iNFORCE LIFe Financial Services is a fast growing Canadian Insurance Brokerage Firm. We offer a diverse portfolio of insurance services, including life and health, group benefits and investment and risk management solutions. No matter what type of plan you are looking for, we are committed to delivering quality advice that you can trust, and take pride in our ability to recommend personalized plans to suit your individual and business needs.
Tuesday, November 18, 2014
Tuesday, November 11, 2014
How Insurance Can Be A Savior During Tough Times
It is very common to associate
insurance with something tragic as an accident or death or destruction. But in
reality, insurance has many other purposes. It is agreed that insurance is
built up on little pessimism but that pessimism is good as it leads to
preparedness. Today, the insurance
sector is able to offer cover as well as money back in a single policy. These
policies do not have any hidden catches nor do they have any links to the
market. They are stable and useful.
Education savings is also a part of insurance services
It is not bad to think that one
will not have enough money to send the kids to college, based on reality
assessment only. In fact, education is becoming more expensive every day, and inevitable
in the present context. Even if the monthly family income is not expected to be
high enough, proper insurance planning can help one save for the rainy day. You
can start with a planned education savings even when a child is expected. The
plans require premiums to be paid, which will translate into savings with
returns, when your child is ready for college. As an additional benefit, some
of these plans also include insurance cover until the time of maturity.
Monthly income after retirement is also a part of insurance
Streamlining the excess is very
important. Saving for the future might not be considered prudent on the
principle that life is short and anything might happen anytime. But in reality,
one life is bonded with many others through relationships. It is vital to be
able to provide for your loved ones after retirement. On the other hand, you
should also be prepared to take care of yourself, if there comes a time when
your family is unable to care for you. Insurance plans that will give life
cover until retirement and a fixed monthly income post retirement like IRP
(insured retirement plan) can help immensely in such cases. Finding a good
insurance agent will be more than enough to get the details and enroll into
one. It is also a great idea to convert your retirement savings plan into a
wonderful retirement income plan.
Wednesday, November 5, 2014
Why Every Business Needs an Insurance Advisor
If you have chosen to build a career as an insurance
advisor, there are a number of responsibilities that will fall into your hands.
You play an important role in guaranteeing financial stability for small businesses
and large businesses alike. The advice you give to business owners could have a
huge impact on the future of their businesses.
With the right advice, you could help your clients in
protecting their assets from personal liabilities. In addition to this, by
enabling them to choose the right type of insurance you will be able to help
them protect their business from various operational risks including theft and
breach of sensitive organizational data. As an insurance advisor, you can give
your clients detailed information about the following types of insurance plans to
suit their needs:
- Insurance for general liability – A
General Liability insurance plan is the most basic kind of policy that
gives your clients a broad coverage for injuries and accidents as well as
negligence claims. For instance, the plan could cover their medical
expenses and attorney fees if an employee happens to get injured within
the office premises.
- Insurance for professional liability –
This type of policy is ideal for businesses that provide services such
as law firms, real estate agencies, insurance agencies, consultancies, and
more. A Professional Liability insurance plan gives your clients
protection against malpractice and negligence claims.
- Insurance for product liability – If
you have clients that deal in the distribution and selling of products, they
could benefit from Product Liability insurance plans. This policy could
cover for any of their losses incurred from product defects.
- Insurance for commercial property – Make
sure you recommend a Commercial Property insurance policy if you deal with
clients that own any kind of property. It could be an office building or
even expensive tools and machinery. This insurance is designed to provide
coverage for any loss or damage resulting from theft, vandalism, fire, and
more.
- Insurance for data breach – Companies dealing in sensitive information could benefit from a Data Breach insurance policy. This type of insurance is necessary for covering any loss related to electronic or physical breach of information.
These are just a few of the most popular insurance plans available for businesses. You could read up on all the types of policies your business-owning clients could use to provide them with the best assistance.
Tuesday, October 28, 2014
How Insurance Advisors Help Families and Business Owners
Families and business owners need to rely on insurance advisors
for a number of reasons. Valuable advice on insurance could help in saving
several extra dollars, which could again help with family or business planning.
Additionally, it is necessary for providing financial security in case of an
untimely death or other unforeseen problems. Here are some of the ways in which
you, as an insurance advisor, could help families and business owners:
- You
could help your clients in finding the right policy where they can get
tax-free growth in the plan. For instance, there is a chance of them enjoying
an extensive tax advantage by investing their reserve income in permanent
life insurance. As an advisor, you could help them understand all the
possible growth sectors in the available policies.
- You
could help them in finding the right policy that includes the provision of
protection for their estate. This would include prevention from shrinkage
in the case of inflation and/or taxation.
- You
could help them look at all the opportunities for planned giving, so they
can make an informed decision. As an insurance advisor, you would be able
to help your charitable clients in giving substantially greater gifts for
charity.
- Insurance
advisors help business owners in finding a policy that includes the
provision of capital that is tax free. This capital can then be used by
your clients to fund liabilities or even pay for the replacement costs in
case they lose key employees. It can also be used in ongoing expenses for
carrying out their operations.
- You
could guide them in finding a policy that includes the provision of
necessary funding, so they can make important business transactions. This
makes the service of an insurance advisor especially important for small
and start-up businesses as well.
Different insurance policies offer different benefits,
options, and features. As a qualified and knowledgeable insurance advisor, you
could point families and business owners toward the right direction. Your
valuable advice and opinion could ensure them financial stability in the
future.
Tuesday, October 21, 2014
Useful Tips on Making an RESP Withdrawal
For years you have been saving up for your child’s education and when it’s finally time to use the money, how do you proceed? Before you proceed with the withdrawal, make sure you contact your financial institution for details. The rules might be a bit more restrictive in the case of scholarship or group RESPs. Here are some tips you could make use of when making an RESP withdrawal:
- Proof – When it comes to withdrawing funds from your RESP account, the proof of enrollment is more than enough to justify your payment request. However, make sure you get the specific criteria required by your financial institution. You can get a Verification of Enrolment form filled out by the educational institution.
- Limit your withdrawal per beneficiary – In the case of family RESPs, make sure you limit the withdrawal per beneficiary to $7,200. This is the lifetime grant limit set for each beneficiary. Of course, you can set the amount yourself and it would be possible to withdraw more than this amount for one beneficiary.
In this case, you will need to return the grants to the government. You can get a detailed account of the grant money given to each beneficiary from your financial institution. This will help you prevent withdrawal of inappropriate amounts.
- Go for more – Making withdrawals from your RESP account is not as simple as making withdrawals from your checking account. That’s why you might want to consider withdrawing more at once rather than small amounts. It’s not like you have to give all the money to your child as soon as making your withdrawal. You can keep it safe and pay them out on a regular basis.
- Withdraw accumulated income – It is highly recommended that you withdraw the accumulated income in your RESP account as Educational Assistance Payment or EAP. There are some cases where the accumulated amount is withdrawn as Accumulated Income Payment or AIP because the student drops out of school.
In such instances, the grants have to be returned to the government. In addition, the withdrawn amount is considered taxable income and you will need to pay 20% as penalty tax as well.
Tuesday, October 14, 2014
Benefits of Becoming an Insurance Advisor
Have you ever thought about becoming an advisor in the
insurance market? Not everyone can have a promising career in the field of
insurance, let alone in advising others on which insurance would benefit them
the most. It takes determination, honesty, and wits to succeed in the business.
Take a look at the following responsibilities you will have
as an insurance advisor and find out if you will be able to fulfill them:
- As an
insurance advisor, your job revolves around providing your clients with
the best insurance solutions.
- You
have the responsibility of pointing your clients towards policies and
plans that are most suited for their needs.
- It
is your job to empower your clients and their families to attain financial
security by helping them take proper investment routes.
- You have the responsibility of educating your clients about every little detail of all the investment options available for them.
If you can indeed fulfill the above responsibilities, the
following are some of the benefits you can get as an insurance advisor:
- A
career as an insurance advisor gives you a lucrative earning potential,
while at the same time building you up for career growth. Every policy you
sell helps you earn an impressive commission, meaning that the more you
sell the more you’ll earn. You will be able to develop your skills and
knowledge to establish a successful and stable career.
- By
starting out as an insurance solution provider or an insurance advisor, you
can eventually develop enough experience and skills to become a specialist
in the field. This makes for a wider scope in career growth to ensure your
future success and financial stability.
- To become successful as an insurance adviser, you do not need a start-up capital. All you need to invest is your time and effort and your scope for growth and financial success will continue to grow the longer you stay in the business.
The job of an insurance advisor is unlike anything. It
requires plenty of will and hard-work. In addition, the job is for someone who
is always ready to help their clients grow.
Tuesday, October 7, 2014
Tips on Being More Ethical in the Insurance Industry
So you’ve decided to build a career in the field of
insurance service. Before you begin, it’s important for you to remember that adhering
to ethical guidelines comes before making a profit in the business. When you’re
working in the insurance industry, you must put the interests of your clients
before your own. Here are a few tips that can help you follow the ethical
guidelines involved in insurance service:
- Be transparent with your rates – One
of the most important things an investor needs to know is how much they
are being charged. Before getting into an agreement of any kind with
existing or potential clients, make sure you give them a thorough break-up
of your rates.
Give them a detailed account of the insurance costs as well as the fees you charge (if there are any) for your service. This could help in preventing misunderstandings that could arise from incomplete information.
- Be transparent with policies – Other
important information that you must provide your clients includes the
statement of their investment policies. Instead of using industry-related
jargon, make sure you explain the details in a language that they can
understand.
Allow your clients to go through the statement thoroughly so you can help them clear any doubts they might have. Avoid rushing them when they’re studying the details, as this might prevent them from clearly understanding the policy they’re taking.
- Inform them about your disclosures – As
an ethical investment advisor, you are responsible for providing the
details of your disclosures. By being transparent about what’s written in
fine print, it is your clients that will benefit from your transparency.
In turn, you not only get happy clients but also avoid any issues that might arise from misunderstandings. If there are any complicated legal matters, it would serve your client to learn about them before getting into any kind of agreement.
All in all, the key to being more ethical in the insurance
industry is clear communication. As long as you give clear and detailed
explanation of every important detail to your investors, you will be putting
their interest first.
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