“We don’t have our own products so we are truly independent and it is unbiased advice. We run the numbers through all the companies to see which solution fits the client best; it’s in their best interest.” - Paul Boparai
In today’s unpredictable world, life insurance is a crucial need. Finding a plan that suits your current and future needs is of utmost importance. For successful self-employed individuals or business owners, a tax-effective life insurance plan that ensures a comfortable retirement is ideal. Alex Chan and Paul Boparai, leading financial planners in BC, declare that such a plan exists – it’s called the corporate insured pension program.
Chan and Boparai, certified financial planners (CFP) and chartered life underwriters (CLU), are industry experts that specialize in life insurance for corporations, small businesses, medical professionals, and home developers. “Our area of focus is corporate insured pensions. We show our clients how to pull money out of their companies on a tax-effective basis through the use of a properly-structured life insurance. We help them unlock corporate surplus or retained earnings, and recommend solutions,” shares Chan, who has been in the financial service industry for over 30 years.
The corporate insured pension program is highly beneficial for the self-employed who have retained earnings. “They have to decide what to invest in or what is the best way to use this money. That’s when we come in,” says Boparai, who has been part of the industry for over 15 years. Boparai and Chan state that investing excess money in a corporate insured pension provides the client life insurance protection paid for by the company and also a comfortable retirement in the future. “So we are just trying to get the most tax-effective way of structuring the retirement,” adds Boparai.
Chan points out that on average the corporate insured pension they set up can provide the client anywhere between $2-$8 million dollars of life insurance paid for by their company. “Another benefit is taking their corporate surplus or corporate retained earnings and investing it inside the corporate-owned life insurance so that they can grow tax-free.”
The team is focussed on helping their clients have a comfortable retirement. “We work hard on their portfolio and we make sure it is well-diversified,” states Boparai, further sharing the purpose of the retirement plan. “We make sure that later on when they sell their practise or property, all their taxes are properly covered and they can give it to the next generation. We want to make sure it is given [to the next generation] in the most tax-effective way.”
“Our area of focus is corporate insured pensions. We show our clients how to pull money out of their companies on a tax-effective basis through the use of a properly-structured life insurance. We help them unlock corporate surplus or retained earnings, and recommend solutions.” - Alex Chan
Catering to a very unique and niche market with not many advisors working in this space, Boparai and Chan have become the sought-after duo by businessmen and top professionals alike. Being associated with IDC Worldsource Insurance Network Inc., one of Canada’s largest life insurance managing general agencies, they have access to all the products and services available in the marketplace – making them the go-to team for advice on retirement plans for corporations. “We deal with over 20 different carriers. We don’t have our own products so we are truly independent and it is unbiased advice. We run the numbers through all the companies to see which solution fits the client best; it’s in their best interest,” says Boparai. The partners take pride in themselves for being members of all the professional associations in their field such as Advocis and IFB.
The pair works towards providing the client with the best pension plan. To ensure that, they bestow undivided attention on each client and work closely with their lawyers and accountants. “We only bring on maybe 20-25 new clients every year to provide each one with good service,” declares Chan. They also have access to top lawyers and accountants, tax specialists, underwriting specialists, banks, and credit unions, among other professionals. “We have built a really good relationship in the community within the last 15-20 years. We know who to send our clients to, we give them the advice on where they should go,” says Boparai, who is a licensed mortgage broker and can also provide services on private lending for new and existing projects.
Boparai and Chan’s partnership has been a huge success. Their vast experience in the insurance industry has earned them the trust of community members and a loyal clientele. In fact, Boparai mentions that they have had repeat clients and most of their clients come through referrals. “Last year alone Paul and I successfully closed over $1 million in corporate insured pension premiums,” adds Chan, whose older clients often regret not investing more on the plan back in the early days. “My clients are older in their late 50s and 60s. What I hear from them time and again is that they should have done more of this corporate insured pension because it has turned out to be one of their best investments,” explains Chan, further asserting that the plan is a success “because what we do is not dependent on the equity or real estate market or on the world economy. What we do is conservative and stands the test of time.”
Chan and Boparai have their offices located in Langley and downtown Vancouver, and will open a new branch in Surrey this fall. Contact the power team today to secure a stress-free, relaxed future.
Chan makes a recommendation for clients and consumers in general to ask of their advisors:
1 Are you a Certified Financial Planner (CFP) and a Chartered Life Underwriter (CLU)?
2 How many years of experience do you have?
3 Can you provide the names of some of your clients and will they provide a testimonial for your corporate planning services?
4 Do you have access to all the products and services available in the marketplace?
5 Which professional associations are you a member of?
“Alex & Paul have provided professional and diligent follow up to our firm’s clients whenever there is a need or questions about Corporate Owned Life Insurance. Whether it be funding a Buy Sell Agreement or providing solutions to invest corporate surplus…we have no hesitations to refer our clients to Alex & Paul.”
Jay Bhagirath – CPA, CA – Owner, J. Bhagirath Chartered Professional Accountants
“Alex and Paul assisted me with my Corporate Insured Pension and the process was very smooth and efficient. This plan provides me coverage today for my family and business and will also supplement my retirement income. I feel confident in referring Alex and Paul to my colleagues.”
Dr. Kapil Bhagirath – Cardiologist
“We have received sound advice from Paul and Alex for a number of years. They structured our Buy Sell Life Insurance and created a lucrative Corporate Insured Pension that we will enjoy in our retirement. Their recommendations are unbiased, and after searching the market for the best performing products and rates, they customized a plan for our needs. We highly recommend Paul and Alex to the physicians that we work with.”
Paul Sweeney & Onkar Rai, Founding Partners/Owners – Coastal Sleep
Alex Chan RHU, CHS,
CFP, CPCA, EPC , CFSB, CLU