Insurance and Risk Management

Protecting loved ones in worst-case scenarios

When you think about your legacy, what is it that you want to leave behind? 

Financial instability and uncertainty would never be on the list. But that’s exactly what can happen if you die without enough insurance coverage. Could your spouse or family keep the same lifestyle without your income? 

There’s a belief that work insurance policies will be enough to cover unexpected tragedies, but that’s rarely the case. Insurance policies need to provide income protection, too.

Insurance and business ownership

For business owners, the risk of something happening to another shareholder or key individual is also worth considering. Especially in closely-held businesses where, if a shareholder dies, his or her shares often pass to the spouse.

There are also scenarios where a shareholder divorces and company shares are part of the agreement. Ask yourself if you want to be in business with your partner’s spouse. Most people, even in amicable situations, would say no.

And for business owners, offering insurance products to employees can also be an effective way to recruit and retain top talent. Policies like short-term and long-term disability can go a long way in giving employees options to protect themselves. When they can get that protection through their job, all the better.

The best insurance policy is one that’s never needed

The best way to prevent these unexpected and often sudden events from becoming catastrophic is to get the right level of insurance coverage first. A silver lining if the policy is ever claimed: life insurance proceeds are tax-free.

Insurance policies protect what you value the most. Our team of advisors can help you or your company choose the best policy and level of coverage for your future needs.