Insurance & Estate Planning

It is very important to walk people through the potential obstacles they may face on the way to achieving their financial goals. This way we can provide them with potential solutions and help insulate them from an interruption in their plan. We recommend that a Risk Management check-up should be completed every two to three years.

Everyone faces two potential obstacles that as they accumulate wealth, becoming sick or injured or dying too early. There are several questions that should be answered when considering each situation. Insurance solutions may include life insurance, critical illness insurance, disability insurance or long-term care insurance. All areas must be carefully reviewed, and plans made to address any concerns.

Estate Planning

Estate planning is an important task that deserves your close attention. Start by considering your assets and where you would like them to go, but keep in mind that life can be unpredictable – you will want to keep on top of the changes to your estate, your family, and your financial needs as time goes on.

Stewart Gillott

Insurance Advisor

Once you are ready to plan your estate, take some time to consider the following questions, which will guide the strategy you will build with our financial advisor.

  • How can I minimize capital gains taxes?
  • How will I preserve my assets from unnecessary probate?
  • How can I preserve my RRSPs or RRIFs in their entirety for my heirs?
  • Do I have an updated will?
  • Have I established a power of attorney?
  • Would I like to control how and when my heirs will have access to my assets?
  • Is my insurance policy sufficient for my needs and expectations – today and after I die?

Simply having an insurance policy may not provide enough money to pay all the debt and income tax that your estate owes; the type of insurance and the amount of your policy will impact how far it can go. It is worth taking the time to weigh your options and goals so you can choose the right insurance plan.

There’s no one-size-fits-all solution when it comes to selecting the right insurance plan for estate preservation. As your life changes and you get older, your coverage needs can evolve. And while a term insurance policy can help with some short-term estate needs (like paying off the remainder of a mortgage), permanent insurance is often the better option when it comes to estate planning with insurance.

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