Asset Protection InformationAsset protection information--is something anyone who owns assets will want to understand, because failing to understand the need for protection of your assets can be very very costly. Assets come in all different kinds. Things like your: health, life, and job. Surprised those things would be considered assets? Well they are. And the way to protect them is with Insurance--disability, critical illness, and life. How does insurance and insurance products protect assets? Let’s start with the basics. Life Insurance critical illness insurance and disability insurance If you died and could no longer collect a paycheck--your family would be left in a very difficult situation. Having life insurance means your family will receive (tax-free) proceeds from the insurance company that can be used to provide ongoing income for the family--when you are no longer there. With critical illness insurance--should you be stricken with a life threatening illness you would be paid a lump sum (tax-free) to do with as you see fit. What if you got hurt or became sick and could no longer work? That’s when disability insurance would kick in and you would receive tax-free disability payments until you were no longer disabled or until you reached age 65. That is a synopsis of asset protection information regarding those types of assets.The other types of assets are--anything you own that has value on the open market.Things like your house, condo, mobile home, real estate. Your car, tools, artwork, stocks, bonds, mutual funds, segregated funds, bank accounts--even a money making website! Anything you own that has value is an asset. And all of these need to be protected as well. The most common way to protect these assets is again with Insurance and insurance products. Your Home owner and car insurance come with liability coverage. The kind of coverage you have to cover you if by some awful circumstance--you make a mistake and it is decided in a court of law that an event (like an automobile collision) is your fault. Your insurance company pays the bills--rather than you having to sell your home or deplete your bank account to compensate someone. But do you have enough coverage for your situation? What if the liability coverage is less than the amount awarded by the courts? This is where good asset protection information is critical. Now that we have an understanding of what assets and asset protection are. We need to understand who can attack those assets. And it is really two separate groups. The first group is anyone who is considered a victim of your negligence--either real or perceived as mentioned above. The second group is the good old government. We know how the first group can go after us which is why we have liability insurance to protect us and our assets. The government can step in upon your death and make claims against your estate. Although Canada has no estate tax. There are numerous other issues involving the estate of a deceased person. Insurance and insurance products are (unlike any other asset) immune to any government money grab--because they fall under the auspices of the “Beneficiaries Act” The two best tools for asset protection are Segregated funds (Seg funds) and Life Insurance. -both have “guaranteed death benefits”. with a “Named Beneficiary”, both are immune** to seizure by creditors or government. **Except in the case of a judgment in family court. other than that you are protected -- as long as you were solvent on the day you purchased them! This type of asset protection information is vital. Knowing what you can do to fully protect your assets can be critical. Simply by having assets you can become a target of unscrupulous persons looking for a quick payday, but protecting yourself is simple. If you know what to do and when to do it. To learn more contact an insurance professional and getting the asset protection information you need--today!!
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