The TK Advisor - The TK Group Ottawa Blog about Life Insurance, Critical Illness Insurance, Wealth Management and Estate Planning

Losing Nortel was a huge loss for Ottawa and Canada !

Our politicians and government should be ashamed of themselves for letting Nortel go to ashes . We were quick to bail out car companies we do not even own but we let Nortel slip away into the ocean . The company was not just a bunch of fat cats making millions of dollars in salaries , it was people like you and I with families , dreams and people who supported our community . Thank you our government for giving up on yet another Canadian treasure but oh yeah you did same for aerospace . Coincidence ?

Group Insurance Long Term Disability coverage , reverse discrimination !

Group insurance plan are wonderful however since they are made for the masses they do exhibit reverse discrimination against business owners and executives with the Long Term Disability component of the plan  .As a business owner and or executive your clerical staff have better coverage then you do . Why ? He are are some of the reasons :

* Definition is prohibitive and most owners / executives would have a difficult time claiming .

* Salary , Dividends and Bonuses are not all recognized as level of income on which the Long Term Disability coverage is calculated .

* Income splitting and retained earnings are not part of the calculation for payout under the group Long Term Disability coverage .

* Long Term Disability  of a group plan is not portable .

There are numerous  other contractual problems and most business owners and executives are not aware of them . Meed with a qualified insurance professional who specializes in providing his/her clients disability insurance solutions and look carefully at the gaps within the Long Term Disability program within a group plan .

How much life insurance should you have ?

The best way to determine how much coverage you need is to complete an insurance analysis . You can do so by working with a insurance professional or go to our web and look at the insurance calculator www.thetkgroup.com . Working with a insurance professional will give you exceptional value as they are able to assist you and you may have questions that need clarification .Once you have calculated the level of coverage , examine various forms of insurance coverage available to cover the risk . There are a number of available types of term coverage , short term or long term . Your budget and length of time you wish to own your insurance will determine which policy best suits your needs . There is a time to have short term coverage and there are needs that only long term coverage will be able to satisfy . Chose wisely !

Declined insurance coverage , rated with extra premiums or have exclusion in your policy !

wHY DO WE REPRESENT 10 LEADING INSURERS ? All insurance companies are not equal and underwriters differ from one company to another . On one occasion we had to go to 10 insurers to get a policy for a client that had health issues but we managed to get a 1 million policy issued . One would think that a individual would get similar offer from insurers on a specific policy however not so . We have had situations on same client where one company says no way do we want him , second one said we want 300 percent extra premiums while third insurer accepted them on regular standard premium . Having strong underwriters at insurance company is a huge advantage for any insurance professional and also having this type of relationships with numerous insurers is essential . Let me give you a simple example , some insurers are better suited for obtaining coverage on diabetic's while others have no desire for that type of risk . If you have had cancer do not assume you will be rated or worse yet can never get insurers . We have secured coverage for cancer survivors with standard life insurance premiums and at times rated . Never assume !

Definitions of Total Disability is very important component of any disability coverage !

The core of any disability policy ( group long term disability , association long term disability coverage , private personal or corporate plan ) is the definition of DISABILITY under your insurance policy . When and if you will be paid is based on your type as well as severity of your disability . Here are definitions of a disability programs and they will need to be satisfied for you to qualify for receiving that monthly cheque : * Loss of Income Definition * Any Occupation Definition * Limited Regular Occupation Definition * Regular Occupation Definition and * OWN OCCUPATION  definition . What is the definition of your policy ? Will you qualify for " OWN OCCUPATION " coverage or will you only be paid if you can not do " ANY JOB " ? Get clarity on what you can expect to receive if you are sick or disabled now !

Family Office , what can you do to create one ?

WaterStreet Group Inc. is a very well known successful family office headed up by Tim Cestnick and their clients have net worths over 25 million dollars .I have introduced Tim to my clients and he provides exceptional value based planning . Maybe you are not in that snack bracket to qualify for WaterStreet client requirements and that is not a show stopper . We have created a family office for our clients by bringing these disciplines into one team of advisers : legal , accounting , investments , banking and insurance . Often we are the quarter back which creates this family office from client's existing advisers and bring in specialists when needed . We get all the stake holders to attend the first meeting either in our office or clients . From there we have the magic happen and our clients are the  recipient's of a effective blue print and execution of the plan .

Financial Services is in Great Shape so keep regulators out !

Today like never before has there been there such quality of advisers who serve in the financial services industry . Standards have risen over the years and the result is better educated adviser . Please understand that I am saying every adviser is of high caliber but I would say there are more of those today then 29 years a go when I entered the financial services business . Ask your adviser what are his education credentials and how they will be of help to him when serving your needs . However , having a MBA or PhD will not make you an expert . Do your research to find a knowledgeable , ethical and passionate adviser who sees it as his duty to give you the best possible service . If you do not have that adviser , fire him and get one !

Insurance Audit can save your Financial Future !

Insurance is one of those things that people purchase and then put contract away for whenever ! Would you omit to have a regular medical check up ? Would you have your automobile brakes checked and or other parts that make it functional ? Do you have your furnace serviced ? Why then would you not check your most valuable financial instruments ? Insurance audit completed properly will give you a accurate snap shot where you currently stand with : life insurance , disability insurance , critical illness insurance and long term care . Are you paying too much or too little to have right coverage ? Who will bring you next cheque when you are disabled or sick ? Who will provide for your family when you are gone ? It is not about selling insurance and it is about delivering cheques when they are needed the most . We have delivered a number of cheques over the last 29 years and never have I heard a widow , corporation , disabled individual or a critical illness survivor say the cheque is too big and individual  was over insured !

Team Building in a organization is just like building a sports team !

As the book Good To Great says " get the right people on the bus , get people on the bus in right seats and get rid of the ones that do not fit . Soon , I am coaching football again and have the difficult task of choosing young men that will represent themselves and Cumberland Panthers in the Ontario Varsity Football League . Team has to be the focus and not individuals . Together a team effort will win every time on football field as it will in the board room . Each player , as in each member of a organization , brings a part of themselves into the organization and that is what makes it unique as well as special . Losing games is not a bad thing as losing opportunities in business is the same as long as you learn a lesson . Winning on the field is important as it is in business . Trusting your team players is essential as you can not do their job while being responsible for your job . Football teams have a  quarter back to lead offense and defensive captain to lead defense . In business , leaders are needed to lead organizations and they need to be motivators and committed to the game plan . TK Group is similar to a football team : specialist in chosen field of expertise , leaders are focused on well being of our clients as well as our team , we create a game plan and make changes when necessary and passion is evident throughout the firm.

Insurance Audit can save your Financial Future !

Insurance is one of those things that people purchase and then put contract away for whenever ! Would you omit to have a regular medical check up ? Would you have your automobile brakes checked and or other parts that make it functional ? Do you have your furnace serviced ? Why then would you not check your most valuable financial instruments ? Insurance audit completed properly will give you a accurate snap shot where you currently stand with : life insurance , disability insurance , critical illness insurance and long term care . Are you paying too much or too little to have right coverage ? Who will bring you next cheque when you are disabled or sick ? Who will provide for your family when you are gone ? It is not about selling insurance and it is about delivering cheques when they are needed the most . We have delivered a number of cheques over the last 29 years and never have I heard a widow , corporation , disabled individual or a critical illness survivor say the cheque is too big and individual  was over insured !