Insured Retirement Planning
Insured Retirement Program
Under current tax law, the cash value in a life insurance policy accumulates tax-free, up to certain limits. The Insured Retirement Program lets you use that cash value at a point in the future. Whether you want to supplement retirement income, purchase a vacation property or go on a trip, the Insured Retirement Program lets you use your policy's cash value as collateral for a bank loan. This bank loan provides the cash you desire … and you receive it tax-free. The loan doesn't have to be repaid until the life insured dies. When the insured dies, the tax-free death benefit is used to repay the loan. Once the loan is repaid, any remaining death benefit is then paid to the policy's beneficiary.
Are you a candidate?
The Insured Retirement Program generally is designed for those who:
- Need permanent life insurance protection
- Are between the ages of 30 and 55
- In a high marginal tax bracket
- Have maximized RRSP/pension plan contributions
- Want to supplement retirement income with tax-free dollars
- Want to reduce the amount of tax you are currently paying on investments
- Have minimized non-deductible debt & want a tax effective succesion plan
- Have a desire to protect net worth from future claims by creditors and litigants
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