Just in…some timely news for UHNW clients from Canada’s largest life insurance company.

Manulife Financial announced an increase to $270 million of expanded underwriting capacity.

Clients can now get up to $270 million of individual coverage.

This news makes it easier to place large cases AND provide top-up coverage on existing policies, including policies issued from other insurance companies.

With so much economic growth over the past 20 years, especially in the real estate and private equity markets, it’s especially important to review one’s tax and estate planning and learn how life insurance can be used to preserve family wealth, cost and tax-effectively.

There’s a common misconception that as wealth increases, the need for life insurance decreases.

And the wealthy often believe they can self-insure. Which they likely can, but they may lack liquidity.

While there may be more than sufficient funds for lifestyle needs, the surprising fact is that the benefits they can derive from insurance is greater than ever. And it's worth exploring.

Manulife also announced that they now offer up to $5 million of life insurance coverage for healthy people up to age 50, without providing any fluid evidence, all done with a 15 minute phone call.

And for clients who get an annual executive medical (eg Cleveland Clinic Canada), coverage amounts available could be higher.

These announcements make it much easier than ever to acquire life insurance for income replacement, business succession, tax, estate planning, shareholder agreement funding and for strategic philanthropy.

Please share this info with your clients and contacts who may benefit and reach out to your advisor or contact us if we can help in any way.