In its simplest form, life insurance is meant to provide safety and security for the ones we love. This type of insurance is commonly used to: 

  • Cover last expenses and immediately provide cash for surviving family members 
  • Pay off mortgages and other debts 
  • Eliminate tax liabilities triggered at death 
  • Replace lost income for the surviving spouse and dependent children arising from the premature death of an income-earner 
  • Provide education funding for children 
  • Provide retirement funding for surviving spouse 
  • Serve as a tax-advantaged wealth-building vehicle 
  • Provide a charitable testamentary gift

In addition to meeting personal planning needs, life insurance can also play a large role in addressing investment challenges, risk management, and succession planning for small businesses, such as: 

  • Provide required funding to support buy-sell provisions between business owners 
  • Provide a vehicle for tax-sheltered investment growth within the corporation 
  • Provide funding to allow for a smooth succession at the business owner's death 
  • Create a mechanism to get funds out of the corporation tax-free at death.