As executor of his father’s estate, Kevin found out the hard way that the estate was subject to quite a hefty tax bill. His father Don did not have a life insurance* policy to cover estate taxes, so Kevin had to liquidate some assets sooner than later to pay CRA. It got him thinking. Would his children be stuck in the same circumstance? Would they incur financial stress if he left things as is without life insurance?
Life Insurance is part of Financial Planning
After reviewing his finances with me, it became clear that Kevin’s wealth management plan lacked insurance coverage. Permanent life insurance fills the gap nicely and provides Kevin with the following benefits:
· Final expense and estate planning
· Mortgage and debt protection
· Income replacement
· Financial security for a family's future
Simple Life Insurance Application with no Medical Exams
Kevin was concerned that at age 55, he would not qualify for this type of coverage, or the premiums would be too costly. I was able to find coverage for him that was simple, accessible, and guaranteed:
· No medical exams or health questions. Kevin can obtain coverage without providing any evidence of insurability.
· Level premiums for life. This allows Kevin to manage his budget and finances with the same guaranteed premium.
· Easy application process. The online application makes the process simple and quick for Kevin, with minimal wait time for coverage to start.
The policy provided Kevin with insurance coverage of $100,000. He was also eligible for a cash advance if diagnosed with a terminal illness. The application process was quick, and he started paying the monthly pre-authorized debits.
Life Insurance with Health Benefits
Watching his father pass away in poor health at 75 solidified Kevin’s goal of staying fit. Luckily, with Manulife’s Guaranteed Issue life insurance, Kevin can earn Vitality Points™ by being proactive with his health. Kevin can influence his insurance cost by making small, consistent healthy choices - beyond just physical activity (dentist appointments, preventative health checks, vaccinations, non-smoker declaration, etc.).
As a member of the Manulife Vitality program, he gets discounts on various popular brands - and those discounts will increase the more he engages with the program. Kevin also receives a free annual preventative health screening in the comfort of his home, valued at $120 - not to mention discounts on popular brands, savings on a Garmin or Fitbit watch, and reduced premiums!
With his permanent life insurance in place, Kevin was relieved that when he passed away he would not be leaving a big tax burden for his beneficiaries…getting hundreds of dollars in additional value compared to a traditional life insurance policy didn’t hurt either.
Don’t make the same mistake that Don made. Discuss with your family or financial advisor whether a permanent life insurance policy makes sense for your estate. (Kevin is fictional).
Comentarios