legacy life insurance – Insurance – Disability, Estate, Critical Illness, Travel, Life – Glenn Stewart https://www.cuttherisk.com Insurance should be simple and easy Thu, 02 Jul 2015 20:13:02 +0000 en-CA hourly 1 https://wordpress.org/?v=6.1.1 Not too old for Life Insurance https://www.cuttherisk.com/not-too-old-for-life-insurance/ Thu, 02 Jul 2015 20:13:02 +0000 https://www.cuttherisk.com/?p=435 BUYING LIFE INSURANCE MAY NOT be high on the list of financial pri­orities of people who have settled into retirement. Nor is the topic likely to be on their radar as a product that could be relevant for their needs. … Continued

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]]> BUYING LIFE INSURANCE MAY NOT be high on the list of financial pri­orities of people who have settled into retirement. Nor is the topic likely to be on their radar as a product that could be relevant for their needs. However, given the valuable role that insurance can play in a client’s estate plan, life insurance can be a useful financial planning tool for many clients well past the age of 65.

Life Insurance

Insuring an individual for life insurance is a planning consideration, regardless of age. Whether you are 80, 60, or 30, insurance is a very powerful financial tool. It can create a final expense pool of money to pay taxes, probate fees payable upon their death, cover funeral expenses or even leave a legacy.

 

“Life Insurance is one of the most efficient tools to help clients facilitate a seamless transfer of wealth”, says Glenn Stewart of Kitchener, Ont. “It’s a tax-free benefit that’s paid direct­ly to the beneficiaries to pay last expenses”.

  • Probate fees and taxes to settle an estate
  •  It can allow a person who is living on an annuity or pension for income in retirement to leave a guaranteed legacy for their kids without worrying about how much they’re spending and what will be left over in the end.
  • In addition those who expect to face a steep tax bill upon their death, such as those who have a large sum of money tied up in a corporation or mutual funds, can use an insurance policy to pay those taxes.

“The cost of obtaining life insurance can be prohibitive at age 65,” Glenn says and life insurance should be considered only as part of a comprehensive review of a client’s financial situation, taking into account the possibility of unforeseen medical costs that could emerge as the client advances in age. I want people to afford the insurance policy — not just for a year, but the for the long term. If it doesn’t make sense, then I tell them it is not practical.

People who have the means to afford life insurance should not view the premiums as an expense, but compare the eventual payout of the policy with the total amount a client would pay in premiums, assuming he or she lives to life expectancy, you can demonstrate the potentially lucrative returns of an insurance policy. Then it’s not an expense; it’s an investment.”

call Glenn to discuss – 1.888.256.8685 or email glenn@cuttherisk.com 

The post Not too old for Life Insurance first appeared on Insurance - Disability, Estate, Critical Illness, Travel, Life - Glenn Stewart.

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