JOINT Life Insurance
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Joint Life Insurance (primarily joint -last -to -die) is an option for couples that can lower insurance premiums and provide a tool for legacy protection.
If you envision having a tax problem with your estate, joint last-to-die insurance is something you should consider.
Cottages, unused RRSPs and other transferrable assets are often taxed at 50% on the death of the owner. That constitutes a huge loss to your heirs.
This is exactly the type of situation that Ottawa Asset Management specializes in. Working with us, we provide you with a consolidated view of your portfolios and your individual circumstances. We then use various strategies to minimize the loss to your legacy and ensure that your family is well provided for.
At Ottawa Asset Management, we help you to decide which type(s) of insurance coverage is best for you.
Insurance rates vary widely from carrier to carrier. We work with all the major Canadian providers of Life Insurance to find you the best rates for your policy.
Call us today, or book an appointment online, for a free quote or consultation.
What is Joint Life Insurance?
There are two types of Joint Life Insurance – “first to die” and “last to die”. There are not many advantages to the first type over having individual coverages. However, Joint last-to-die insurance is an effective and relatively inexpensive life insurance policy that covers two people but only pays on the last survivor’s death.
Many estate planning goals do not require a benefit to be paid on the death of each spouse. Instead the goals can be achieved by having a single death benefit paid on the last survivor’s death.
In most cases, the premium on a Joint policy will be substantially less than two individual policies. The premium of the joint policy is determined by generating a single equivalent age from the ages of the two being insured. As the policy only pays out once, the premium is less than purchasing two policies. Also, it only pays on the last survivor’s death, so both members of a couple have to pass away before the insurance company pays a death benefit.
The single equivalent age and cost of insurance varies with each insurance company. As a broker, Ottawa Asset Management does the comparing and shopping for you to get you the best coverage at the best price!
Our Insurance Partners:
Canada Life | BMO | Equitable Life | Ivari | RBC | SSQ | Empire | Life Sun Life | Manulife | Desjardins | Great West Life