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Life Insurance

While the coverage rate of life insurance in Canada exceeds seventy-nine percent indicating that Canadians are very concerned with maintaining the stability of their family’s livelihood, research has also shown that most of this coverage comes in the form of a group plan provided by the employers, and whose amount is often inadequate. Self-employed or retired persons may not even have this minimal coverage and simply rely on a spousal rider on their spouse’s policy, which likely will cease to exist should the spouse discontinue employment.

Pure life policies may be popular and suitable for some individuals with a single and simple need, and perhaps limited resources. However, with a comprehensive financial strategy in mind, life insurance can be structured as an effective financial tool building up substantial savings. Likewise, these well-structured policies also protect your family, your home and your business.

For example, certain policies may be able to provide additional income at retirement. Or you may be able to access the cash value in a policy to increase its coverage due to new needs or perhaps to use it for other investment purpose. Clients can further utilize life insurance to build legacies, passing down their wealth as benefits, if properly arranged, are exempt from taxation, probate and also creditors. Ask for advice from Grandtag Financial.