Frequently Asked Questions
Frequently Asked Questions
What does WealthPillar specialize in?
Why do business owners need their own insurance planning?
Can a corporation own a life insurance policy?
Do you offer children’s future planning?
Do you give tax or legal advice?
What is the difference between term and permanent life insurance?
How do I know how much coverage I need?
Practical answers before you choose coverage.
These answers are general. A recommendation should reflect your personal, corporate, tax and estate circumstances.
How much life insurance should I consider?
The appropriate amount depends on income replacement, debts, family obligations, business liabilities and estate goals. A needs analysis compares those obligations with existing assets and coverage.
Can an incorporated business own life insurance?
A corporation may own and pay for a policy when the structure supports a legitimate business or planning objective. Ownership, beneficiary designations and tax treatment should be coordinated with professional tax and legal advice.
What is the difference between term and permanent life insurance?
Term insurance generally provides coverage for a defined period, while permanent insurance is designed for lifetime coverage and may build policy values. The right mix depends on temporary and long-term needs.
When should I review my insurance plan?
Review coverage after major family, debt, income, ownership or business changes, and periodically even when circumstances appear stable.
Does critical illness insurance replace disability insurance?
No. Critical illness insurance usually pays a lump sum after a covered diagnosis, while disability insurance is generally designed to replace a portion of income when illness or injury prevents work.
Can insurance support estate and wealth-transfer planning?
Insurance can create estate liquidity, help equalize inheritances and fund tax obligations when properly coordinated with wills, corporate structures and professional advice.