Jason began his career as an financial advisor with The Mutual Group in 1999 and saw the company merger of Clarica and again with Sun Life Financial. Jason sold his Sun Life financial planning business in 2007 and started Your Future Financial Group a brokerage insurance and investment business. Jason has found that the delivery of financial products using technology and efficiency is in demand when working with the 18-49 age market place. Jason is an avid outdoors person, musician, husband and father of three. He enjoys his family, clients and living in the Okanagan.
Recent Posts by Jason
When it comes to protecting your family or assets with Life Insurance there have been many debates on choosing Term Insurance or Permanent Insurance. From my experience there is no clean cut answer, as each person’s financial situation is different.
For example, a young couple starting out who are first time home buyers may have limited financial resources and will often choose the more affordable Term Insurance. Term Insurance will give them the protection they need at an affordable price still leaving them money for all their necessities. Term insurance rates are locked in for 10 to 20 years and are often convertible to permanent coverage.
Looking at another scenario, take a well established couple that may have government pensions and require pension maximization planning. This is where they would want a good portion of their insurance to be permanent so the insurance won’t expire before they do. The advantages of this plan ensure that their premiums stay the same and depending on which plan you select, there will often be a “cash value”.
For children and young adults, Universal Life may be a good choice as the cost of insurance is very affordable. If you setup and manage the plan correctly the cash value will increase significantly and act as a forced savings plan. The money may be used in the future for education or to buy a home.
If you’re surfing the web looking for insurance options you will notice that some advisers prefer term or permanent insurance. My advice is to take care of your insurance needs first and if you can structure a long term insurance plan with cash value, great!
What is Shared Ownership?
Shared Ownership is a Life Insurance Plan owned jointly by the company and the shareholder or Key executive. The Shareholder/ Executive owns the cash value and the company owns the face amount of the Life Insurance.
Why Shared Ownership?
- You are a business owner and would like to make well use of your Corporate Life Insurance Plan and maximize your retirement income tax efficiently
- Traditional investments such as RRSP’s may not work for you
- You want to leave money in your corporation
- You want to offer a pension plan for your Key Executives
What is Required for Shared Ownership?
- Corporate Buy/Sell or Key-person Life Insurance need is determined
- Corporation has cash not required for growth of business
- Shareholder wants alternative tax efficient investment
- Shareholder seeking “Pension Maximization”