Have no fear, Insured Retirement is here!
When your group TFSAs and RRSPs are not enough to assist you with retirement or family protection, a good option might be the Insured Retirement concept. This is permanent life insurance with the ability to use the cash value later in your retirement years. Start early enough and it can be used for many other important life changes:
- buying a home
- post secondary education
- having a child
- business opportunity
The list is lengthy.
Term Insurance is a wonderful way to cover a large amount of debt when you are:
- raising a family
- have an income that falls short of your true potential
- protecting your family from the unexpected loss of the major income earner
Insured Retirement concept gives one the ability to have a whole life policy that can be fully paid in 8-20 years. The premium unlike term insurance never increases. There are times within the life of the policy that one can:
- borrow against the cash value,
- take a premium holiday (using the policies cash value to pay the premiums, short-term)
- use the cash value in important financial times
When you have maxed the contributions to your RRSP/TFSA and still require a place to put more money, one could look at life insurance. The Insured Retirement concept is a great tool for that.
By applying $10,000 to a policy for 8 years at around age 40, you can take approximately $10,000 a year over 20 years in your retirement, tax free!
For more information, click these links:
Please, give us a call if you are interested in finding out more.
Have a question? Or need clarification?
Call to schedule an appointment with one of our advisors.