance needs involve a somewhat simple snapshot of current possible risks to their loved ones’ financial situation today. The main focus of this conversation is to illustrate how insurance can help your client’s family maintain the same standard of living in the event of an unexpected occurrence.

That second conversation tends to occur when your client is a little older, a little more financially stable and it’s all about asset protection. In fact, your client will have less of an actual need for something and more of a desire to build wealth and facilitate their estate and tax planning.

But what if you could offer your client both in a single policy – the income protection they need today and the chance to build their assets for the future? We’re constantly encouraged to live in the now, which is great. But when it comes to insurance planning, is “now” the best viewpoint for your client? Term insurance, although a solid option, tends to be short sighted and does not take your client’s long-term needs – their assets, tax and estate planning – into account. As an Advisor, your role is to help them see the big picture, not just the short-term solution with an option to convert to a permanent solution at a later time and at a higher cost. Continue reading “Insurance Solutions for Today and Tomorrow” →

SHARE the client article from The Link Between:
Choosing Insurance that Grows with You

Life is an uncertain road and for your client, circumstances may change where they one day need to transfer ownership of their personally owned life insurance. It does happen and in many cases, the transfer results in a taxable disposition of the life insurance. However, there are some tax-deferred “rollovers” available for transfers to spouses and children. Continue reading “The Family Divide – Policy Transfers Between Family” →

SHARE the client article from The Link Between:
The Family Divide: Policy Transfers Amongst Family

Critical illness insurance (CI) is still one of the most compelling protection products on the market today. In addition to providing lump-sum payments in the event of 20+ major illnesses, it also gives your client flexible options to return their premiums (in full!) should they live a long and healthy life.

The fact is that 1 in 3 women and 2 in 5 men have a chance of developing a critical illness in their lifetime – an illness that could derail your client’s financial security, retirement planning or even their way of life altogether (1). The risk is real and all of us have witnessed how an illness can affect a family and its finances.

Yet, unlike life insurance, your client will be able to actually see the benefit of this product, beyond providing for a beneficiary, during their lifetime. CI allows your client to protect themselves financially, allowing them to focus on treatments, a speedy recovery, as well as the purchase of additional medical care if needed. Continue reading “Critical Illness Insurance – Financial Protection for Your Client” →

SHARE the client article from The Link Between:
Critical Illness Insurance – Financial Protection or your Money Back!

You already know the benefits of term insurance, one of them being its lower cost when it comes to covering a larger temporary need. Term insurance helps your client to maintain their same standard of living by providing income replacement, and even paying off existing debt. So far, pretty impressive.

However, if you have a client with term insurance, it is important to reach out and review their needs on a regular basis. In fact, you will want to contact your client long before the term insurance is available for renewal – giving you and your client adequate time to evaluate their needs and review all of their insurance options.

Below, are a few of the things that you will want to consider when your client’s term insurance comes up for renewal. Continue reading “Term Insurance – What Your Client Should Consider For Renewal” →

SHARE the client article from The Link Between:
Things to Consider When Renewing Your Term Insurance Plan

Designating a beneficiary for a life insurance policy just got more complicated with the recent Calmusky v. Calmusky Ontario Superior Court case, overruling a beneficiary designation and ruling a RRIF as part of a deceased’s estate. As a result of this decision, there is a concern that beneficiary designations in favour of adult children in life insurance policies can now be challenged. This could be applicable in all common-law provinces, which excludes Quebec.

Now more than ever, it is crucial to have a detailed conversation with your client about their designations and ensure their intentions are documented both clearly and thoroughly in order to avoid their assets falling into litigation and/or estate. Continue reading “The Beneficiary Challenge” →

SHARE the client article from The Link Between:
Beneficiary Designations – Making Sure Your Money Goes Where You Want

Will and estate planning can be a complicated, but important process for your client. They have the vision, but as an Advisor, you can recommend the solutions that will transform your clients’ dreams into a reality.

Share this video to illustrate how will and estate planning can benefit your client, their family and their business. Continue reading “SMART TALK… about will planning and drafting” →

SHARE the client article from The Link Between:
SMART TALK…about will planning and drafting

Your client has worked hard all of their life. They’ve accumulated some assets, perhaps even more than they will need for a secure and comfortable retirement. However, the ownership of some of these assets will result in a tax liability upon your client’s or their spouse’s death. As an Advisor, you have both the knowhow and the tools to not only assess your client’s assets, but also guide them in protecting their estate and ensuring that their hard-earned dollars go directly to their loved ones. Continue reading “Estate Protection for your Client” →

SHARE the client article from The Link Between:
Protecting Your Estate

Clients with one or more of the following conditions will face challenges when applying for traditional insurance. Their coverage may be rated, postponed or declined altogether:

• Change in prescription medication
• Depression and/or anxiety
• Diabetes
• Heart condition
• Family history of illness
• Pending tests
• Heavy marijuana use or recreational drug use
• DUIs, including subpar driving history
• Previous cancer diagnosis
• Previously declined/postponed for insurance

There are simple steps you can take to help your client. First, you can check out PPI’s online resource Know the Risk, or KTR (login required) to understand how these conditions may be underwritten. The KTR Ratings Guide has dozens of conditions, which launch tables showing related insurability for life and critical illness insurance including DI guides for select impairments. Your client may have more options that you think! Continue reading “When Health Conditions Make Insurance Hard to Come By” →

SHARE the client article from The Link Between:
You Have More Insurance Options Than You Think

Continue reading “Protecting Your Client’s Digital Assets” →

SHARE the client article from The Link Between:
Protecting Your Digital Assets

Many of your clients run their own businesses, but likely many of them are overwhelmed with the many different tax concepts involved, and how they can structure their business most effectively. An important concept for them to master in order to understand how to structure shareholders agreements and the value of corporate-owned insurance is the CDA or Capital Dividend Account. Continue reading “Turn Your Clients into CDA Wizards” →

SHARE the client article from The Link Between:
What’s in Your Capital Dividend Account?