FINANCIAL TECH TOOLS

Often when a company borrows to invest or for business operations, the bank will require that the principal(s) of the corporation be insured. In this case, if the life insurance is purchased as a condition of the bank loan being granted, part of the life insurance premiums become tax deductible to the corporation. The reasons for providing life insurance to cover the bank loans are consistent with the reasons stated in repaying debt, but with the bank's written requirement for life insurance, there is now a tax deduction available as well... Like an individual insuring debt to avoid burdening his or her family with outstanding liabilities in the event of death, a business owner should also consider providing life insurance to cover the corporation's obligations. This would ensure that the net value of the company is optimized when it passes either to the heirs and beneficiaries of the owner or to a successor owner which might be a family member... As your partner in financial..

Also known as: Financial Tech Tools Inc., Storelli Smith Financial Services, Storelli Smith Financial Services Inc.

Primary location: Vancouver