Wednesday, 25 September 2013

Freedom of Independence: Your Career as an Insurance Advisor

The freedom of independence that can come from a career as an insurance advisor is a big draw for many individuals. The flexibility and choice can mean big gains if you are willing to perform – but what if your MGA is not as willing?  You need to be sure that the managing general agency you choose to work with is the right one. There are vast differences even between individual managing general agencies, so it is important to do your homework to ensure that your choice is one that will allow you to maintain your independence while still helping you achieve your future goals. 

Independence innately implies a level of autonomy, but that shouldn’t mean you have to do everything alone. By working with the right managing general agency you can have access to the support that helps you achieve without taking away your self-sufficiency or freedom. Office space is also important – if you work from home the majority of the time, or on the road, it is still important to have that space available. The best MGA should provide this.

Another part of this independence involves your clients. At the right MGA, your clients are your own, and they are vested to you immediately. That is the only way that you can ensure continued stability. When you have worked hard to gain a strong and stable client base no one should be able to take that away from you. By having your clients vested to you immediately you save yourself the hassle of trying to get them back if you ever decide to leave, and you can be sure that those clients are always receiving the highest level of support that you pride yourself on.

Responsiveness is crucial in the industry, no matter where you are, and it can make the difference between lost sales and made sales – every time! Make sure that one of the commitments your managing general agency makes is to respond to your calls promptly. After all, if your clients have to wait for you to return a call they may not be satisfied with the level of service they feel they have received. Your applications also need to be processed quickly, so your managing general agency should have a plan in place to ensure this as well.

As an insurance advisor working with an MGA your independence should not be an impediment to success. Make sure that your managing general agency provides you with the tools necessary to earn while still remaining free from constraints.

For more information about how the right MGA can give you the freedom of independence please contact Independent Financial Concepts Group by calling 905 202-8430.

Wednesday, 11 September 2013

Retirement Income Planning: Ask Your Insurance Advisor

Retirement income planning is very important but can feel overwhelming as there are so many considerations. Will you have enough income, do others depend on you financially, who will you live with and will they be able to provide long term care? These are all questions that will have to be answered when you start your retirement income planning.  

Retirement income planning should not be taken lightly – after all, it will be the income that supports you after you stop working – so you should be sure to consider the various different options that exist to give you the most sustainable source of income. These options may include maximizing on your investments and insurance. One important vehicle for retirement income planning is life insurance.  

Life insurance as part of retirement income planning: With a whole life insurance policy, not only do you have life insurance coverage for your entire life, but you can also use that policy to build wealth and generate capital for the future. Whole life insurance combines an insurance policy with an investment component. When you retire, the cash value of your policy can be taken out and can then be used for whatever you need, whether as a loan or just paying for regular monthly expenses. And you have options for paying back this money – making it all the more convenient.

Universal life insurance is also a smart retirement income planning tool. This type of insurance provides income in the future through tax incentives. As a way to grow your savings, universal life insurance works to invest funds in a managed investment, giving you pay-outs you can use once you retire. Like whole life insurance you can use this money for whatever you want/need.

Why do these work? Any money you save for retirement is important, and with the various options out there it can be tough to decide which option will work the best for you. With life insurance, there are many benefits. The forced saving helps many – and if you contribute additional funds monthly, that’s even better. Even more important is the fact that these retirement income planning methods are tax protected – meaning that if you don’t withdraw funds you are not charged, and chances are good that when you retire you will be in a lower tax bracket and thus charged far less.

Retirement income planning is not something that can be accomplished on the verge of retirement. Speaking with an experienced insurance advisor – one who can explain and offer all of the various products to help you save – is a smart way to get started on the road to riches.

For more information about retirement income planning and using insurance as an investment for the future, please contact Independent Financial Concepts Group by calling 416-849-1653.

Wednesday, 4 September 2013

School is in Session: Plan for the Future with Life Insurance for Children

With school back in session what better time is there to start thinking about an education fund for your child’s future? Right now you tell them that they can be anything they want to be when they grow up – but what about when high school graduation rolls around and they have their sights set on post-secondary education…

Here are the facts: the average cost of post-secondary education in Canada rises steadily every year. For the 2011/2012 school year the average cost of tuition for an undergraduate student at a Canadian university was $5366, and at a Canadian college $2600. And that’s just the classes. For most undergraduate (university) programs, the yearly cost of books ranges from $800 to $1000, or a little less for college programs. And these costs don’t factor in the cost of living – which rises when your child goes to school out-of-town. Add on at least a few thousand dollars more if they are not living at home during this period.

Every parent wants to be able to provide for their children, including their education, but when it comes to saving many just don’t see a way to do it. Here is where the benefits of life insurance for children come in. By purchasing a life insurance policy for your child when they are still in grade school, you are essentially providing for their future no matter what they want to do. Low monthly premiums make it easy to set that money aside.

Think about it this way: the average post-secondary education today runs about $25000 for a degree. The average policy, with low monthly premiums, can garner a cash value to be used to pay that entire amount. By taking out life insurance for children, you are effectively securing those funds so that your child can avoid student loans and benefit from an education that gives them a fresh financial start once complete.

What if they choose not to pursue a post-secondary education? The money saved through that life insurance policy can be used for many other things: buying their first car, a down payment on a home, traveling the world, etc. That cushion provides the stability when they first start out that lets them breathe that much easier. With life insurance for children, you can save for your child’s future without stress.

For more information about securing education savings through life insurance for children, please contact Independent Financial Concepts Group today at 416-849-1653 or visit us at