How We Do It
Not only are there many different types of products available through insurance companies, but there are also many ways in which these products can be designed. There are also as many ways in which these products can be used within one’s financial plan to build wealth, protect wealth and transition wealth to others.
As a result, you may have specific questions such as:
- Should we have life, disability and / or critical illness insurance coverage on our mortgage?
- If so, is purchasing this coverage through the bank or credit union the most cost effective way to put this coverage into place?
Your Group Plan:
- What are the benefits provided by the group plan I have through my employer?
- Are the benefits enough to provide security to my family if I were to pass away unexpectedly?
- Are the benefits enough to provide a replacement income if I were unable to work due to an accident or sickness?
Your Personal Needs:
- How much life insurance do I need to make sure my family is able to maintain a reasonable standard of living if I were to pass away unexpectedly?
- What are the different ways I would structure this life insurance? What would be the best approach in my situation today, given my different lifestyle and financial goals?
- How much disability insurance do I need to make sure I have enough income in the event I am unable to work due to an accident or illness?
- What are the different ways I could structure this type of insurance? What would be the best approach in my situation today, given my different lifestyle and financial goals?
- What would happen to my business interests if I were to pass away unexpectedly?
- How would I get my value out of the company, for the benefit and security of my family?
- Would my business be able to survive if I was not there to run it?
- Is there a benefit to converting some of my investments to an “annuity” in retirement?
- Would the annuity approach help to provide greater income security in retirement?
- At what age should I be considering annuities?
- Can an annuity increase my ability to split income and reduce taxes?
- Will there be a lot of taxes owing in my estate when I die?
- If so, what can we do to either reduce the amount of taxes or pay these taxes in the most efficient manner?
- How can I transfer my accumulated wealth most efficiently to my children or grandchildren?
- How can I make a charitable gift in my estate?
- Can I use certain insurance products to multiply potential benefits while also potentially reducing taxes?
Nelson Insurance Services Corp. has access to the products and services of multiple insurance companies such as Manulife Financial, Sun Life Financial, Great-West Life, RBC Insurance, BMO Insurance, Equitable Life, Empire Life and TransAmerica Life to name a few.
Our role is to:
- Be aware of the features and benefits of different types of products from different insurance companies.
- Evaluate the pros and cons of different product solutions that could positively impact a client’s overall financial plan.
- Determine which product provides the greatest potential value for the lowest overall cost, so that the client has the greatest amount of remaining income and capital to achieve other important objectives.
- Be aware of how different products can be applied within a financial plan so as to best help the client achieve their various, competing financial goals.
Therefore, something is only as good as to what you compare it to. It is one thing to consider the pros or cons of different types of insurance products. It is another to compare the pros or cons of an insurance solution vs. a non-insurance solution. Often, the best result is determined through the financial planning process.
When multiple planning scenarios are considered in the financial planning process, the use of different investment or insurance products can be considered. This is the best approach to determine how or when to use an insurance product.