Insurance

Family Business Planning Strategies

If you are an owner in a family enterprise, the chances of your business transitioning successfully to the next generations is not very good. This has not changed over the years. Statistics show a failure rate of:

67% are at Risk of Succession Failure 

If you are an owner in a family enterprise, the likelihood of your business successfully transitioning to the next generations is not very good.  This has not changed over the years. Statistics show a failure rate of:

  • 67% of businesses fail to succeed into the second generation
  • 90% fail by the third generation

With 80% to 90% of all enterprises in North America being family owned, it is important to address the reasons why transition is difficult.

Why does this happen and what can you do to prevent it?

Communicate

Family enterprises are often put at risk by family dynamics.  This can be especially true if the family has not had any meaningful dialogue on the succession of the business. And, while we are throwing around statistics, it has been estimated that 65% of families have not had any meaningful discussion about business succession.

  • Family issues can often hijack or delay the planning process. Sibling rivalries, family disputes, health issues and other concerns certainly present challenges that need to be dealt with in order for the succession plan to move forward.
  • Many times a founder of a family business looks to rely on the business to provide him or her with a comfortable retirement while the children view the shares of the company as their inheritance.
  • Sometimes an appropriate family successor is not readily identifiable or not available at all.

Decide

  • In these times a decision needs to be made as to whether or not ownership needs to be separated from management, at least until the second generation is willing or capable to assume the reigns of management.
  • If the founder needs to receive value or future income from the business a proper decision as to who is running the company is vital. If this is not forthcoming, then there may be no other alternative but to sell the company.

Plan

Tax Planning

When planning for the succession of the business an important objective is to reduce income tax on the disposition (sale or inheritance). One of the methods is to implement an estate freeze which transfers the future taxable growth to the next generation.  The corporate and trust structure utilized in this strategy may also create multiple Small Business Gains Exemptions which can reduce or eliminate the income tax on capital gains. Just as it is important for a business owner to plan to reduce taxes during his or her lifetime, it is also important to maximize the value of the estate by planning to reduce taxes at death.

Minimize Management and Shareholder Disputes

This can be accomplished with the implementation of a Shareholders’ Agreement.   Often there are multiple parties that should be subject to the terms of the agreement, including any Holding Companies or Trusts that may be created to deal with the tax planning issues.  The Shareholders’ Agreement will include the procedures to deal with any shareholder disputes as well as confer rights and restrictions on the shareholders.

The agreement should also define the exit strategy that the business owners may wish to employ.

Estate Equalization

Often the family business represents the bulk of the family fortune.  There are times that one or more children may be involved in the company while the other siblings are not.  Proper planning is necessary to ensure that the children are treated fairly in the succession plan for the business when the founder dies. One method often employed in this regard is for the children active in the business to receive the shares as per the will or shareholders’ agreement while the non-business children receive other assets or the proceeds of a life insurance policy.

Founder’s Retirement Plan

It is problematic that often a business owner’s wealth may be represented by up to 80% of his or her company’s worth.  It is important that the founder develop a retirement plan independent of the business so that his or retirement is not unduly affected by any business setback.

Protecting the Company’s Share Value

Risk management should be employed to provide for any unforeseen circumstances that would have the effect of reducing share value.  As previously mentioned, if the bulk of a family’s wealth is represented by the shares the family holds in the business, a significant reduction in that share value could prove catastrophic to the family.  These unforeseen circumstances include the death, disability or serious health issues of those vital to the success of the business, especially the founder.  Proper risk management will help to ensure that the business will survive for the benefit of future generations and continue to provide for the security of the founder and/or his or her spouse.

Act

Since the dynamics of family businesses differ between non-family firms, particular attention is required in the planning for the management and succession of these enterprises.  This planning should not be left until it is too late – it is never too soon to begin.

Please feel free to use the social sharing buttons below to forward this article to someone that you think might find it of interest.  

©iStockphoto.com

Continue Reading

If you require permanent life insurance coverage for family, estate planning, business, or tax planning purposes or you just wish to accumulate money in your life insurance program it may be time to look at a permanent, level cost solution.

If you require permanent life insurance coverage for family, estate planning, business, or tax planning purposes or you just wish to accumulate money in your life insurance program it may be time to look at a permanent, level cost solution.

Many of us purchase large amounts of low cost term insurance to cover our needs while we are raising our families or growing our businesses.  However, as the saying goes, “there is no free lunch”.  Eventually this low cost term insurance starts to become expensive and other options should be considered.

If your health has changed and you are no longer able to qualify for a new permanent insurance policy don’t worry, your safety net is the conversion option in your existing policy.

4 reasons to convert your coverage:

  • A change in your health – you are no longer able to qualify for life insurance or you have received a sub-standard rating.
  • A change in your residency – after you obtained your policy you relocated to another country. Most insurers in Canada will not offer new coverage if you are living abroad. Since the conversion feature in your policy is contractual converting to a permanent plan is allowed no matter where you reside.
  • A change in occupation – health is not the only reason an insurer may rate (apply substandard rates) or deny your application for new coverage. If you have changed occupations and now are employed in a more dangerous job, conversion allows you to obtain permanent coverage at standard rates.
  • Convenience – Once you have decided that permanent insurance is required converting your existing term insurance is the easiest way of getting it. Usually just your signature on a conversion form is all that is required.

When is the best time to convert?

  • Sooner rather than later – The low interest rate environment has resulted in the insurance companies regularly raising their long term insurance premiums. In this case, age is more than just  a state of mind. As you age your premiums increase significantly so it is always best to convert as  early as possible. And to add insult to injury, insurance age changes 6 months prior to your birthday!
  • Before your term insurance renews – If you are unable to replace your term insurance at renewal because of health, residency or occupation, your premium to renew will be substantially higher than what you are paying now. Converting to a permanent plan usually makes sense plus the converted premium is locked in and guaranteed for the rest of your life.
  • Before the Conversion Option expires – Conversion options vary but usually policies are convertible  up until age 65, 70, or 75. Waiting to convert will cost you more, increasing the risk of it becoming unaffordable when you may need it most. It is important not to let your option pass without full consideration.
  • Prior to January 1, 2017 – The government is making changes as to how the cash value growth of a life insurance policy will be taxed. Generally, policies issued on or after January 1, 2017 will not perform quite as well as ones issued before that date. If you are planning on obtaining a cash value life policy (Universal or Whole Life), you should do so before that date.

The Conversion Option contained in your term insurance policy is a very valuable feature that varies from company to company.  It may be appropriate to schedule a review to determine if you have a permanent need for insurance.

Please call me if you think you would benefit from a review of your current insurance.  As always, feel free to use the social sharing buttons below to share this article with a friend or family member you think might find this information of value.

©iStockphoto.com/GlobalStock

Continue Reading

If you have a mortgage it makes good sense to insure it. Owning a debt free home is an objective of any sound financial plan. In addition, making sure your mortgage is paid off in the event of your death will benefit your family greatly.

If you have a mortgage it makes good sense to insure it. Owning a debt free home is an objective of any sound financial plan. In addition, making sure your mortgage is paid off in the event of your death will benefit your family greatly.

The question is should you purchase this coverage through your lending institution or from a life insurance company? A good rule of thumb to follow when searching for advice? Ask an expert! So, while it might be convenient when completing the paper work for your new mortgage to just sign one more form, be aware that it might be a costly decision.

8 reasons to purchase your mortgage coverage from a life insurance advisor

Cost Term life insurance available from a competitive life insurance company is usually cheaper than mortgage life insurance provided through the lender. This is especially true if you qualify for non-smoker rates.

Availability

If you have some health issues, the lenders mortgage insurance may not be available to you. This may not be the case with term life insurance where competitive underwriting and substandard insurance are more readily attainable.

Declining coverage

Be aware that the death benefit of creditor/mortgage insurance declines as the mortgage is paid down. Meanwhile, the premium paid or cost of the coverage remains the same. With term life insurance the death benefit does not decline. You decide how much coverage you want to have. This gives you the flexibility to reduce the amount of coverage and premium when the time is right for you. Or keep it should another need arise or in the event you become uninsurable in the future.

Portability

Term Life insurance is not tied to the mortgage giving you flexibility to shift it from one property to the next without having to requalify and possibly pay higher rates.

Flexibility

Unlike creditor/mortgage insurance term life insurance can be for a higher amount than just the mortgage balance so you can protect family income needs and other obligations but pay only one cost-effective premium. When you pay off your mortgage you will no longer be protected by creditor/mortgage insurance but term life insurance may continue.  Also, unlike mortgage insurance you are able to convert your term life insurance into permanent coverage without a medical.

The beneficiary controls the death benefit

With creditor/mortgage insurance there is no choice in what happens to the money when you die. The proceeds simply retire the balance owing on your mortgage and the policy cancels. With term life insurance your beneficiary decides how to use the insurance proceeds. For example, if the mortgage carries a very low interest rate compared to available fixed income yields, it might be preferable to invest the insurance proceeds rather than to immediately pay off the mortgage.

Can your claim be denied?

Often creditor/mortgage insurance coverage is reviewed when a death claim is submitted. Creditor/mortgage insurance allows for the denial of the claim in certain situations even after the coverage has been in effect beyond that 2 year period. Term life insurance is incontestable after two years except in the event of fraud.

Advice

Your bank or mortgage broker can advise you on the best arrangement to fund your mortgage but advice on the most appropriate way to arrange your life insurance is best obtained from a qualified insurance advisor who can implement your life insurance coverage according to your overall requirements. 

Your mortgage will probably represent the single largest debt (and asset) you will acquire. Making sure your mortgage doesn’t outlive you is the most prudent thing you can do for your family.

Contact me if you think it is time to review your current insurance protection or please feel free to use the sharing icons below to forward this to someone you think may benefit from this information.  

©iStockphoto.com/mstay

Continue Reading
Taxation of Life Insurance – New Rules create Opportunities

Permanent life insurance, such as Whole Life or Universal Life, has long been accepted as a tax efficient way of accumulating cash for future needs. Soon the amount of funds that can be tax sheltered within a life insurance policy will be reduced by new tax rules which take effect January 1, 2017. These changes may make 2016 the best year to buy cash value life insurance.

Permanent life insurance, such as Whole Life or Universal Life, has long been accepted as a tax efficient way of accumulating cash for future needs.  Soon the amount of funds that can be tax sheltered within a life insurance policy will be reduced by new tax rules which take effect January 1, 2017.  These changes may make 2016 the best year to buy cash value life insurance.

The changes to the tax rules regarding life insurance have resulted in an update to the “exempt test” which measures how much cash value can accumulate in a policy before it becomes subject to income tax.

Highlights of the new rules and theireffect

For Cash Value Life Insurance:

·         Effective with policies issued after 2016 the new rules will reduce the amount of cash value that can be tax sheltered from accrual taxation.  Some types of policies will be affected more than others and the impact to corporate owned policies will be more severe than personally-owned contracts.

The bottom line- Permanent cash value life insurance policies purchased after 2016 will be less effective in accumulating tax-deferred wealth.

The opportunity – Policies purchased before 2017 will be grandfathered from these changes.

For Life Insurance used as collateral for business or investment loans:

·         For policies of standard risk purchased after 2016 changes in the Net Cost of Pure Insurance (NCPI) will result in a lower deduction for income tax purposes;*

·         For policies of sub-standard risk (rated for poorer health etc.) purchased after 2016, the changes in the NCPI will result in a higher deduction for income tax purposes;

·         Policies purchased before 2016 will be grandfathered as to the current rules.

The bottom line– *Business owners or investors who borrow for investment or business purposeswill experience a reduction intheir collateral insurance tax deductions.

The opportunity – Purchase before 2017 and you will be grandfathered.  If you have a rated policy that was issued before 2017 and is being used as collateral term insurance, consider re-writing it after January 1, 2017 to receive a higher collateral insurance deduction.

For Prescribed Life Annuities:

·         After 2016The mortality table used for calculating annuity income has been updated;

·         This table projects a longer life expectancy resulting in an increase in the taxable portion of the annuity income.

The bottom line– For prescribed Life Annuities issued after 2016 the after- tax annuity income will be less with this change.

The opportunity -Purchase your Prescribed Life Annuity before 2017.

It’s important to remember that the death benefit of life insurance policies are unaffected by these changes andare still paid out tax-free.

Consider reviewing your life insurance now to ensure that you have the proper amount and type of coverage.  Call me to discuss how you can take advantage of the grandfathering status for new purchases prior to the end of 2016. 

Please feel free to use the social sharing buttons below to share this article with a friend or family member you think might benefit from this information.

©iStockphoto.com/in.focus

 

Continue Reading
Retirement – Are you Prepared?

Whether you are decades away from retirement or if it is just around the corner, being aware of the planning opportunities will take the fear and uncertainty out of this major life event.

Whether you are decades away from retirement or if it is just around the corner, being aware of the planning opportunities will take the fear and uncertainty out of this major life event.

Blue sky your retirement plans to get clarity

As you approach retirement, preparation and planning become extremely important to help ensure that this period of your life will be as comfortable as possible.   If you are like most, you have spent considerable time contemplating the type of retirement you wish for yourself. 

·         Is extensive travel your dream? 

·         Do you have an expensive hobby or two you want to take up?

·         Will you stop working totally or continue to do some work on your own terms using your life experience and skills to supplement your income.

·         Will you remain in your house or will you downsize to smaller, easier to care for premises?  Or perhaps housing that will be more compatible with the challenges of aging? 

There are many lifestyle issues that need to be considered but to realize these dreams you must also be really secure in retirement, so the financial issues must be planned for as well. 

The big question – How much will I need to retire?

Recent studies reported that middle and upper middle class couples spend approximately $50,000 to $60,000 per year in retirement.  If this seems a lot lower than what you and your spouse are spending now, it probably is.  That is because most retirees no longer have the same level of expenses around housing, education and raising a family.

The average age for retirement in Canada for males is age 62 (females, age 61).  At that age, normal life expectancy is another 22 years.  Many financial advisors use a rule of thumb that says you will need a nest egg of approximately 25 times your post-retirement spending.

The average CPP retirement pension is approximately $7,600 per year or approximately $15,000 per married couple (if spouse qualifies for income at same rate).  Assuming a 4% withdrawal rate and adjusted for inflation this means that a middle class couple would require a retirement fund of $875,000to $1,125,000.  If you do not qualify for or wish to ignore your government benefits you would require between $1,250,000 and $1,500,000. For those lucky enough to have participated in a company pension plan, you may already have sufficient retirement income.

8 Retirement planning tips

Review your sources of retirement income

·         Registered plans–including RRSP’s, corporate pension plans,TFSA’s

·         Government programs – CPP, QPP, OAS etc.

·         Non-registered investments–stocks, bonds, mutual and segregated funds, cash value life insurance, prescribed life annuities

·         Income producing real estate– including proceeds from the sale of principal residence if downsizing.

Eliminate or consolidate debt

·         Try to avoid carrying debt into retirement.  If interest rates rise and your retirement income is limited or fixed your lifestyle could be negatively affected. 

Understand your government benefits

·         Review what government programs you are eligible for.

Know your company pension plan

·         If you are a member of a company pension plan review your pension handbook or meet with the pension administrator to understand what options are available for you.  This should include reviewing the spousal survivor options.

Reduce or eliminate investment risk

·         Consider reallocating your investment portfolio in contemplation of retirement to eliminate or reduce risk.  You may want to shift away from primarily equities in an effort to provide more stable returns.

Protect your savings and income

·         Also consider effective risk management to avoid depleting assets in the case of a health emergency affecting yourself or a family member.  There are many insurance options available to help you do this including Critical Illness, Long Term Care and Life Insurance.

Know your health benefits

·         Determine how you will maintain your dental care, prescription, and other extended health costs throughretirement.

Review your estate planning strategy

·         Are you still on track or do modifications have to be made to wills, trusts, tax planning, Shareholder and other agreements?

Tax planning in retirement

Tax planning most likely was part of your investment strategy during your working years and you shouldn’t abandon that now just because you are retired.  Tax planning is just as important as it was pre-retirement. 

Pay attention to the following:

Mark your calendar for your 71st birthday

·         By the end of the year you turn age 71, you must convert your RRSP’s into RRIF’s or annuities.  There will be adverse consequences if you do not so be sure to take note.

Defer your taxable retirement income until age 71

·         Since your income from your RRIF or registered life annuity is fully taxable try to bridge your income from date of retirement to age 71 using non-registered funds.  Your TFSA is a perfect vehicle to accomplish this so try to contribute the maximum (or exercise the catch up) for you and your spouse during your working years.  Also, taking income from your segregated or mutual funds will also be an effective way of bridging your retirement income until age 71 at a very low tax rate.

RRSP contributions in year you turn 71

·         If you have unused RRSP contribution room you can make a lump sum contribution until December 31st of the year you turn 71.  Your resulting RRSP deduction can be carried forward indefinitely and will allow you tospread out the deduction over any number of years reducing the tax on your future retirement income.

Try to avoid any claw backs

·         Your objective should be to effectively reduce line 234 on your income tax return –total income. Paying attention to how your investment income is taxed will assist with this.  For example, the type of investment income that creates the most total income on line 234 is dividend income which is adjusted for income purposes to between 125% and 138% of the dividend received.  This compares with 50% for capital gains and approximately 15% or less for prescribed annuities. 

Continue to obtain professional advice

·         Continue to work with your advisors to find ways for you to reduce your post retirement tax bill to allow you to keep more dollars in your wallet.

Planning for a healthy retirement both financially and physically will ensure that you can enjoy a long and well deserved retirement on your terms. 

 

©iStockphoto.com

Continue Reading

Investing in today’s environment is not for the faint of heart. However, fortunately for Canadians, Segregated Fund products offered by many life insurance companies provide a safety net for nervous investors.

Investing in today’s environment is not for the faint of heart. However, fortunately for Canadians, Segregated Fund products offered by many life insurance companies provide a safety net for nervous investors.

Fund products present some interesting opportunities for people looking to get more security in their investment portfolios without sacrificing their potential for growth.

100% Maturity and Death Benefit Guarantee

At a time when most companies are reducing their guarantees to 75%, a few companies still offer 100% guarantees for both maturity value and death benefit.

• At the maturity date, the value of the investment will be the greater of the market value or 100% of the sum of deposits less any withdrawals taken. In other words, at maturity (minimum 15 years), your worst-case scenario is receiving full value for all of your deposits.

• At death, the 100% guarantee will ensure that your beneficiary receives the greater of the market value of your Segregated Fund or the sum of all your deposits less any withdrawals taken.

Reset Feature for Maturity and Death Benefit Guarantee

Resets can have significant value in a volatile market. With this feature you have the ability to:

• Reset the maturity guarantee value (usually more than once per year). Accordingly, you can lock in your investment gains at maturity. With each reset you also have the option of designating a new maturity date.

• Automatically reset the death benefit guarantee, locking in your investment gains at death. (The frequency of the reset varies by company).

How Significant are Reset Options? You Decide.

John invested $500,000 in a segregated fund and selected a technology fund as the investment choice. The technology boom saw that investment grow to $850,000 and John wisely exercised his reset option. Shortly afterward, the dot.com bubble burst and the investment value fell from $850,000 to $300,000 with no significant recovery. This same bubble burst devastated many investors. Meanwhile, John was able to recover not only his original investment but also the full $850,000 at his maturity date.

 

Designation of Beneficiaries Enables Protection

One fact about Segregated Funds that is often overlooked is that as a product of a life insurance company, you can name a beneficiary for the proceeds at your death. This creates the potential that your segregated fund investment may be free from the claims of creditors or potential litigants.


Investing Using a Balanced Portfolio Close to Retirement

Volatile investment markets create a significant amount of stress and emotional turmoil, particularly amongst older investors. The closer you get to retirement, the higher the stakes. Therefore, many investors have forsaken the potential of higher returns for a significant portion of their portfolio. While this does reduce risk, it probably will result in lower returns.

By using Segregated Funds and taking advantage of the 100% Maturity Guarantee and reset options, one could achieve balance in their portfolio without necessarily locking in low yields.

Estate Conservation for Mature Investors

The 100% death benefit guarantee means that you can remain invested in an equity portfolio while not risking the estate value of your investment portfolio. Regardless of what happens in the market, your investment fund is totally guaranteed at your death. This guarantee is applicable to contracts purchased before age 80. For contracts purchased after age 80 the guarantee is usually 75%.

By naming a beneficiary, upon your death, all of your segregated fund investments will flow to your beneficiary without any probate fees, administrative costs or risk of any Wills Variation Act litigation.


Capital Protection

Market downturn is not the only risk to which capital can be exposed. For many professionals and business owners there are situations that may involve litigation either by creditors or other parties who feel they have a claim against your personal and business assets. By naming a preferred beneficiary, this risk is potentially eliminated.


Complicated Estate Protection

For domestic situations involving previous marriages and the desire to protect capital for present or previous family members the beneficiary designation could be made irrevocable. The irrevocable beneficiary designation confers rights and protection on the beneficiary, which would not be as enjoyable through the “primary beneficiary” title.

Another advantage of Segregated Funds is that the use of named beneficiaries allow for a confidential transfer of wealth at death. In uncertain times having the comfort of a maturity and death benefit guarantee provides investors with a significant safety net.

Please give me a call me to see if Segregated Funds will compliment your current investment strategy or use the social sharing buttons below to share this article with a friend or family member you think might benefit from this information.

 

 

Continue Reading

Given the problems encountered by some large financial institutions in the United States, how concerned should we be about the state of the life insurance industry in Canada? Insurance is one of the most closely regulated industries in Canada. Unlike the United States, in Canada there is a government organization that supervises all of the federally incorporated and foreign insurers to ensure that these companies operate in a prudent manner. This organization is the Office of the Superintendent of Financial Institutions (OSFI). The major life insurance companies are federally regulated by OSFI (For those companies that are provincially chartered their oversight is provided by the province in which they do business).

Given the problems encountered by some large financial institutions in the United States, how concerned should we be about the state of the life insurance industry in Canada?

Insurance is one of the most closely regulated industries in Canada.  Unlike the United States, in Canada there is a government organization that supervises all of the federally incorporated and foreign insurers to ensure that these companies operate in a prudent manner.  This organization is the Office of the Superintendent of Financial Institutions (OSFI).  The major life insurance companies are federally regulated by OSFI (For those companies that are provincially chartered their oversight is provided by the province in which they do business). 

Life Insurance companies are decreasing in number

It is a fact that over the past decade the number of life insurance companies operating in Canada has decreased dramatically.  This decrease is mainly due to the mergers and acquisitions of the existing companies.  For example, those individuals who maintained policies issued by Maritime Life, Commercial Union, North American Life, or Aetna Life, now find themselves insured by Manulife Financial. 

The good news? No insured individual has ever lost any contractual benefits due to their insurance company being acquired by another.

Adequate reserves are the key to stability

OSFI oversees the stability of life insurance companies by enforcing the requirement that adequate reserves be maintained in order for the companies to meet their future contractual obligations.

Reserves are known as “actuarial liabilities” and each company is required to put money aside and to invest that money prudently so that they may pay future benefits on policies that they have sold in the past. 

These reserves are generated from premiums paid to the insurer and the investment income earned on those premiums.  Under the Insurance Companies Act, insurers are required to invest in a “reasonable and prudent manner in order to avoid undue risk of loss.” 

Also, OSFI requires an amount over and above these reserves, known as the Minimum Continuing Capital and Surplus Requirement (MCCSR) to be maintained by the insurer.  OSFI necessitates that the life insurers maintain an amount equal to 150% of the MCCSR requirement.  The MCCSR ratio maintained by member companies of the Canadian Health and Life insurance Association has consistently been significantly higher than the minimum requirement.

More protection for Canadian policyholders

As additional protection afforded a life or health insurance policyholder there are benefits provided to all policyholders through a not-for-profit organization known as Assuris.  This organization in a manner similar to the Canadian Deposit Insurance Corporation protects policyholders should their insurance company fail.  Assuris guarantees the following:

Death benefits – Up to $200,000 or 85% of the promised face value, whichever is higher;

Critical Illness – Up to $200,000 or 85% of the promised benefit, whichever is higher;

Health expenses (including travel insurance) – $ 60,000 or 85% of the promised benefit, whichever is higher;

Monthly income (disability, annuity etc). – $2,000 or up to 85% of the promised benefit whichever is higher;

Insurance companies TFSA’s  – Up to $100,000;

Segregated Funds – $60,000 or up to 85% of the promised guaranteed amount whichever is higher.

So how strong is the Canadian Life Insurance industry?

The combination of strong effective oversight and regulation of prudently invested actuarial liabilities have resulted in a robust financial industry enjoying assets of more than $514 billion in Canada, making the industry one of the largest investors in Canada. 

10% of all Canadian and Provincial Government bonds and 15% of all Canadian corporate bonds are held by the insurance industry.   

Canadian insurers also hold $650 billion in assets abroad.  The industry in Canada employs over 150,000 people. 

Even though the life insurance industry in Canada has gone through significant changes in the past decade or two, the industry remains stable and capable of meeting its contractual obligations in the future. 

Feel free to use the sharing buttons below to forward this to someone who might find it of interest.

Continue Reading