Are the limits of your policies still adequate?
Your insurance needs will change over time. You may currently have too much or too little insurance, so you should analyze your situation every few years. If you have too much insurance, don't cancel the policy without further analysis. The rate of return earned on the policy may make it a worthwhile investment on its own, or you may be able to convert it to a reduced paid-up policy.

Is the projected rate of return still competitive?
The insurance company can provide you with an in-force illustration based on current investment returns, dividends and interest rates. Then you can properly evaluate the policy.

Is ownership of the policy appropriate for your circumstances?
Changes in your estate needs may make it advantageous to change ownership of your policy. It may be more beneficial from an estate tax standpoint to have a family trust own the policy. If you are in a second marriage, you may prefer the proceeds be paid into a trust; this will insure that your children receive a portion of the proceeds.

Are your beneficiaries still appropriate?
It is important to review your beneficiaries periodically.

Advisors will often recommend owning enough insurance to accomplish 2 objectives:

1. To leave your family debt free! This means having enough cash resources to payout the morgage, all family and personal loans, business loans, unpaid taxes, funeral expenses, estate settlement costs, emergency funds, children's future education funds and any charitable gifts, etc.
2. To replace lost income to the family from death, disability or retirement!

If you have analyzed your insurance needs and wish to apply for Life Insurance Coverage, you can print the following application and fax it to our office at (604) 687-1863.
* Only applies to Residents of British Columbia