Life insurance is a tool to protect your dependents should you pass away prematurely. Understanding how much life insurance you require is the first step in determining how much you actually need. After you have determined your needs, then you have to consider whether or not you want to rent or own your insurance as there are benefits to each.
For those who have their debt under control and are looking to start to save funds, you may choose to use life insurance as part of your wealth accumulation strategy where your policy can earn a dividend interest rate of 6.25%. Participating whole life insurance is the only financial instrument fully guaranteed to grow each and every year you own your policy. Unlike regular investments that fluctuate year by year, every year as your dividend is paid into your policy, values are vested and guaranteed.
Other planning tools for your family include understanding what happens to your assets and shares of your Professional Corporation when you pass away and why having a Will and Power of attorney are necessary
Levine Financial Group has worked with 19 Ontario Medical Associations and Hospitals where we negotiated a discount of 25% on disability insurance, 10% on critical illness insurance, cost savings on term life insurance and a 6.25% dividend interest rate on whole life insurance.
We Save Physicians Money on their insurance.