Help business owners with estate planning and wealth transfer

Insurance Live! is Canada’s must-see virtual event for financial advisors happening on Thursday, April 28. Register here for the event and take a deeper dive into succession planning with a panel of industry experts.

When it comes to dealing with the unexpected, preparation is the name of the game. While your client’s business may be running smoothly now, proper succession planning will help protect them, their family and the future of their business in case of the unexpected.

Insurance is a powerful tool for proper succession planning. It can help your business owning clients in many ways, including:

  • Protecting their business if one of their key employees dies, becomes seriously ill or is unable to work due to an injury.
  • Pay off their business loans if they die unexpectedly.
  • Provide them or their partner with the funds to buy the other person’s share of the business if they become too sick or injured to work, or die suddenly.
  • Cover expenses for them or their family if they experience a serious illness, injury or die suddenly and can’t run the business.

Ensure your clients have a smooth exit strategy

At some point, your business-owner clients may wish to retire and pass on their business. That’s why it’s important to have a plan in place to ensure a smooth transition. It’s important to have these conversations with clients to help them consider what’s next for their business. For example, will they choose to:

  • Sell their business – to a business partner, current employee or someone else.
  • Liquidate their business – split up and sell parts of their business separately.
  • Pass it along to family – keep the business in the family by passing it to their children (and do so efficiently and fairly).

Help your clients leave a legacy for their loved ones

Insurance can help clients maximize what they leave behind. Encourage them to think about what will happen to their wealth after they’re gone. Ask them important questions, like:

  • Do they have a plan in place to help take care of loved ones?
  • Are they growing their wealth in a tax-efficient way? Doing so could provide them with more money to use while they’re still alive, and their family could get more when they die.
  • What about estate planning? Will it be easy to split fairly between family members?

Help your clients see the whole picture

They’ve worked hard to grow their business and make it a success. That’s why protecting it is important.

Insurance can do a lot more than your business owning clients may realize and you can show them how. Help them find an insurance option that works best for them and work with them to put together a customized long-term plan.

Learn more about this topic and more at Insurance Live! Register now for Canada Life’s must-see virtual event for financial advisors.


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