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Life Insurance Solutions:
Preparing for the Unexpected

Disability Insurance

Purpose
Protect you and your family from an unexpected accident that leave you unable to work and earn an income.
Benefit
Receive a predetermined tax-free monthly benefit.
Intended Personal Use
This policy best fits those who are at risk of not meeting financial obligations if they are unable to receive an income due to illness or injury. This allows you to keep your financial plans on track and avoiding dipping into your savings.
Intended Business Owner Use Corporately owned and paid DI policies ensure your business can continue to operate if key persons are unable to work due to illness or injury. Premiums can be paid using pre-tax corporate funds. Benefits are paid as a tax-free monthly payment and are used to cover expenses or supplement the loss of revenue.

Critical Illness

Purpose
Provides the beneficiary with a predetermined tax-free lumpsum payment upon a diagnosis of a critical illness as defined by their policy. Common illnesses include heart attack, stroke, or cancer.
Intended Personal Use
Best suited for individuals who would like to protect their savings and cover expenses while they recover from their critical illness
Intended Business Owner Use
Corporately owned DI policies ensure your business can continue to operate if a key person is diagnosed with a critical illness such as a stroke, cancer, or heart attack. Premiums can be paid using pre-tax corporate funds. Benefits are paid as a tax-free lump-sum payment and are used to cover expenses or supplement the loss of revenue.

Term Life Insurance

Purpose
Provides coverage for a specific period of time (typically from 5 to 30 years). Upon death, your beneficiary will receive a predetermined tax-free benefit. Term policies can automatically renew or be converted to a permanent policy without new underwriting.
Intended Individual Use
Term policies are typically used to cover risks with a defined time period such as a mortgage, car, or large business loans.
Intended Business Owner Use
Corporately owned policies allow businesses to purchase insurance on key persons using pre-tax dollars, thus maximizing the efficiency of the tax-free benefit. Term products are used to cover short term financial risks such as business loans.

Disability Insurance

Purpose
Whole Life policies are a permanent policy guaranteed to remain in force for the insured's entire lifetime. In addition to providing a death benefit, whole life policies contain an investment component where cash is invested to pay for future premiums.
Benefit
The benefit is paid out as a tax-free lumpsum. Premiums are level for the life of the policy.
Intended Personal Use
Used to cover tax payments triggered upon death or to provide a tax-free gift to loved ones.
Intended Business Owner Use
Use pre-tax dollars to fund a corporately owned policy and receive a tax-free benefit used to cover long term business expenses, loans, or share buyouts.

Universal Life Insurance

Purpose
Universal Life policies are a permanent policy guaranteed to remain in force for the insured's entire lifetime. In addition to the guaranteed death benefit, universal life contains a savings component where cash is invested to pay for future premiums or contribute to the tax-free benefit. These policies have a variety of payment and death benefit options available, making them more flexible than whole life policies.
Intended Personal Use
Provide coverage for the insured entire life; even if health declines. UL policies provide a vehicle to earn tax-free interest as owners do not need to pay capital gains tax on the interest earned from the invested portion of the policy. The death benefit is used to pay taxes triggered upon death, pay funeral costs, or to provide loved ones with a tax-free gift.
Intended Business Use
Corporately owned universal life policies allow business owners to permanently cover their business risks and acquire a tax-free investment. Benefits are commonly used to cover business expenses, purchase shares upon death, and reduce the financial impact from the loss of a key-person, or to maintain business operations.

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