Capital Benefits, Tax-exempt Accumulation, Policy Withdrawals, Policy Loans & Leveraging: Capital Benefits, Tax-exempt Accumulation, Policy Withdrawals, Policy Loans & Leveraging are complex and sophisticated procedures that we make available to our valued clients. They are not, by any means, to be applied without prior, careful review and a proper assessment of one’s individual financial situation and specific needs by an insurance professional. At Favas Insurance, we specialize in the above mentioned services, and look forward to making the appropriate recommendations and the application thereof for you (if applicable), to help maximize your return on investment.
Collateral Insurance: Collateral Insurance is the assignment of a Life insurance policy to a creditor in support of obtaining a loan, and has both personal and corporate applications. We highly recommend you seek the services of a licensed and experience insurance specialist to assist you with any collateral insurance needs.
Estate & Trust Planning with Offshore Insurance and Annuities: Estate & Trust Planning with Offshore Insurance and Annuities are products and services that are Canada Revenue Agency (CRA) approved. The market for them, however, is very narrow, and their adaptation limited. Notwithstanding, the proper assessment and application of them could mean that you, as our client, could benefit tremendously from their utilization. What Favas Insurance brings to the table over most other brokers is the awareness of just how to find and execute these services, so that you, as our client, can reap the rewards that are likely well beyond your expectation.
Executive Compensation: Today more than ever, executive compensation is getting high-priority press around the world. Boards, senior management teams and shareholders are constantly struggling with their design to get it ‘just right’. At Favas Insurance, it’s our view that the recent negative public attention regarding executive packages should not prevent organizations from offering plans that attract, retain, and motivate top executives to achieve success. It is our mandate to ensure that all executive packages are compliant, well managed and transparent, and are rationalized and aligned with each other in order to maximize their return on investment.
Immediate Annuities: At Favas Insurance, we act as brokers and canvas every insurance company in Canada that provides annuities to ensure that we can offer you, our esteemed client, the very best rate in the marketplace to your biggest advantage and benefit.
Insured Annuities: An insured annuity is made up of the combination of an annuity and a Life insurance contract. Should this be a product that could benefit you, allow Favas Insurance to advise and guide you through the process so you can take full advantage of this potentially excellent insurance application.
Key Person Insurance Protection: Key Person Insurance Protection is an insurance policy taken out by a business to compensate that business for financial losses that would arise from the death or extended incapacity of the key company member specified on the policy. An employer may take out a key person insurance policy on the life or health of any employee whose knowledge, work, or overall contribution is considered uniquely valuable to the company. Should the need arise, allow us, at Favas Insurance, to consult with you and create a tailor-made plan specifically geared towards your company’s needs, policies and business challenges.
Long-term Care, Long-term Disability & Critical illness insurance: Long-term Care, Long-term Disability & Long -term Critical illness insurance are all considered to be ‘living benefits’. Canada is unique in the world in pricing and the in the broad, official definition of these three products. In fact, the reality is that right now, their pricing is so good, it’s almost too good to be true. At Favas Insurance, we strongly urge you to consider investing in these products now, before their inevitable unavailability makes it impossible for anyone to take advantage of them.
Planned Giving: Planned giving is a philanthropic program by which a donor can arrange a substantial gift now, for the future. As a ‘planned gift’ is often made up of accumulated assets which have taken a lifetime to build, the emphasis is on ‘planning’ and is focused on the donor’s needs and objectives. These include the retention of capital, tax planning, estate planning, continued support of the charity, and financial security. Planned gifts are designed so that the donor realizes philanthropic objectives while maximizing tax, and other financial benefits. Accordingly, gift planning is a method of giving that takes into consideration not only the need or the “good” of the recipient, but the need or the “good” of the donor, equally. The heart of planned giving is people, and successful planned giving is about building relationships and helping donors achieve their dreams: It is about people who wish to reflect a sense of community to benefit others for years to come – to make a difference to their world – and to create a lasting testimony.
Special Risk Underwriting for Athletes, Entertainers & Others: At Favas Insurance, we provide innovative and flexible special risk insurance solutions. Our extensive special risk expertise enables us to offer higher limits than traditional carriers provide for even the most unusual and hazardous occupations.
Split-dollar Insurance Arrangements: Split-dollar insurance arrangements are insurance policies that are split between two parties. Normally, they are split between an individual and a corporation but there is no specific requirement that it be so: In some cases, there can be unbelievable advantages in assuming such a policy. At Favas Insurance, we pride ourselves on passing on the kind of specialized consulting services and expertise to our valued clients that allows them to reap rewards that are unforeseen or unknown to other brokerages.
Structured Settlements: A structured settlement is a financial or insurance arrangement where a claimant seeks to resolve a personal injury claim or to compromise a statutory periodic payment obligation. Structured settlements were first used in Canada after a settlement claim for children affected by the drug, Thalidomide was realized. Structured settlements have become part of the statutory tort law of several common law countries including Canada, Australia, England and the United States. Should you require this service, we would be happy to assist you with it at Favas Insurance.
U.S.A. and Worldwide Medical Care Access Insurance: As Canadians, we enjoy excellent healthcare – with one exception: WAITING TIMES. Should you require medical care that you would otherwise have to wait an exceptionally long time for in Canada, the medical care access policies we are able to offer at Favas Insurance give you immediate access to medical care worldwide, including that in the United States.
Viatical Settlements: A viatical settlement is the sale of a Life insurance policy by the policy owner before the policy matures. Such a sale, at a price discounted from the face amount of the policy, but usually in excess of the premiums paid, or current cash surrender value, provides the seller an immediate cash settlement. Generally, viatical settlements involve insured individuals with a shorter life expectancy. It is a practical way to pay extremely high health insurance premiums that severely ill people with a short life expectancy face. Though viatical settlements are not available in Ontario, should the need arise, consider allowing Favas Insurance to offer you an alternative solution through a service provider in another province in Canada.
Understanding that each person's insurance coverage needs are unique, Favas Insurance offers specialized planning, so you can best meet individual needs and those of your family and/or loved ones - no matter what stage of life you are currently at.
If you’re looking for a professional, client driven insurance services corporation, with a commitment to cultivating long-term relationships with clients based on trust and integrity – with the highest standard of service – you’ve come to the right place.
We look forward to welcoming you to Favas Insurance.
"Good client experiences build great business! - Raimundo Favas, Insurance Broker