The time to protect yourself and your family is now.

You’ve insured your home, you’ve insured your car, but have you protected the very income that enables you to enjoy these assets? If not, you could easily lose them in the event you become unable to work due to sickness or injury.

A rainy-day fund simply isn’t enough to support you and your family should you find yourself without an income for an extended period of time, or even permanently, which is why it’s so important to consider disability insurance. The right plan will help protect your family, your assets, and your long-term financial future in the event you lose your ability to earn.

Being diagnosed with a critical illness is life altering. In an instant, the predictability of day-to-day life disappears, the future is called into question, and hopes and dreams are dashed. Every year, doctors are forced to deliver devastating news to hundreds of thousands of Canadians. When thrown into such emotional turmoil, few people have the capacity to deal with the additional burden of financial stress. This is why critical illness insurance is so important.

Critical illness insurance offers peace of mind in the event you are diagnosed with any one of up to 24 critical illnesses, such as cancer or heart disease – illnesses that are not covered by disability insurance. The main benefit of critical illness insurance is that it provides a tax free lump-sum payout of up to $2,000,000 upon diagnosis, and you are free to utilize that money however you choose.

Setting aside funds for your retirement is the responsible thing to do, but have you and your aging parents considered the fact that your lifetime savings could rapidly become depleted in the event you require long-term nursing care?

Long-term care insurance provides funds to supplement the costs of medical and non-medical nursing care due to physical or cognitive impairment. Without it, your parents would likely need to rely on their retirement savings – or worse, yours – should they become impaired. Similarly, you might need to rely on your savings – or theirs – if you require such help.

The statistical risk of requiring long-term care is enormous. If you haven’t done so yet, speak to your parents to find out whether or not they’ve planned for this possibility. Also, be sure to speak to Martin about steps you can take to protect your and your parents’ assets and income in the event any of you are faced with a long-term illness.

Living for today is all very well provided you plan for tomorrow, and this means taking measures to ensure that your financial affairs are in order upon your death. 

Do you have a plan for paying off what may remain of your mortgage or line of credit? Will the ongoing financial needs of your spouse, children and parents be tended to once you’re gone? Have you set aside funds to cover any legacies outlined in your will? By purchasing a life insurance policy today, you can enjoy peace of mind with respect to all of the above, and more.

While many homeowners understand the importance of protecting family members with insurance coverage that will pay off any mortgage amount owing upon their death, few look beyond the mortgage insurance offered by their bank or mortgage broker – and it’s costing them.

The truth is, it is far more affordable to address this liability by increasing your life insurance coverage. Individually owned life insurance policies, as opposed to bank-provided mortgage protection, not only provide potential creditor protection – an important consideration, particularly if you’re a business owner; the payout remains the same regardless of when it’s claimed. Mortgage insurance, on the other hand, covers only the principal owing at the time of claim, which means you’re paying premiums for coverage that diminishes as you pay off your mortgage. 

Personal Succession

No matter how confident you feel that family members will manage your estate respectfully and amicably upon your death, reality is that if you don’t have a personal succession plan in place, they may find themselves dealing with drama as well as grief.

For decades, Martin has been developing personal succession plans that minimize these risks, or help equalize, or increase, each beneficiary’s share of the estate in a manner that allows you to determine, in advance, what you feel is fair and equitable for your loved ones.

When crafted with care, a personal succession plan can help minimize taxes owing upon your death, address any personal or business liabilities you leave behind, or permit charitable bequests on a highly tax-preferred basis. 

Business Succession

As all-consuming as the day-to-day running of your business may be, it’s essential that you invest time in determining how you will eventually transfer ownership of your business should you decide or be forced to sell in the event of a death, disability, or critical illness.

The right succession plan not only helps protect the legacy of your business and spare you having to deal with unqualified and unwanted interference from the family of a deceased partner; it helps you extract greater wealth on a tax-preferred basis while you’re living. It also gives you the means to uphold your Buy-Sell Agreement with grace and dignity.

Leveraging a variety of insurance solutions that include the assistance of top tax and estate planning accountants and lawyers provided as a service by insurance companies, Martin can help you establish a business succession strategy that adds value to your business, prepares you for the future and any challenges that may arise, and provides you, your business partners, stakeholders and family members with financial security.