No matter your age, health, or current situation, there are multiple insurance solutions available that can positively impact your legacy plan. Should anything happen to you, rest assured that these solutions will help protect your loved ones, your estate, and your business. The challenge, however, is choosing the right option. With so many providers and choices available, the process can be overwhelming, often leaving the insured uncertain about the recommendations they are receiving.
At Budovitch Legacy Planning, we provide you with the clarity needed to make the right choices. We give you certainty in the outcome you seek for your legacy plan, and most importantly, we provide you with the comfort and security of being fully in control of your plan. Our commitment is to serve as the custodian of your legacy plan, as part of our Concierge™ Services.
The majority of individual life insurance solutions are considered permanent policies. Permanent or cash value-based life insurance policies are designed to provide the policyholder with an accumulation of savings within the policy, using a portion of the premiums paid. Permanent insurance offers significant advantages, with a key benefit being access to cash funds, if required.
For clients seeking certainty in the valuation of their Legacy Plan, Whole Life insurance applies a premium that remains constant for the entire duration the policy is held. Premium fees change over time according to various factors.
Premiums may be higher at the beginning of the policy but can decrease over time as the policyholder ages. Additionally, the amount of premiums paid in the early years can lower future payments and, in some cases, provide an excellent option when needs change at the policyholder's retirement stage.
A Universal Life program is a more flexible alternative to Permanent Life insurance. It allows you to make changes to the policy at any time and provides the added benefit of accumulating cash in a tax-deferred manner throughout the life of the policy. This flexibility allows you to increase, decrease, or even skip premium payments.
As a policyholder, you are required to maintain premium payments for a pre-defined period. You also have the option to increase or decrease the death benefit as necessary. It is important to understand that the cash value of a Universal Life policy is not guaranteed. A Universal Life policy can be considered an investment option within a portfolio, as the cash value is adjusted according to the performance of the underlying investments.
One of the most overlooked forms of insurance is policies specifically designed to support extraordinary needs in the event of a critical health event.
Premiums may change over time, depending on a number of factors. Disability coverage, critical illness, health and well-being solutions are all available to replace income, contribute cash flow, or supplement existing provider programs that may not cover additional needs, such as home nursing, personal support, or care for a loved one.
Learn more about Budovitch Legacy Planning Critical Health Insurance solutions which include:
[fa icon="phone"] 1.416.849.1337
[fa icon="envelope"] info@budovitch.ca
[fa icon="home"] 1700 Langstaff Road, Suite 1001, Concord ON L4K 3S3