Life Insurance
Life Insurance
Protecting futures with reliable life insurance
Broadmoor specializes in life insurance services, helping Canadians safeguard their loved ones’ financial future within the framework of Canadian laws.
We navigate regulations governing life insurance policies, ensuring compliance and providing tailored coverage options to protect your family’s well-being in accordance with legal requirements.
Adherence to Laws
Our services compliant with federal and provincial tax laws, including Insurance Companies Act, Income Tax Act, Canadian Council of Insurance Regulators (CCIR) Guidelines, Office of the Superintendent of Financial Institutions (OSFI) Guidelines, Canadian Life and Health Insurance Association (CLHIA).
What it includes
- Policy Selection: Choose a life insurance policy based on individual needs, such as term, whole life, or universal life.
- Application Process: Complete an application, including medical underwriting, to determine eligibility and premium rates.
- Premium Payment: Pay regular premiums to maintain coverage and ensure policy benefits are available when needed.
- Beneficiary Designation: Designate beneficiaries who will receive the policy benefits upon the insured’s death.
- Claims Process: In the event of the insured’s death, beneficiaries file a claim to receive the policy benefits from the insurance company.
benefits to you
- Financial Security: Provides financial protection to loved ones in the event of the insured’s death, ensuring their financial needs are met.
- Debt Repayment: Helps pay off debts, such as mortgages or loans, preventing financial burden on surviving family members.
- Income Replacement: Replaces lost income for dependents, maintaining their standard of living and covering daily expenses.
- Estate Planning: Facilitates estate planning by providing liquidity to cover taxes or other expenses and preserve assets for heirs.
- Tax-Free Benefits: Policy benefits are generally tax-free for beneficiaries, maximizing the amount received.
- Peace of Mind: Offers reassurance that loved ones will be financially protected and cared for in the event of the insured’s death.
How we work
Understanding Client Needs
Consult with clients to grasp their requirements, goals, and preferences, ensuring alignment with their financial strategies.
Implementing Efficient Systems
Introduce easy-to-use tools and processes tailored to client needs, promoting accuracy, compliance, and streamlined operations.
Providing Feedback and Support
Offer continuous assistance, communication, and training to ensure clients effectively utilize systems and address any concerns.
What we will deliver to our clients
- Comprehensive Policy Options: Offering a range of life insurance policies tailored to individual needs, including term, whole life, and universal life insurance.
- Personalized Consultation: Providing personalized consultations to assess clients' financial situations and recommend suitable coverage options.
- Regulatory Compliance: Ensuring compliance with Canadian provincial and federal tax laws, including the Income Tax Act and relevant government acts.
- Transparent Premium Structure: Clearly outlining premium structures and explaining how they align with tax regulations and deductions.
- Estate Planning Assistance: Offering guidance on using life insurance as part of estate planning strategies, considering tax implications and beneficiary designations.
- Tax Efficiency Strategies: Implementing tax-efficient strategies to minimize tax liabilities on policy benefits and maximize the value for beneficiaries.
- Policy Reviews: Conducting periodic policy reviews to ensure coverage remains aligned with clients' evolving financial goals and tax strategies.
- Claims Processing Support: Assisting beneficiaries with the claims process, ensuring timely and efficient processing of death benefits.
- Expertise in navigating government retirement benefits, such as Old Age Security (OAS) and Guaranteed Income Supplement (GIS), to maximize entitlements.
- Tax-Free Death Benefits: Educating clients on the tax advantages of life insurance death benefits, which are generally tax-free for beneficiaries.
- Beneficiary Designation Advice: Providing guidance on selecting and updating beneficiaries to optimize tax efficiency and ensure smooth benefit distribution.
- Premium Deductibility: Advising on the deductibility of life insurance premiums for tax purposes, where applicable under Canadian tax laws.
- Charitable Giving Strategies: Exploring charitable giving options using life insurance policies, taking advantage of tax benefits for donations.
- Tax-Free Cash Accumulation: Explaining the tax-deferred or tax-free cash accumulation features of certain life insurance policies, providing potential tax advantages.
