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"The greatest gift is the power to estimate correctly the value of things"
(Francois, Duc de La Rochefoucauld) |
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Insurance is an often overlooked, but crucial, dimension of wealth management and plays an important role in estate planning, risk management, tax planning, and asset protection.
When properly incorporated into your financial planning, insurance can:
Minimise the risk of inheritance tax.
Paying estate taxes may not be possible without selling or liquidating assets. Life assurance can provide immediate cash to the trust or your heirs, free of income tax.
Achieve charitable goals.
By designating a charity as a beneficiary, you can make a substantial gift for a relatively modest cost.
Create an estate.
Life assurance can be used to create an estate that helps protect and preserve your family’s lifestyle.
Protect income and assets from disability and illness.
Disability insurance can replace a percentage of income should you be unable to work.
In addition to offering traditional whole life, universal life and term assurance advice, New Frontiers Wealth Management Insurance Advisors closely work with Estate Planning Advisors and other team members to propose additional options that best suit your needs.
Risk Management
If you own a business, a properly structured insurance program can be used to fund a buy-sell agreement, protect against the death or disability of a key person, or ensure a business continuation by providing a temporary source of cash flow.
Ask your New Frontiers Wealth Management Relationship Manager to explain how insurance can help you plan for an orderly transition that preserves business value at a predictable cost.
Discretionary Will Trust
An Discretionary Will Trust, when structured properly, is not part of your estate and is not subject to inheritance tax. These trusts are an ideal way to grow your assets and provide for your heirs, as the trust owns the policy and pays the premium, with the proceeds passing into the trust.
Life Assurance
Essential to protecting your legacy, an adequate life assurance policy can play an integral role in your estate planning. Choosing a life assurance plan that fits your family's financial needs requires an understanding of taxes, trusts, investments, and a myriad of other factors.
Permanent Health/Critical Illness Insurance
Permanent Health insurance can be an important addition to your financial plan to help cover your needs should you or your spouse be unable to work. Critical Illness provides a lump sum in the event of serious illness striking. Both of these are important forms of protection to consider.
Long-Term Care
Long-term medical costs can quickly deplete your family's financial resources. If you or a family member require home care or assisted living (as one out of four do), this coverage will help pay for healthcare costs and assisted living expenses.
