Commonly a controversial topic, Critical Illness & Life insurance policies can actually be your best friend in finance. In the event of a serious illness or premature death, families go through both psychological and financial devastation. For those with little savings, insurance payouts provide funds to pay for final expenses and other essential living expenses due to loss of income – without the need to take out a loan or borrow from others. As for the affluent, why deplete years of hard-earned assets when you can have different policies (life, critical illness, disability, long term care, etc.) pay for such unforeseeable expenses?
Insurance planning is also a critical tool for:
Retirement Planning
Tax deferred savings/investment & income supplementation
Estate Planning
Tax efficient transfer of wealth to next generation
Business Succession Planning
Transfer of shares to joint owners or family members upon retirement or death
Growing Corporation Assets
Tax efficient growth and maximizing use of Retained Earnings