Inner Orbis Consulting
Why is estate planning so crucial for business owners and professionals?
Contrary to belief, estate planning is not just for the rich. Although it can be uncomfortable to think about the possibility of sickness or death, it is extremely important to ensure that your business and affairs will be taken care of in the event of injury, illness or death.
In a family business, there are many moving parts and it may feel as though making concrete decision for the future of the business could “poke the bear”. With blended families, an entirely different set of complications arise and it may be difficult to take a moment to address these issues. Getting professional assistance with your estate planning can take a tremendous weight off of your shoulders and give you peace of mind for the future of your affairs.
(Tel) 613-728-7030 ext 231
Q - If I do not get a favourable option from one company, what, if anything, can be done?
A - We represent numerous leading insurance companies, each with their own perspective when evaluating applications.
We applied for a $3million face value policy for a client and 3 insurance companies gave us 3 different offers:
Company A: Declined the Application
Company B: Made an offer with a 200% extra premium
Company C: Made an offer with the applied premium
In a number of instances, we have had 2 insurers refuse to offer coverage to a client, and a third company makes an offer.
Q - If one company declines me coverage or give me a modified contract, will every company do the same?
A - Over the years we hear things like “an agent told me if company A does not give me coverage, no one will.” Most of the time this is false. In one case, we secured a $5million policy for a client whose doctor told him he would never get insured due to his weight
Q - When should I apply for Critical Illness Insurance?
A - As early as you can. The probability of developing a critical illness increases with age, which means an increase in premiums. Getting insured as soon as possible means a more affordable premium and a better chance of getting insured.
Q - Why should I get disability insurance?
A - In the case of an injury or illness that prevents you from working, disability insurance ensures that you can still earn a paycheck and protect your loved one. You insure your car and your house which are two of your most valuable assets…..so why wouldn’t you insure your income.