Wiest Insurance & Investment Management
Insurance tailored for you planned with you.
To simplify things, there are basically two types of life insurance solutions. There is a term insurance policy and a permanent/level cost insurance policy.
Term life insurance is perhaps the simplest form of life insurance. It provides temporary life insurance protection on a limited budget. It offers a death benefit, but no cash value or savings component.
The length of the term of the policy is preselected at the time of application, and your cost of insurance (premiums) will be locked in and guaranteed for the length of that term. If you want to keep this life insurance protection after the term, you will need to renew the policy at your current health and age. Even if your health stays the same, obviously your older age will mean a higher cost of insurance for your next term policy.
Most term policies are convertible. This means that anytime within the term, you may convert your policy with no medical underwriting, to permanent/level cost policy. Your conversion rate will be at your current age at the time of conversion though.
Term Insurance can be owned personally, or by a corporation.
Permanent/Level Cost Insurance
Permanent/level cost insurance is exactly how it sounds. It will be more expensive than a term policy at the time of application, but you will be locking in your cost of insurance for the rest of your life. This means that no matter what changes in your health through the years, your cost of insurance will be guaranteed and locked in.
There are a couple different forms of permanent/level cost insurance. The two most common forms are a Whole Life policy and a Universal Life policy. Without getting into too much detail, both Whole Life policies and Universal Life policies are a form of permanent coverage that each have a cash value component.
Universal Life offers more flexibility, as you control (up to a maximum amount allowed by CRA) how much surplus premium above the cost of insurance you would like to contribute to the policy. You also are able to manage your investment choices for your surplus premium.
Whole life policies offer higher guaranteed cash values, and the insurance company upon application will pre-determine the total premium you will pay for a select amount of time. The total premium due will be a blend of both insurance cost and cash value deposits. The insurance company manages the cash value for you, and will most often pay an annual dividend to your cash value account.
It’s important to consult with an insurance specialist to determine which product best suits your needs.
Permanent/Level cost insurance policies can be owned personally, or by a corporation.
As an Independent financial advisor, my team will provide services tailored to each client’s needs and objectives. Proper planning now can help reduce emotional and financial stress when the need for insurance arises. Adequate insurance for life and long-term care is essential, and careful planning is crucial to nearly any financial goal. Having insurance coverage in place is invaluable, allowing you to focus on what matters most and not worrying about finances.
Because Wiest Insurance and Investment Management is an independent firm, we are empowered to deliver unbiased advice and are not restricted to certain investments or proprietary products – solutions are customized to meet your needs and investment objectives.
Allow us to help navigate your retirement planning, tax, estate, philanthropic or business succession plans.
Agriculture continues to be one of, if not the most important industry in Alberta…yet we have seen drastic intergenerational changes. Being raised on a 4th generation crop and cattle farm in Southern Alberta, I have the ability to work with you in developing a financial plan that focuses on successfully transitioning your farm…whether that means succession planning or sale planning. If you are expanding, or have current debt that is insured through your bank or lending facility, allow Wiest Insurance and Investment Management the chance to shop out your insurance needs and bring back a cheaper and better solution!
Corporate & Small Business
You need professional advice and guidance that can help you develop the right plan for your future and the future of your business. Wiest Insurance and Investment Management will provide sophisticated planning solutions for your business including qualified retirement plans, succession planning, buy-sell agreements, risk management, nonqualified executive benefits, and employee benefits along with developing investment and savings accounts owned by your corporation to grow your retained surplus cash.