Business debt protection for Alberta business owners with commercial mortgages, equipment financing or operating loans.

20-minute call. No cost. Bring your loan documents.

Most business owners sign up when the loan is arranged.

Few ever stop to look closely at how the coverage works.

Depending on the lender and contract:

• The lender may receive the insurance proceeds to repay the outstanding debt.
• The amount payable may decrease as the loan balance decreases.
• Coverage may end if the loan is refinanced, discharged or moved to another lender.
• Once the lender is paid, there may be little or nothing left for your business or family.
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You want to know that if something happens to you, the debt can be dealt with without creating another problem for your company or family.

Since 2008, Brett Wackenhut has helped Alberta business owners understand their existing coverage and compare it with insurance they or their corporation can own.

1. Bring your loan documents.
We'll review your existing insurance and financing.

2. See the options side by side.
Understand what you have, how it works and where there may be gaps.

3. Decide what makes sense.
Nothing changes unless you decide to move forward.

BOOK A 20-MINUTE CALL

Help repay or reduce business debt.

Reduce the need to use company cash or sell business assets.

Provide greater control over your coverage.

You or your corporation can own the policy, subject to lender and collateral assignment requirements.

Provide options beyond the debt itself.

Depending on how the coverage is structured, insurance proceeds above the lender's secured interest may remain for the policy beneficiary.

Before you need to make a claim, understand:

• Who owns the coverage
• Who receives the proceeds
• Whether the coverage decreases
• What happens if you change lenders
• Whether coverage can continue after the loan is repaid
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• Whether proceeds may remain for your business or family

Bring your loan documents.

I'll help you understand how your current coverage works and show you the alternatives side by side.

Insurance products, creditor insurance arrangements and lender requirements vary.

Individually or corporately owned life insurance is subject to underwriting, approval, premiums and policy terms. A lender may require the policy to be assigned as collateral.

Do not cancel or change existing coverage until replacement insurance has been approved, is in force and has been accepted by your lender where required. Replacement may involve new underwriting, different premiums and different policy terms.

Life insurance proceeds received by a private corporation may create a capital dividend account credit. The amount depends on the policy's adjusted cost basis, ownership structure and applicable tax rules. Confirm tax treatment with your accountant or tax advisor.

This information is for general educational purposes. Insurance contracts, lender requirements, tax outcomes and individual circumstances vary.

Fusion Insurance Advisory Inc. provides insurance advice and does not provide legal, accounting, tax or lending advice.

Fusion Insurance Advisory Inc.
Brett Wackenhut
Group Benefits & Insurance Advisor

587-926-8399
brett@fusioninsadv.com
Licensed in Alberta