Category Archives: Protect your Family

Financial Planning for Children or Adults with Special Needs

Posted on: January 20th, 2012 by Peter Choma

Financial Planning for Children or Adults with Special Needs

Planning to meet the needs of children or adults who have special needs is often complex. Special financial planning techniques may be needed so you don’t jeopardize any government benefits they may be receiving. Many who have special needs require advice and protection throughout their lifetime from someone with legal authority. This person has the authority to act on their behalf. For most persons with special needs two types of protections are required:

1. protection of the estate left to the individual;
2. protection of his or her person in some form of guardianship.

In practice, provisions for these two types of protection often overlap.

Why should families plan?
Read More

Can I Buy Life Insurance on Someone Else?

Posted on: October 13th, 2011 by Peter Choma

Can I buy life insurance on someone else? Or here is the one that really scares people. Can someone else buy life insurance on me and then collect the money if I die? I hear people asking these questions all the time and wanted to address both issues.

Can I buy life insurance for someone else?

The simple answer is, “yes”. You are allowed to pay the premiums and collect the benefits on a life insurance policy that insures a life that is not your own. For example, many people have life insurance on their children. Another example is that companies sometimes buy life insurance on their key employees so that they can recover from the negative financial effect that losing that employee might cause.


Read More

Protect Your Family

Posted on: October 19th, 2010 by Peter Choma

Your top priority if you have dependants is to ensure that they are protected financially if you were to die or be unable to work for a prolonged period. Here we concentrate on the role that life insurance can play in your financial plan.

Bear in mind that not only the loss of a breadwinner’s salary could cause financial hardship: if you are caring for children, your spouse or partner might need to pay for professional childcare and/or babysitters if you were to die.

Similarly, you should take into account any extra costs of running the home, maintaining the garden, and so on. A nation-wide government survey found that housework, still done mainly by women today,


Read More