Corporate Owned Life Insurance (COLI) is a specialized type of life insurance policy that companies purchase on the lives of their key employees, executives, or other individuals critical to the organization’s operations. The company is the owner, beneficiary, and often the premium payer of the policy. COLI is primarily used as a strategic financial tool to protect businesses against the financial loss that may occur due to the unexpected death of essential personnel.   One of the primary purposes of COLI is to provide a financial safety net to businesses. The death of a key employee can lead to significant costs, including the expense of recruiting and training a replacement, potential loss of revenue, and disruptions in business operations. The death benefit received from the insurance policy can help offset these costs, ensuring business continuity and financial stability during challenging times.   In addition to serving as a risk management tool, COLI is often utilized for funding employee benefits, such as deferred compensation plans, retirement benefits, and executive bonuses. The policy's cash value component can accumulate over time, providing a tax-advantaged reserve that companies can access for various purposes, including supplementing employee benefit programs or enhancing the company’s balance sheet. The tax-deferred growth of the cash value and the tax-free death benefit (if structured properly) make COLI an attractive financial strategy for many corporations.   COLI policies can be structured in different ways to meet specific corporate objectives. Some policies are designed to cover multiple employees under a single plan, known as group COLI, while others focus on individual key persons. The type of policy chosen, whether it is whole life, universal life, or variable life insurance, depends on the company's financial goals and risk tolerance.   While COLI offers several advantages, it also comes with ethical and legal considerations. Transparency and consent are critical, as the insured individuals should be informed and often must provide written consent before the policy is issued. In the past, there have been controversies regarding "janitor" or "dead peasant" insurance, where companies insured the lives of rank-and-file employees without their knowledge. To address these concerns, regulations such as the Pension Protection Act of 2006 in the United States have established stricter disclosure and consent requirements.   From a financial perspective, COLI can impact a company's accounting and tax reporting. Premiums paid for COLI are generally not tax-deductible, but the death benefits are typically received tax-free if the policy complies with specific legal requirements. Additionally, the cash value growth within the policy can provide a source of tax-deferred earnings, contributing to the company’s financial flexibility.   In conclusion, Corporate Owned Life Insurance is a multifaceted financial tool that helps companies manage risks associated with the loss of key personnel, fund employee benefit programs, and enhance financial planning strategies. When implemented ethically and strategically, COLI can offer significant benefits to both the corporation and its employees, supporting long-term business stability and growth.

Parents and grandparents of Canadian citizens and permanent residents have a new option for visiting Canada. As of December 1, 2011, you may be eligible to apply for the Parent and Grandparent Super Visa and enjoy visiting your family in Canada for up to two years without the need to renew your status.   Super Visa Medical insurance requirements Along with the application for Super Visa, applicants must submit proof that they have purchased Canadian medical insurance that:   is valid for a minimum period of one year; provides a minimum of $100,000 in coverage; covers the applicant for health care, hospitalization and repatriation Is valid for each entry to Canada and available for review by a port of entry officer.   Super visa health insurance does not cover everything. This insurance has exclusions, conditions and limitations. Please read them and understand the policy before you buy this insurance.   Pre-Existing Medical Condition exclusion may apply to a medical condition and/or symptoms that existed prior to your trip. Pre-existing Medical Condition means injury, illness or disease; symptom(s) that exists before and on the effective date of insurance. Coverage for pre-existing medical conditions may depend on your age and the plan you apply for. Generally, most of the policies pay for emergency medical expenses relating to pre-existing medical conditions, which have been stable in 120 -180 days prior to the effective date of the policy. The cost of insurance may depend on whether the plan includes coverage for stable pre-existing conditions or not.   The term Stable in terms of medical insurance is referred to as any of the following conditions:   There have been no new symptoms, and existing symptoms have not become more frequent or severe, or there have been no test results showing deterioration; and/or A physician has not determined that the condition has become worse; and/or A physician (or other medical professional) has not prescribed or recommended a change in medication or medical care received for that condition; and/or A physician {or other medical professional) has not prescribed or recommended a change in treatment for that condition; and/or There has been no admission to a hospital and/or you are not awaiting the results of further investigation for that medical condition.   Any changes in your travelling plans: If you purchase a policy and then decide to change your travel schedule, you can change your traveling dates (effective date of the policy, arrival date) any time before the effective date of the policy. Effective date means the date on which your coverage begins as indicated on your policy confirmation. It may be the date when you plan your parents arrive in Canada or you get a super visa.   Refunds If you are denied a visa and refused to entry to Canada, you can apply for refund of premium you have paid for medical insurance. A full refund is available, if you cancelled the policy and requested refund before the effective date of the policy.   You can apply for a partial refund after the effective date of the policy, if you did not get a visa or returned to your home country earlier than the expiry date of the policy. For more information on details of Super visa, eligibility of application or any other queries regarding super visa insurance fill the form to get a no obligation quote or contact me @ 416-799-4343.

This insurance plan provides medical coverage and protection for travelers coming to Canada who do not have coverage while travelling outside of their home country or who want extra coverage over their existing plan. In many instances, people travelling to Canada are not adequately protected for medical emergencies. This plan can provide protection for medical emergencies, illnesses, accidents, and help cover the expenses associated with these unfortunate events.   Coverage’s range from $25,000, $50,000, or $150,000 (depending on the plan selected) for emergency medical expenses and can be purchased for up to 365 days of travel. The plan requires coverage for a minimum of 7 days and travel must begin and end in Canada; side trips outside of Canada are allowed and coverage may be provided for that portion of travel, as well.   Purchasing the Visitors to Canada plan prior to coming to Canada is recommended, however, it can be purchased while in Canada. If the plan is purchased after arriving in Canada, there will be no coverage for sickness or illness for a period of 48 hours from the policy start date. Coverage for expenses incurred as a result of an accident is covered as soon as the policy is purchased. Hospital bills, prescription drugs, and other medical expenses can add up quickly while in Canada and being out of pocket for these costs can be a large burden. Having protection and coverage for these types of unforeseen, but common events, can provide peace of mind and potentially save travellers thousands of dollars in medical bills.   If you are immigrating to Canada, or are a new immigrant, you will find that most provinces have a waiting period before you are eligible for public health insurance. The length of time you have to wait will vary by province; however, no matter how long or short this waiting period all newcomers to Canada should consider getting emergency medical health insurance coverage. It will provide coverage at a time when you have no coverage.   Apply for no obligation free quote on travel insurance today!!!!!

How long would your family be able to continue their current lifestyle if you were no longer in the picture? Nobody likes to think about tragedy striking and the impact it could have on loved ones’ lives but it is a real possibility you can help try to prepare for. Life Insurance is one of the Foundation stone of any sound financial planning be it long term or short term. Nobody wants to think of uncertainties in their day to day life. If you become terminally ill or die, so you can have peace of mind knowing that you could be helping to protect your family from potential financial strain when they are simply trying to cope without you.   Cover My Future can offer financial advice on a range of affordable life insurance options that provide protection and peace of mind. The life insurance solutions can be tailored to suit your needs and the needs of your family, providing Life Insurance, Income Protection, Funeral Insurance, Mortgage insurance etc.   There are so many options for life insurance and everyone needs to feel comfortable they have the right level of cover, no matter what the circumstance. All of us are so busy planning our future and trying our best to fulfill our dreams like buying our dream house , dream car , starting a new business , making plans for arrival of a new member in our family( our bundle of joy) etc. The thought of purchasing a life insurance policy doesn’t strike our mind. The importance of purchasing a life insurance becomes very vital with every new plan or addition of a new family member. Life never works exactly as intended. Crises can strike anyone at any point of time and in case of premature death the financial hardships that will be caused to our loved ones is undreamed-of. No amount of Life Insurance can replace our loved ones but buying a Life Insurance will help you deal with its financial repercussions. Life insurance plays an important role when plans don’t work out as expected. Get FREE low cost insurance quotes online.   Advantages:   You can increase or decrease the face value of insurance You can add additional lives insured (subject to their insurability) You can substitute one life insured for another (subject to their insurability) You change the amount, timing, and frequency of deposits Universal life insurance is more flexible than any other product. The cash accumulated in a universal life insurance account allows for greater wealth accumulation than taxed investments. (Conditions apply)   Disadvantage::   It is expensive as compared to other insurance policies.

Estate planning is an indispensable part of wealth management, mainly if your estate involves substantial possessions or complex issues. When appropriately regulated, an estate plan can reduce the taxes and expenses of your estate, make simpler and accelerate the transition of assets to the next generation and safeguard that your beneficiaries are secured.Estate Planning involves the will, trusts, beneficiary designations, powers of appointment, property ownership (joint tenancy with rights of survivorship, tenancy in common, tenancy by the entirety), gift, and powers of attorney, specifically the durable financial power of attorney and the durable medical power of legal representative.   Importance of Estate Planning: The purpose of Estate Planning is to help us accomplish our personal and family goals even after your demise. It ensures that your wealth will go to those you want it to go to, so you can achieve your personal goals even after you are gone. There are five main goals of Estate Planning:   Living your life fully: Living your life fully means providing not only for yourself (and your spouse and family, if you are married), but providing for others according to your values. Pass on your property to others according to your desires: In order to transfer your property according to your wishes, you must provide for both paperwork (someone to do the paperwork and ensure that your desires are completed) and disposition (the decision of who gets what) of the assets. Provide for guardianship of children who are still minors: For most parents, the issue of guardianship is one of the most crucial decisions of the estate-planning process. Who will raise your children should you die? Avoid probate if desired, or use probate strategically: Probate is the legal process by which an asset’s title is transferred. Decrease or eliminate taxes: Through proper estate planning, you can decrease or eliminate the taxes that must be paid on your estate.