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Is to protect you and your most precious; it could also be a valued financial asset and resource for your future or retirement years.

LIFE INSURANCE IS A MULTI-FACETED TOOL
Life insurance is often called the “foundation of a good financial plan.” The reason is, it’s a multi-faceted financial tool. It’s a unique asset that – because of its accumulating cash values and tax-favored benefits – may be used to solve some of life’s most perplexing financial problems and for business owners when structured in the right way it can even save more in taxes. Here at Delsan Group Inc., we help you structure the policies in a way to maximize your tax savings and benefits:

Supplement a Retirement Fund:
Current insurance products can provide competitive returns and are a prudent way of accumulating necessary funds for retirement years. Also when retiring, irrevocable decisions about benefit payments from pension plans must typically be made. An individual life income annuity option will pay higher benefits than a joint and survivor annuity benefit, but then your spouse will not have pension benefits if you predecease him/her. In such circumstance you could use the proceeds of the life insurance policy as a source of income for your spouse after your death.

Help deal with long term care costs:
Many individuals don’t purchase long-term-care insurance, believing their spouse will care for them. However, when one spouse dies, who will take care of the other spouse? The proceeds of a life insurance policy can be used to provide long-term care for the surviving spouse.

Ownership of a valued asset:
If the policy has a cash value, you may take out a loan from it, or get a loan from a bank using the policy as collateral, and with some banks you may even not need to repay the loan or interest on the loan depending on the face value of the dead benefit and the bank’s calculations, the bank will only take back their money (Capital and interest) at the dead of the insured, from the policies dead benefit payout, the remaining money of the dead benefit will go to the beneficiary.

Create an Estate:
Where time or other circSumstances have kept the estate owner from accumulating sufficient assets to care for his or her loved ones, life insurance can create an instant estate.

Pay Death Taxes and Other Estate Settlement Costs:
If the total value of your assets exceeds the lifetime exclusion amount, your estate can be burdened by high, immediate taxes. Life insurance can help replace assets that may be lost to taxation and other costs.

Education Fund for Children or Grandchildren:
With the rapidly increasing costs of college making it more and more difficult for parents to cover this cost, you might want to use an insurance policy as a college fund for them. You might be able to borrow some of the cash surrender value to pay these costs, or borrow from a bank with the policy being the collateral. Cash-value accumulating in a policy on a minor’s life (or the parent’s life) can also be used for college or university tuition.

Replace a Charitable Legacy Gift:
Gifts of appreciated assets to Charitable Remainder Trusts can provide income and estate tax benefits. Life insurance can be used to replace tax free the value of the donated assets. Proceeds from life insurance policies can also be paid directly to a charity.

Fund a Business Transfer:
Business owners often agree to buy a deceased owner’s share after death from his or her estate. Life insurance provides the ready cash to finance the transaction.

Protect a Business from the Loss of a Key Employee:
Key employees are difficult to attract and retain. Their untimely death may cause a severe financial strain on the business.

Help Pay Off Loans:
Under the right conditions, personal or business loans can be paid off with insurance.

Equalize Inheritances:
When a family business passes to children who are active in the business, life insurance can give an equal amount to the other children.

Help Pay Off a Home Mortgage:
Many people would like to pass the family residence to the spouse or children free from any mortgage. Often a decreasing term policy is used, which decreases in face amount as the mortgage balance is paid down.

LIFE INSURANCE FOR BUSINESSES:

At the death of the owner, shareholder, or key man, if the business has to be sold, the chances of getting anything near its value will be remote. It is also likely that there are personal guarantees on the business Loans, debts, and other financial obligations like leases that will have to be met immediately at death. Creditors can attack personal life insurance intended for the family if the wife has signed guarantees for the business, which is very common.

If the business is a partnership or corporation, it is important that there is a buy/sell agreement in place including the life insurance to enable the surviving partners or shareholders to buy out the surviving spouse’s interest in the company. Seek advice on who should own the insurance, corporate owned or personally owned, as there are significant tax implications on where the ownership of this insurance lies.

Some insurance policies can be structured in a way to save you on income taxes even while you are alive, for instance the dollar split concept with Critical Illness insurance for a shareholder or employee of a company.

FINANCIAL SECURITY

Many people become so pre-occupied with accumulating wealth they fail to realize that protecting their financial future and their loved ones is just as important, and requires just as much knowledge, creative thinking and effort as the wealth-building process.

Different types of insurance protect you and your loved ones in different ways against the cost of accidents, illness, disability, and death. There are many forms of insurance and, unfortunately there is no one-size-fits-all policy.

Below are some types of insurance most people require.

Life insurance comes in two types – temporary and permanent. Most people have some type of temporary insurance either as a term insurance policy, mortgage insurance, or group insurance policy (likely through work or an association plan like an automobile club). Many also have permanent insurance either in the form of whole life insurance, universal life insurance, or Term to 100 Insurance.

Many people are under the impression that they must buy one type of insurance, or the other. One choice or the other, the truth is, you could have a few types of coverage in force at the same time, on the same person. Perhaps you need a large term policy while the children are young, maybe you bought a Universal Life (UL) policy to cover some midrange retirement and pension issues, finally, you bought a Whole Life (WL) permanent policy for the time frames through the retirement years, and estate planning periods.

Perhaps you have no recollection why you purchased one type over the other in years past other than it sounded like the right thing to do at that time, many household would be better served if they implemented a comprehensive program of combining term and permanent insurance with the advice of a good Life Insurance Broker.

Delsan Group is here to help you in the process of buying and analyzing what product is best for you, Delsan Group as a life insurance Brokerage firm in the Montreal Region has the connection to top Canadian insurance providers, to get you the lowest possible premiums for the best possible product. We can help you find the custom package that contains the appropriate amount of insurance at competitive premiums. Many will find they receive more insurance coverage for lower premiums.

Combined Strategies:
Some people may see a need for and appreciate the benefits of permanent insurance, but just can’t afford the higher premium costs at the present time. For these individuals, combining a program of term and some permanent insurance may be a workable compromise strategy to implement.

Probably the worst thing to do is identify a need of $1,000,000 and insure only $150,000 of this need with a permanent policy using up all premium dollars available thinking no dollars are wasted on term coverage. In this scenario, at the time of death, the family is left with inadequate resources for the future that can never be recovered, $850,000 worth of living expenses, college funding, health care, housing and transportation are often all lost along with a spouse. A better solution may be to purchase only $50,000 of permanent to get started and the other $950,000 in term, which is converted a little bit once at a time.

Life insurance will play a vital role in your overall financial strategies during your lifetime. Sadly, life insurance is often the part of the financial planning that is most often disdained and ignored even though for the vast majority of insured’s, life insurance proceeds will provide the largest asset at death to family members, spouses and business partners.

It is essential to assess your insurance needs and purchase the most appropriate coverage for your family’s specific situation now, not tomorrow or next month. Why not take a few minutes and review your coverage with a licensed broker today so you receive the greatest benefit from this often overlooked asset.

DETERMINING THE RIGHT AMOUNT OF INSURANCE FOR YOU

Here’s a reliable rule-of-thumb when it comes to buying the right amount of life insurance: there is none! While it’s easy for some so-called “experts” to say everybody needs life insurance protection equal to ten or 20 times their income, the truth is everyone’s situation is unique and the amount you need can only be determined by looking at the full picture of your individual circumstances.

Having the wrong amount of life insurance can be devastating for your survivors and “one-size-fits-all” recommendations can leave you under protected. In fact, according to a 2004 report by the life insurance industry’s research association LIMRA International, the average person is under-insured by more than $300,000. The study also found that 45% of widows (35% of widowers) say their spouse was inadequately insured. And one to two years after the death, half the widows and one third of the widowers are just getting by financially.

As you try to decide how much life insurance you need to reach your personal and financial goals, there are many questions you need to ask yourself. Here are just a few:

Once you have determined your goals, there are many other factors that will have an impact on the amount of life insurance you need. Here are ten of them:

While this is not a complete list, it gives you an idea of the considerations that should be included in proper life insurance planning. The impact of these factors should also be measured in relation to each other.
Because there are so many considerations and everyone’s situation is unique, answering the question of “how much do I need” is not always easy. Many people become overwhelmed and put-off buying any life insurance because they don’t know how much or what kind they should have. Meeting with a trained financial professional who understands your individual needs and goals can help you determine the right amount that makes sense for you.

The bottom line is this: having or not having the right amount of life insurance when you die can have a dramatic impact on those who depend on you. It is a personal decision, too important to rely on a “one-size-fits-all” recommendation. Don’t make the mistake of having the right amount of life insurance…for someone else’s circumstances.

DELSAN GROUP OFFERS YOU A THOROUGH ANALYZE ON YOUR FINANCIAL NEEDS AND PROFESSIONAL ADVICE ACCORDINGLY.

FOR A COMPLIMENTARY NO-OBLIGATION CONSULTATION CONTACT THE DELSAN GROUP NOW.

For more information, contact the Delsan Group.