Laurentian Bank Advising Owner Pharmacists to Avoid Problems by Obtaining Life Insurance

MONTREAL, Sept. 29, 2011 /CNW Telbec/ - Laurentian Bank strongly recommends that all pharmacists obtain life insurance in order to be able to meet their obligations associated with the succession of their establishment.

"At one time or another, all owner pharmacists undertake a commitment to a partner, creditor or landlord that they will assure the effective operation of their establishment," explains Monique Lo, Senior Manager with Laurentian Bank's Pharmacies Group. "Financial institutions often require life insurance coverage as a condition for financing so as to protect the flow of funds in the event of a succession and resulting slowdown or temporary suspension of activities due to the death of a proprietor."

Only a pharmacist can operate a pharmacy, and a sudden death can paralyse operations while the search is on to quickly find a replacement to pursue activities, serve clients and maintain business. In order to avoid the concerns related to continuing activities and the payment of expenses, it is important to obtain adequate insurance coverage in accordance with the specific needs of each pharmacy. As such, key considerations include life insurance for the owner and any partners, credit insurance for the duration of any active loans, or even temporary insurance offering specific coverage for shorter terms.

"It is also important to note that comprehensive coverage is not necessarily always required," underlines Monique Lo. "What is basically needed is to assure that there is a sufficient financial cushion until the pharmacy is in a position to fully resume its activities."

As is the case with all life insurance, the earlier it is taken out, the lower the premiums. Indeed, the cost of protection can vary considerably depending on the age of the policyholder, the amount of coverage, and other factors. Noteworthy as well is the fact that life insurance costs are tax-deductible for pharmacists when the coverage is required for financing. Thus, Laurentian Bank advises pharmacists to obtain insurance in an amount that corresponds to their particular needs and to consult their attorney, accountant and representatives of their pharmacy banner to fully understand the continuity measures prescribed for such eventualities.

Pharmacists who would like more information about Laurentian Bank's global offering of financial services for members of their profession can contact Monique Lo directly at 514 227-2766, extension 5046. They are also invited to visit the Pharmacies page of the Bank's Web site at https://www.banquelaurentienne.ca/en/entreprises/pme/drugstore.html.

About Laurentian Bank
Laurentian Bank of Canada is a banking institution operating across Canada and offering its clients diversified financial services. Distinguishing itself through excellence in service, as well as through its simplicity and proximity, the Bank serves individual consumers and small and medium-sized businesses. The Bank also offers its products to a wide network of independent financial intermediaries through B2B Trust, as well as full-service brokerage solutions through Laurentian Bank Securities.

Laurentian Bank is well established in the Province of Québec, operating the third-largest retail branch network. Elsewhere throughout Canada, it operates in specific market segments where it holds an enviable position. Laurentian Bank of Canada has more than $24 billion in balance sheet assets and more than $15 billion in assets under administration. Founded in 1846, the Bank employs more than 3,800 people.

SOURCE LAURENTIAN BANK OF CANADA

For further information:

Mary-Claude Tardif
Public Relations Advisor
(514) 284-4500, extension 4695
mary-claude.tardif@banquelaurentienne.ca

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LAURENTIAN BANK OF CANADA

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