Insurable Interest Canadian Insurance Blog

What You Need to Know Employee clients can add to retirement accounts. They may be able to add to health accounts. Business owners have a third, great option. Do you ever have a déjà vu feeling? Like you’ve done this very thing before? For me, it happens every year when I prepare my taxes. I start going through everything and determine what I owe the federal government in taxes. As I complete this process, I think to myself, are there strategies that would help me maximize my tax efficiency? But what can I do now? Once the calendar year turns over, there is very little clients can do to increase their deductions and lower their tax bills. They can contribute 2023 payroll income to a SIMPLE or 401(k). Still, that option is based on 2023 payroll taxes and is primarily gone after the end of January. So, what options are there? There are a few, and they are limited. Of course, as always: You should understand all of the options, and you should consult with your own compliance advisors about whether and how to talk about the options with clients. 1. Traditional IRAs If a client hasn’t reached the maximum...

Members of the House Education and the Workforce Committee voted this week to advance their version of a bill that seeks to invalidate the independent contractor classification and reporting rules recently adopted by the Biden Labor Department. As detailed on Congress.gov, the Republican-controlled committee voted 21 to 13 to advance House Joint Resolution 116 to the full House. A similar bill remains in committee in the Senate, congressional records show. According to the House and Senate bills’ backers, the legislation is intended entirely invalidate the rulemaking under chapter 8 of title 5 of the United States Code, which grants Congress the authority to review and potentially block agency rulemaking. Supporting lawmakers say the rules are arbitrary and capricious under the Administrative Procedure Act and that they also violate the Regulatory Flexibility Act. Similar arguments have also been raised in litigation filed by a variety of industry groups representing trucking companies, retailers, chambers of commerce and other interested parties — including trade groups in the financial services industry, where advisors commonly work as independent contractors.

6. What is your favorite port? Everyone who cruises has stories about great places they have visited. They often want to visit again and again. Their answer can give clues if they are beach people or if culture and history are their interests. 7. How is the food on board? This will get people talking. Meals in the main dining room, buffet and room service are generally included in your cruise fare. Most ships have specialty restaurants offering more upscale options, with a small surcharge. Veteran cruisers will tell you which cruise lines have better food or how the selections have changed over the years. 8. What is your favorite ship (or cruise line)? The cruise line they chose is not necessarily the one they most recently sailed. It often comes down to getting a good deal. Their favorite cruise line or ship might be a memory from the past. Many Cunard passengers speak fondly of the Queen Elizabeth 2, better known as the QE2. It left service in 2008. 9. Have you considered becoming a shareholder in the parent company? This might sound like an odd question to ask, almost pushing business into the conversation. Many of the cruise...

What You Need to Know Human beings hate gathering the information needed to create annuity comparisons. Machines seem not to mind. AI could make automating the comparison process work even better. Ever since the inception of life insurance services for the general public, the realm of annuities has been steered predominantly by copious quantities of paperwork and hour-long calls essential to establishing trust and credibility — no doubt a draining craft for all parties concerned, be it the insurance companies, agents, or even consumers. Nevertheless, it is the onset of efficient and effective software that has been swiftly rectifying the terrain, finding the most fruitful alternative to the conventional methods so commonly used in the annuity industry. Not only does this software — commonly known as insurance technology, or insurtech — provide the sincerest way for agents to build trust with a client, but it does so in a matter of seconds, combining the needs of all parties involved in the insurance transaction. It offers a wide range of top retirement plans for consumers, adapted to their desires and financial capabilities, enabling companies to carry products of superior quality whilst vitally maintaining control of their distribution. Companies such as, frankly,...