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Insurance Policies ToProtect Your Family
Bilyk Financial’s team offers a full suite of insurance services to clients, allowing us to create dynamic, individual solutions ensuring your family and business are protected for years to come.
To see if your coverage is sufficient and appropriate, we regularly review insurance coverages to help ensure our client’s net worth is protected. We realize life evolves, and your needs change; our team will proactively suggest adjustments when they do.
We help clients in Vancouver, Calgary, Edmonton, Winnipeg, Ottawa, Toronto And Surrounding Communities.
Insuring Personal Debt
Eliminating debt on the death of an individual can be vital for the financial stability of the survivors.
Income Replacement on Death
The death of an adult family member has significant financial consequences for the surviving family members as it generally means the loss of income. Insurance can indemnify (compensate for) this risk by replacing lost income and is generally the most cost-effective means of doing so.
Charitable Gifting
This is a common way to reduce the taxes you owe on the estate through making a charitable donation.
Income Taxes Due on Death
In addition to debt planning and family security, other financial consequences can arise on the death of a family member. This can include taxes, probate fees, time off work for the surviving spouse, etc.
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Corporate Life Insurance
Corporate life insurance can provide a business with the cash flow needed for working capital or to repay debts, or to provide the funds necessary to hire and train a replacement when a key executive.
Shareholder / Key Employee
Many businesses are built on the skills, knowledge, and determination of a few key individuals whose human capital, energy, understanding, and experience make them an invaluable asset to the success of the organization. Insuring a key person or buying Key Man Insurance is an effective way to manage the risk and potential financial loss your business could experience should one of your key people suffer a critical illness, disability, or premature death. It takes time and money to replace a knowledgeable expert or Key Person, not to mention how it will affect the continuity, sustainability, and profitability of your business.
Buy-Sell Funding / Shareholder Agreement Obligations
A buy-sell agreement allows for the smooth transfer of shares or other business assets from a departing or disabled shareholder to the remaining shareholders of a corporation or to a third party. Its primary purpose is to facilitate this transition without jeopardizing the financial well-being of the departing or disabled shareholder and his or her family or the financial health and viability of the corporation. The common elements of a buy-sell agreement are:
- A triggering event (such as death, disability, retirement, or third-party offer);
- A fixed price or valuation method for the shares; and,
- The way the purchase will be financed. Bilyk Financial advisor.
Living Benefits
Living benefits, such as disability insurance, long term care and critical illness are designed to provide financial protection during one’s lifetime.
Critical Illness
A financial cushion when faced with the unexpected. While medical costs are covered through our provincial health system, there are often many other expenses associated with recovery that aren’t. This is why critical illness insurance is important. Living with a critical illness can mean major changes to your lifestyle and if you aren’t prepared, serious financial challenges. Having a financial cushion at such an uncertain and stressful time not only enables you to enjoy a higher quality of life, but also lets you live more independently. Critical illness insurance gives you choices you might not otherwise have by providing:
- Tax-free cash up-front paid in a lump sum to use as you want
- The ability to plan for the unexpected
- Financial freedom and flexibility
Disability Insurance
There’s a reason there’s more doctors and specialists in Canada than there are funeral homes. Disability insurance is paycheck protection. Disability insurance is protection offered to replace a portion of your income in the event you become disabled and are unable to earn income. There are many scenarios in which a disability can occur such as:
- an injury
- a serious illness
- a mental health issue, etc.
- The duration of a disability can be short or long term.
Protect Your Loved Ones
Research shows that insurance is an underutilized part of peoples financial plans.
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of people overestimate the cost of term life insurance by 5x
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of families do not have life insurance policies
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of people say life insurance is a relevant financial planning tool
Aligned Capital Partners Inc.
Aligned Capital Partners Inc. (“ACPI”) is a full-service investment dealer and a member of the Canadian Investor Protection Fund (“CIPF”) and the Canadian Investment Regulatory Organization(“CIRO”). Investment services are provided through Bilyk Financial Investments, an approved trade name of ACPI. Only investment-related products and services are offered through ACPI/Bilyk Financial Investments and covered by CIPF. Financial planning and insurance services are provided through Bilyk Financial. Bilyk Financial is an independent company separate and distinct from ACPI/Bilyk Financial Investments.
Disclaimer
This page may contain several strategies, not all of which will apply to your particular financial circumstances. The information on this page is not intended to provide legal, tax, or insurance advice. To ensure that your circumstances have been adequately considered and that action is taken based on the latest information available, you should obtain professional advice from a qualified tax, legal, insurance, and financial advisor before acting on any of the information on this site.
