Permanent Life Insurance, like WL and UL, as apposed to Term Life Insurance, like T10, or T20, afford permanent life insurance protection. So long as the required premiums are paid as due, is guaranteed to pay out a death benefit, regardless of when death occurs. Term Life insurance on the other hand, pay provided death occurs within the term of the Term Policy.

Given that a benefit will be paid; here are some of the typical reasons Canadians use the proceeds of a permanent policy. Keep in mind that Life insurance death proceeds do not attract any form of taxation (thus its TAX FREE). The proceeds create immediate liquidity, in other words, Tax Free CASH to fund such items as:

  • Last Expenses, if any
    • Funeral
    • Medical Bills
    • Outstanding Income Tax
  • Debt Liabilities, if any
    • Mortgage, Lines of Credit
    • Loans, Car, Investment loans
    • Credit Cards
  • College Fund shortfalls for children grandchildren
  • Retirement Income Savings shortfall
  • Deferred Tax Liabilities
    • Deferred Capital gains taxes on
      • Cottage, Condo
      • Stocks, bonds other investments
      • RRSP RRIF
  • Legacy Funding
    • Create liquidity for financing gift of capital assets like cottage, farm, condo etc.
    • Gifts to Children, Grandchildren.
  • Charitable Gifting
  • Business Application
    • Fund buy sell Agreements
    • Fund Loss of Key Employees
    • Collateral for Business Loans

There are different types of Permanent Life insurance. The three main ones are Term to age 100 or T100; Whole Life or WLand Universal Life [UL]. You need professional help in determining which permanent type is best suited for your particular circumstance.

For an initial free consultation and assistance please CONTACT us.

 

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