Over the last decade, insurance solutions have evolved, not only in product development, but also in the lens from which we view them. In its most basic form, the job of insurance is to locate, identify and address financial risk, risk that is present in your individual or your family’s financial plan. Insurance mitigates this risk and moves you closer to your estate goals by:
- Replacing income in the event of a wage earner’s death
- Paying debts (such as a mortgage) on death
- Funding final expenses and taxes upon death
- Creating, conserving and equalizing an estate
- Providing an endowment to a charity
Having said that, it is the role of an advisor to help you identify the risks – what you and your family would face in the event of an illness, disability or premature death – and help you find solutions based on your unique set of needs and circumstances.
So, where do you start and what do you need to know in order to protect you and your family? Well, a great start is a needs-based assessment on your financial and non-financial situation, starting with the following questions:
- What are your family dynamics and account details? (including assets and liabilities)
- What percentage of income does your family require to maintain your lifestyle?
- Does this picture change when your children are no longer dependents?
- Can you describe your ideal retirement?
- What would happen to the family income if you were disabled or had a critical illness?
- Do you have group benefits through work?
- What do you want to see happen with your estate upon death?
- Have you created a will and when was it last updated?
- What comes to mind when you think of your tax situation?
A lot of questions, yes. Important questions, also yes. A thorough needs-based assessment helps paint the whole picture, your exclusive snapshot – a wide, panoramic view of your income, assets, lifestyle, spending, risk and long-term goals. It’s crucial to understand your true needs and see where the potential dangers lie, so you can be certain that the plan you’re putting in place is a perfect fit for you today and for all your tomorrows to come.
For more information on needs-based insurance, contact Filomena Viele.
Disclaimers
Echelon Wealth Partners Inc.
The opinions expressed in this report are the opinions of the author and readers should not assume they reflect the opinions or recommendations of Echelon Wealth Partners Inc. or its affiliates. Assumptions, opinions and estimates constitute the author's judgment as of the date of this material and are subject to change without notice. We do not warrant the completeness or accuracy of this material, and it should not be relied upon as such. Before acting on any recommendation, you should consider whether it is suitable for your particular circumstances and, if necessary, seek professional advice. Past performance is not indicative of future results. The comments contained herein are general in nature and are not intended to be, nor should be construed to be, legal or tax advice to any particular individual. Accordingly, individuals should consult their own legal or tax advisors for advice with respect to the tax consequences to them.
Insurance products and services are offered by life insurance licensed advisors through Chevron Wealth Preservation Inc., a wholly owned subsidiary of Echelon Wealth Partners Inc. This material is provided for general information and is not to be construed as an offer or solicitation for the sale or purchase of life insurance products or securities mentioned herein. Every effort has been made to compile this material from reliable sources however no warranty can be made as to its accuracy or completeness. Before acting on any of the above, please seek individual financial advice based on your personal circumstances. Please note that only Echelon Wealth Partners is a member of CIPF and regulated by IIROC. Chevron Wealth Preservation offers products sold through members of Assuris who are
regulated by OSFI.
Share this post
Important Links
Have a question or comment? Let us know.
Contact Us
Please note that only Echelon Wealth Partners is a member of CIPF and regulated by IIROC; Chevron Wealth Preservation Inc. is not. ** Insurance products and services are offered by life insurance licensed advisors through Chevron Wealth Preservation Inc., a wholly owned subsidiary of Echelon Wealth Partners Inc.