Find out what you can do today to ensure financial stability.
Entrepreneurs approaching retirement have many complexities to consider as they think about the future of their businesses. What happens if a key member of your team leaves? How can you optimize the financial future of both your business and your family? What should your succession plan include?
Co-operators has been serving the insurance and financial needs of Canadian businesses for over 75 years. We understand the value of having one place to find the products, services and information that matter most to you. Our experienced Financial Advisors can help you protect your business and lay the groundwork for a smooth transition by:
- Setting succession goals
Be clear about what you expect to happen to your business when you retire or are no longer able to work. We can work with you to create a realistic succession plan that does just that.
You may consider transferring your business to a spouse or common law partner to potentially defer capital gains tax. You may also want your children to take over. In that case, life insurance can help pass things on to the next generation, with proceeds offsetting expenses such as capital gains, dividends and settlement costs. If you or your business partner(s) die prematurely, life insurance may also help fund a buyout of your business equity for your estate, while keeping the business healthy.
- Establishing an estate plan
Our Financial Advisors can help you prioritize your goals and set up an estate plan, which you can review and update regularly over the years. We’ll start by:
- Reviewing wills, powers of attorney and personal health-care needs
- Estimating estate taxes and planning for future tax liability
- Discussing options for transferring ownership to your children
- Finding ways to minimize the potential of financial disputes to avoid having your heirs sell the business
- Selecting the right solutions
Our wealth and estate planning products are designed specifically with business owners in mind. We can help you protect your business, your family and your lifestyle with insurance solutions customized to your specific professional and personal needs. Our offerings include:
- Collateral/debt insurance: Personal life insurance provides better company debt protection than standard creditor insurance from a bank or other lender.
- Investment planning: Choose from a variety of convenient saving plans and retirement income options from our segregated fund lineup. Investing with your business in mind can potentially prevent creditors from seizing or accessing personal assets in the event of business bankruptcy or litigation.
- Key person coverage: The death or disability of a key person can be disastrous if that person is not properly insured. Provide your business with the financial means to carry on.
- Disability and critical illness: You and your earning potential are the most important asset to your business’s and family’s financial strength. Disability and critical illness products are designed to help maintain your standard of living through challenging times.
- Buy-sell agreement: Life insurance can be used to cost-effectively fund buy-sell agreements that have already been (or will be) drawn up.
We’re better for your business
For expert advice on planning a successful financial future for your business, feel free to reach out to us at andrew_smith@cooperators.ca or by calling 613-744-7190 today. We’re here to help.
Legal disclaimer:
Life and health insurance products are underwritten by Co-operators Life Insurance Company. Segregated funds and annuities are administered by Co-operators Life Insurance Company. Co-operators Life Insurance Company is committed to protecting the privacy, confidentiality, accuracy and security of the personal information that we collect, use, retain and disclose in the course of conducting our business. Please visit www.cooperators.ca/privacy for more information. Versatile PortfoliosTM is a trademark of The Co-operators Group Limited. Co-operators® is a registered trademark of The Co-operators Group Limited. © 2023 Co-operators Life Insurance Company
www.cooperators.ca / 1-800-454-8061
