Products & Services
What is Wealth Management?
Wealth managers offer services that include investment advice, accounting/tax services, retirement planning, and legal/estate planning. The advantage to clients is that they get all of these services for a single fee, and the wealth manager then coordinates input from the other financial experts on the client’s team, such as attorneys, accountants, and insurance agents. The more wealth a person has, the more financial decisions they need to make. The options available can be overwhelming, and a wealth manager can steer clients toward ideas that make the most sense for them.
Some important knowledge areas for wealth managers include effective strategies for giving to charities, intra-family transactions, multi-generational estate plans, and understanding the impact of partnerships and illiquid assets in the estate.
What is a Mortgage Broker?
A mortgage broker is a professional who is a freelancing agent. They go between the lenders and the borrowers (that’s you) and are paid a commission from the lenders for securing a good borrower. They don’t work for anyone, they work for themselves and they compare the rates from dozens of lenders.
What is Life Insurance?
A life insurance policy is a contract with an insurance company. In exchange for premium payments, the insurance company provides a lump-sum payment, known as a death benefit, to beneficiaries upon the insured’s death.
Typically, life insurance is chosen based on the needs and goals of the owner. Term life insurance generally provides protection for a set period of time, while permanent insurance, such as whole and universal life, provides lifetime coverage. It’s important to note that death benefits from all types of life insurance are generally income tax-free.
There are many varieties of life insurance. Some of the more common types are discussed below.
Income Replacement Insurance
What is Income Replacement Insurance?
Income Replacement Insurance was accomplished after observing the astounding disability statistics. During any accident, there are more chances of disability over death. This makes it obligatory to have Income Replacement Insurance that will restore your earnings, where they would have been had the loss not occurred.
But disabilities during self-inflicted injury, in war or any act of war; active full-time service in the armed forces, committing or attempting to commit an assault or criminal offense are not taken into consideration. Punjab Insurance provides you with all such information which will make you aware of all the important things that have to be considered. The experienced staff at Punjab Insurance will help you to have the best suited quote that will be of great help in the long run.
What is Travel Insurance?
Many companies selling tickets or travel packages give consumers the option to purchase travel insurance, also known as travelers insurance. Some travel policies cover damage to personal property, rented equipment, such as rental cars, or even the cost of paying a ransom. Frequently sold as a package, travel insurance may include several types of coverage. The main categories of travel insurance include trip cancellation or interruption coverage, baggage and personal effects coverage, medical expense coverage, and accidental death or flight accident coverage.
Coverage often includes 24/7 emergency services, such as replacing lost passports, cash wire assistance, and re-booking canceled flights. Also, some travel insurance policies may duplicate existing coverage from other providers or give protection for costs that are refundable by other means.
What is Mortgage Insurance?
Mortgage Insurance is an insurance policy taken out on certain mortgage loans to protect the lender in case the borrower defaults on payments
If the borrower defaults, the mortgage insurance protects the mortgage lender against loss. Mortgage insurance is sometimes confused with Mortgage life insurance, but the 2 are not the same type of policy. Mortgage life insurance pays off the mortgage in the event of the death of the borrower.
Mortgage insurance is most often seen in mortgages with lower down payments, and in Canada, is usually required for mortgages in which the down payment is less than 20% The 3 providers of mortgage insurance in Canada are the Canada Mortgage and Housing Corporation (CMHC) or Genworth Financial Canada and AIG.
As with other insurance policies, there is a premium that must be paid and is charged to the lender, who will, in turn, pass the cost of the premium to the borrower. The premium is determined based on a percentage of the loan and the size of the down payment, where a lower down payment means a higher premium. The premium can be incorporated into the mortgage as part of the monthly payment or paid up front.
There are other qualifications for mortgage insurance, such as restrictions on the source of the down payment and percentage limits of the Principal, Interest, Property Taxes, Heating (PITH) to gross household income.
- YK Financial Brokers Ltd. is a partner of LegalShield to offer our clients affordable legal advice and services on the following legal services:
- Landlord Tenant
- Customer Finance
- Estate Planning
- Real Estate
- Family Law
- Civil Litigation
Employee Benefits Insurance
What is Employee Benefits Insurance?
Employee Benefits Liability insurance provides coverage to an employer for errors or omissions in the employer’s administration of its employee benefits program. The Employee Benefits Liability coverage would pay for the benefits that would have been payable under the health insurance plan but for the employer’s error.
What is Corporate Insurance?
Coverage for businesses for protection against potential losses through unforeseen circumstances like theft, liability, property damage, and for coverage in the event of an interruption of business or injured employees.