Insurance is a highly underrated form of investment and protection. When used strategically, insurance can create cash flow during your lifetime in addition to protecting you and your family from the unforeseen.
Such strategies include:
Life Insurance
When utilized properly as part of a financial plan, insurance can supplement estate planning, offer income replacement, and be used as an investment strategy.
Individual Disability Insurance
Disability Insurance is designed to protect you from the possible loss or reduction of income as a result of not being able to work due to a sickness, injury or disability.
Critical Illness Insurance
In the event of a diagnosis of a contract-specified critical illness, a CI policyholder would receive a tax-free, lump sum payment to use however the policyholder sees fit. This payment would ensure that additional drastic changes to one’s lifestyle are not necessary as a financial consequence of surviving illness.
Long-Term Care Coverage
Long-term Coverage addresses the health, social and personal care needs of individuals who have lost the ability to care for themselves either fully or partially. Insurance is affordable and can be purchased without affecting your lifestyle or depleting your life savings. Rates for insurance depend on age, health, and amount of insurance you wish to purchase. Long-term insurance has tax advantages as well.
Insured Annuities
The benefits of insurance don’t have to wait until you’ve passed on. Insurance can – and should – be viewed as an investment asset class. When done correctly, insurance can be used in conjuction with annuities to provide steady cash flow in your lifetime.
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Registered Insured Annuities
A form of Insured Annuity that allows you to use registered assets, saving up to 44% intaxes and providing returns up to 50% better than GICs or investment-grade bonds.
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how insurance can enhance your planning
