But what happens if you are permanently uninsurable due to
your health as many people are? Don’t stop looking for coverage we advise
clients. While it is preferable to receive a death benefit at the time of your
death, it is also possible to buy a JOINT and LAST survivor policy. In this
case we join two people into one policy and in this J&L (Joint and Last)
policy, a death benefit is paid following the second death, not the first. As
such we combine the ages of the two lives, and come up with an Estimated Single
Age. For example, your father is 74
years old and your mother is 69 years old. Combine the two ages and we come up
with an estimated single age of 62. Even if one of the two people are
uninsurable, there is potential that a policy can be issued. The death benefit
is paid following the death of the second person, and can be used for financial
needs of the family, or the pay tax on unused RRSP funds.
Showing posts with label Corry Collins Nova Scotia. Show all posts
Showing posts with label Corry Collins Nova Scotia. Show all posts
Thursday, March 1, 2012
Insurance for the Uninsurable
Life insurance is generally used to cover an insurance need that arises at the death of an individual immediately we think of insurance to pay a debt like credit cards or a line of credit or a mortgage. We also think of using insurance to replace one’s income so the family can maintain a specific standard of living.
But what happens if you are permanently uninsurable due to
your health as many people are? Don’t stop looking for coverage we advise
clients. While it is preferable to receive a death benefit at the time of your
death, it is also possible to buy a JOINT and LAST survivor policy. In this
case we join two people into one policy and in this J&L (Joint and Last)
policy, a death benefit is paid following the second death, not the first. As
such we combine the ages of the two lives, and come up with an Estimated Single
Age. For example, your father is 74
years old and your mother is 69 years old. Combine the two ages and we come up
with an estimated single age of 62. Even if one of the two people are
uninsurable, there is potential that a policy can be issued. The death benefit
is paid following the death of the second person, and can be used for financial
needs of the family, or the pay tax on unused RRSP funds.
But what happens if you are permanently uninsurable due to
your health as many people are? Don’t stop looking for coverage we advise
clients. While it is preferable to receive a death benefit at the time of your
death, it is also possible to buy a JOINT and LAST survivor policy. In this
case we join two people into one policy and in this J&L (Joint and Last)
policy, a death benefit is paid following the second death, not the first. As
such we combine the ages of the two lives, and come up with an Estimated Single
Age. For example, your father is 74
years old and your mother is 69 years old. Combine the two ages and we come up
with an estimated single age of 62. Even if one of the two people are
uninsurable, there is potential that a policy can be issued. The death benefit
is paid following the death of the second person, and can be used for financial
needs of the family, or the pay tax on unused RRSP funds.
Monday, November 14, 2011
Corry Collins - Inspirational Speaker & Financial Planner
Insurance and investment advisors are not created equal. I am a Chartered Life Underwriter, Chartered Financial Consultant, and a Certified Health Specialist with over 25 years experience. I am recognized as a world leading expert in the field of living benefits.I am a sought after speaker around the world, and work with my client in
Maritime Wealth Management Limited is a Nova Scotia based financial planning firm with offices in Halifax , Dartmouth , Bridgewater and Yarmouth
Visit my websites to find out more at www.corrycollins.com or www.livingbenefitsatlantic.com
Subscribe to:
Posts (Atom)