A valued and trusted advisor to professionals, business owners and corporations, Milan is the founding principal of TK Group and a member of the Society of Trust and Estate Practitioners, Canadian Advanced Life Underwriters, TiE and Barrington Wealth Partners. Milan's integrity, knowledge, and passion for financial planning are qualities his clients appreciate and trust with their integrated financial planning.

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December 2007

December 02, 2007

Holiday season may be a good time to review your financial instruments !Life Insurance , Critical Illness Insurance , Disability Insurance and Long Term Care

Your year is almost coming to an end when we all enjoy the festive holiday season . Like many entrepreneurs and professionals , the song said " I've been everywhere man I've been everywhere  ". Our business and personal lives are so intertwined that we sometimes forget to take the time to think about ourselves . As a business owner , I seam to be on a constant alert to solve my clients problems and make sure I have done everything to take care of them . Like me , I work with a number of legal and accounting advisor's that are highly motivated to serve their clients .

This may be a good time for busy people to take stock of their own personal situation . How important are you in the big picture of your world ? How important is your family ?

Without you , everything else can fall apart at the seams . I know that you hate looking at insurance because of the connotations that the word "insurance" brings . Think of the word "financial protection " instead of insurance . How important is your financial protection ? Dust off all those insurance contracts , if you can find them , and look at your safety net . Are the contracts in place ? Are the right beneficiaries designated in the contract ? Are you sure that group disability policy is not discriminating against you the executive ? Do you have enough cash to recover from a critical illness ? Are you paying for policies that are useless ? Have you thought about what would happen to you if your spouse became critically ill ? Have you coordinated your contracts with your existing corporate structures ?

Why has another year gone by where you have not taken care of the most important persons needs ? You are that person and take a moment to reflect , what if ?????????????????

December 07, 2007

Do not buy insurance buy freedom instead ?

Insurance coverage is not what you need and you already know that .What you need is cash to take care of your heirs when you die , take care of you and your family at time of disability and or critical illness .

Just today I was delivering a critical illness policy to my client when he asked me if a mutual of acquaintance of ours has critical illness coverage . I asked him why he is asking me that and he said that the individual has to undergo a triple bypass.

Can you , your family and your business survive a major illness ? This illness is not just yours but everyone else's who depends on you.

You are absolutely correct when you say that you can be over insured however I have never heard anyone say that the cheque we delivered on death , disability or critical illness was too much . I have heard though , I wish we would have bought more .

Never lose sight why you would want to buy protection : freedom , comfort ,safety , business continuance ,education ,standard of living , immediate medical treatment anywhere , business relief ,you love someone , estate preservation , keeping family united are only a few reasons !

December 17, 2007

Insurance Premiums can be costly and they differ from one insurer to another

So you think there is not much difference in premium from one insurer to the next . Think again ! With todays information age one would think that insurers would be close in their premium structure for same type of product . We are just completing an insurance audit for a client that bought policies 5 years a go and has not seen his adviser since that time . The client currently has a 10 year Renewable and Convertible term policy with Standard Life . The client needs permanent coverage and requested that we convert his existing policy to a minimum funded Universal Life plan . Easy thing to do was to fill out a conversion form and without medicals the policy gets delivered in a week or two . We asked the client how was his health and he said no issues that he knows about . We decided that the hustle free conversion root was not what we do and we put the conversion on hold . Why ? Research was needed into what our new found client could obtain in premiums with proof of good health . Yes he is going to save money !

Here is a list of premiums on a 1 Million of  coverage which includes Standard Life conversion he would get by filling out a form .

Monthly Premiums : Sun Life  $ 727.04 , ManuLife $ 759.22 , Industrial Alliance $769.39 , Great West Life $ 786.56 ,Transamerica Life $ 795.83 , Empire $801.83 ,AIG $ 839.29 And Standard Life $ 931.97 .

Easy thing would have been just to fill out the form and go on with our lives . When the client is in good health , always apply with a insurer that gives more favorable rates . We as independent advisor's never know which insurer will be competitive at a given client's age .

Insurance Rates , insurance coverage and insurance company underwriting standards differ from one insurer to the next.

December 29, 2007

Which type of insurance suits your needs ?

There are many types of insurance available in the marketplace and here are some of them : Personal Disability , Key Person Disability Insurance , Partnership or Shareholder Disability buyout coverage , Office Overhead Disability Insurance , Corporate owned executive disability coverage, Whole Life Insurance , Universal Life Insurance , Term to 100 Life insurance , short term insurance [ 5 year,10 year ,15 year and 20 year ] , Critical Illness Insurance and Long Term Care .

The real value you should look for is choosing a "INDEPENDENT" broker who is working with a number of insurers and is informed about the differences within each plan type . Design of product and premiums differ from one insurer to the other. As I say to my clients , choosing the correct product and applying it to their own situation is where my true value is to their planning process .

I believe that Critical Illness insurance is the most versatile product for individuals , partnerships and corporations . Unfortunately , not everyone qualifies to obtain this coverage as underwriting criteria focuses not only on your health but that of your brother , sister ,parents. Never assume that you are not insurable , we have several years a go insured a client with impaired health by approaching 12 of our insurers . The insurance was to be assigned to the bank who made the coverage a condition of a corporation receiving a 10 million dollar loan for expansion .

Canada is not the only place to buy insurance , we can create a solution to attempt to secure insurance coverage on a Canadian resident through a US insurer . TK Group is part of Barrington Wealth Partners and we have strong underwriting clout as well as a group of insurers that we work with on a regular basis .

Never give up trying to get coverage and get it from a independent producer .

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