BUILDING & PROTECTING YOUR WEALTH WITH LIFE INSURANCE
As an Insurance broker, Insurance Wealth Financial compares quotes from top insurance companies in Ontario, Canada that best suits your
life insurance needs and offers tax strategies for clients.
Getting quotes and Applying for Life Insurance is easier and more affordable than you think.
We have the online technology available to make your application safe and convenient for you.
Life Insurance can offer more than a death benefit, accessing cash value in a whole life policy can also leverage your wealth.
We’re here to help protect you and your family every step of the way.
Insurance Wealth Financial
Money Management & Budgeting
How much do I need to reach my goals?
In order to determine how much you need to invest for your future goals, Insurance Wealth Financial will help you quantify your goals over the time period you need to attain them. Our advisors are here to help leverage your cash flow within your risk tolerance.
How can I invest without paying so much taxes on my gains?
Tax strategies will help keep most of your gains. Registered accounts like RRSP's, TFSA's and RESP's are key components to your plan. But using life insurance is the best way to reduce taxes at the least amount of risk.
How can I protect my business assets?
Whole Life insurance provides a business a way to keep more of its assets from taxes. In times of hardship, the business can access the cash value in the policy. In a partnership, a Buy/Sell agreement protects the financial interest of each owner.
How can I access the cash value in my policy?
A Whole Life policy has the great advantage of growing a cash value...even better, the policy owner can access this CSV to leverage their wealth. Done properly, the policy owner can receive these funds tax-free and the interest rate can be tax-deductible.
WHO NEEDS LIFE INSURANCE?
INSURANCE WEALTH FINANCIAL
Your one-stop shop for specialized insurance
If you’re looking for affordable, quality insurance protection and reliable service, you’ve come to the right place! At Insurance Wealth Financial, we look at your Insurance needs. As an Independent Broker, we work with the best Insurance Carriers in Canada so we can compare products to save our clients money. We also help build and preserve our Clients' Savings and Legacy with Tax Efficient strategies and Investments.
For example, your family may have to find money for debts, mortgage, bills, funeral expenses, income replacement and more.
There is a huge advantage to having a life insurance policy in force that will pay a death benefit will go to your life insurance beneficiary, which they can use however they wish.
For example, they could pay off the mortgage, replace lost income, or pay off any large debts, such as student loans.
For the length of your level term life insurance or for the rest of your life with whole life insurance with cash value, you can rest worry-free that your family is provided for should you die prematurely.
You see, there really is no replacement for the satisfaction you get once you have life insurance in force and you know your family’s financial needs will be met if you die.
You can choose 10, 20, or 30-year term life insurance. There is even a 35-year return of premium life insurance policy available. Each policy has a conversion option to permanent coverage, and also turns into annual renewable term to age 90 or 95 once the policy expires.
Another option is permanent life insurance which lasts your entire life. Among the many options are:
Whole life insurance which offers
10 or 20 limited pay,
whole life to age 65,
or whole life to 100.
There is also universal life insurance which includes
Guaranteed universal life
Indexed universal life
Variable universal life
Apart from return of premium policies, term life insurance does not have cash value. However, if you were to go for a permanent policy, you will be eligible for cash value life insurance.
Depending on the design of the policy, your cash value will grow over time. By adding certain life insurance riders to the policy, such as paid up additions, you can supercharge the cash value growth.
The advantage of cash value life insurance is that you can use the cash to fund many purchases down the road, such as paying off debt, buying a home, investing in real estate, of simply living off the dividends as a form of passive income.
Advantages of Cash Value Life Insurance:
Cash value grows tax-deferred
True compound interest as your principle is left undisturbed
Tax-free withdrawals and policy loans
policy loans do not have to be repaid; you choose your own repayment schedule and amount
policy loans do not show up on your credit report
Income tax-free death benefit
Different benefits including accelerated benefits which pay a portion of your death benefit while you are still alive if you are diagnosed as terminally ill
Provides an excellent source of supplemental retirement income
Not only is a life insurance death benefit not taxable, but the cash value accumulation and any dividends also accumulate tax-deferred. And if you use policy loans you may never have to pay taxes on your cash value growth.
Further, all policy loans are free from income tax, and even most cash value withdrawals are tax-free as long as it doesn’t surpass the premiums paid into the policy, i.e. your basis.
Another advantage of a life insurance policy is that you have great flexibility over what company you choose, the policy, coverage, duration, beneficiary, and more.
Even after you have passed away, most insurers will allow the death benefit to be spent on whatever is required rather than forcing your loved ones to spend it in certain areas. Unlike Mortgage (Creditor) insurance, a personal life insurance policy pays the beneficiary, not the bank.
Depending on the type of policy you choose, after the policy is in effect and has been for many years, there are various things that can be done to adjust, including lowering the premiums. If your income decreases, you might be able to decrease your premiums and death benefit with an option to increase it once more in the future.
Further, as one company competes with the next, cheap life insurance is in abundance.
And your own decisions will affect the price and this comes back down to flexibility once again.
Are you happy with doing a medical exam or do you prefer life insurance with no medical exam?
Do you need any riders attached to your policy?
Are you looking for term life or permanent insurance?
Overall, there are many decisions you can make to find the most affordable life insurance in the marketplace.
Insurance Wealth Financial has always placed high importance on client services. With restrictions easing, meetings can be held in-person, but virtual meetings seem to still be the preference for ease and convenience. Online quotes, calculators and electronic applications also serve to make insurance and wealth planning simpler than ever.