Insurance* Products

A sound estate plan, involves insurance. As a full service investment firm, we offer the following insurance products:

Term Life Insurance - Term insurance is usually used to fulfill a specific need, such as paying off the mortgage, or providing education for children in the event of one’s passing. With term insurance your premiums are guaranteed not to rise for the specified term (ex 10 or 20 years).

Whole Life Insurance - Whole life insurance provides permanent, lifetime protection at a level premium. Depending on the plan you buy, the cost of your coverage can be spread over the lifetime of the policy, over a limited period of time, or paid in one lump sum.

Universal Life Insurance – Universal Life Insurance combines permanent life insurance with an investment vehicle. You have the option to over fund the policy (pay more than your premiums), and that amount will either increase the amount of insurance you have, or get put aside and grow tax free in an investment account.

Critical Illness Insurance - Critical illness insurance offers help paying costs associated with life-altering illnesses. If you become sick with an illness covered by your policy and survive the waiting period, you receive a lump sum cash payment - you decide how to spend the money.

Long Term Care Insurance - Long-term care insurance can be a valuable investment, given that most retirees will at some point have a need for the extra income either during the home care period or eventually when they may have to leave the home for a retirement or nursing residence. Ideally, LTC insurance should be bought as early in life as is practical because by the time you are retired, the premiums can become prohibitive depending on your age and health.

Disability Insurance - If you become disabled, your ability to earn income may be compromised, and your ability to pay bills or save for retirement may decline. Disability insurance plans are designed to help you meet your income requirements so you can concentrate on recovering from your disability and returning to an active life.

Health & Dental Insurance – As Canadians we are fortunate to have a great healthcare system, however that doesn’t mean that it provides all the healthcare we need. We offer a variety of flexible and customized individual or group health & dental insurance plans that will suit your or your employee’s needs.

Group Insurance

Segregated Funds – Segregated funds are similar to mutual funds, but are considered insurance products because of the guaranteed maturity or death benefit, and protection from creditors.

ScotiaTrust Estate Services

Corporate Executors

An executor is someone designated to settle a person’s affairs after they have passed away. Many people choose a close family member or friend to be an executor, because they want someone they can trust. However many don’t take into consideration the knowledge and time required (12-18 months) in order to settle an estate, especially complex ones. A corporate executor is someone who settles estates for a living. They aren’t a friend or family member, so there is no conflict of interest, and they have expertise in all areas of estate settlement.

Some scenarios where you may want to consider using a corporate executor:

  • - You have no family members conveniently located
  • - You have no family members with the time or expertise to settle your estate
  • - You have a child who is physically or mentally impaired
  • - You have a child who needs support handling money
  • - You wish to exclude a family member from your Will
  • - You have remaining family members where mediation may be necessary
  • - You or your spouse have children from a previous marriage
  • - You wish to include long-running trusts in your Will
  • - You want to maximize the value of your estate

 

Choosing a corporate executor reduces potential conflict between family members, and insures that your last wishes are carried out as you intended. Some may also find it easier to discuss their intentions with a third party instead of a family member.

Executors are also personally liable for their own mistakes. The courts have even gone so far as assigning financial liability to executors who failed to consider all possible opportunities to minimize taxes on the estate.

How much does it cost? The corporate executor charges the same as any executor would be entitled to charge from the estate assets. In addition, most executors will also need to pay a lawyer to assist.

If you have any questions, or would like more information please give us a call. We now have a partnership with ScotiaTrust, which offers the corporate executor services, and is a valuable resource for estate planning.

Estate Assist

Many of our clients are executors for their friends or family, and when called upon to settle the estate, are lost. Most people do not realize the time and expertise settling an estate requires.

Scotiatrust has a program called Estate Assist, which is designed to take care of some or all of the executor’s complex and time consuming duties, while settling an estate.

They can assist with:

  • - Reviewing financial records and advising the family on meeting immediate needs
  • - Assessing domestic and out of province/country property and real estate
  • - Obtaining probate
  • - Locating, valuing & protecting assets, & managing the assets until they are distributed or sold
  • - Settling outstanding debts or liabilities
  • - Communicating with beneficiaries and other interested parties
  • - Ensuring tax returns are filed and clearance certificates obtained
  • - Helping pass on a business or sell it on behalf of the estate
  • - Establishing and administering any trusts set up under the Will
  • - Distributing the assets of the estate to the beneficiaries named in the Will

 

Benefits of using Estate Assist

  • - Centralized source of information and help for an Executor
  • - Relieves Executor of bulk of paperwork and administrative detail
  • - Access to specialists in fields such as tax, estate law, investments and other key areas
  • - Reduced likelihood of errors and risk of personal liability
  • - Accelerated completion of the estate administration
  • - Executor can direct which activities they would like to have managed and which they would like to undertake themselves

 

Costs involved

The full comprehensive service (including all of the above tasks) is based on a percentage of the asset value, and gets tiered down from 4%. There is also an hourly rate for those who are looking for limited assistance.

If you have any questions, or would like more information about Estate Assist, please give us a call.