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What is Estate Planning

Planning your estate should you pass away is one of the most important processes you can go through in your life. The decisions of who should benefit from your property, assets and other valuables and how they should be distributed between loved ones upon your passing are very difficult ones and it can be daunting making sense of all the opportunities to think about. In some cases, this can also be a difficult process for many people, but it is an essential part of life that one should always strive to deal with at some point in time.

There are many reasons to worry about estate planning apart from the above mentioned concerns about division of assets and the well-being of loved ones. For a full discussion of these reasons don’t hesitate to contact us.

Using Life Insurance to Fund Your Estate

Life insurance should be one of the most important things that you take out as soon as possible. Especially if you are responsible for a family, then you will want to make sure that they are well-covered in case something happens to you.

In Canada, life insurance can also be used to fund all of your plans for your estate. Planning an estate can make sure that your assets and property are managed efficiently while you are still alive. Additionally, it will allow you to make plans for what should happen upon your death.

The following are some of the things you can take advantage of during estate planning:
– Tax planning opportunities
– Conserving your property
– Making a retirement plan to supplement your income
– Supporting dependants upon your passing
– Making sure of equity during distribution

There are two types of life insurance that you can use to create the finances needed to take care of these goals. Term life insurance is often used for high protection for a low initial cost, while permanent life insurance can be used for lifelong protection as well as tax advantages.

Life Insurance in Detail

There are many situations in which a short-term, high protection life insurance can be obtained for a low initial investment. For instance, if you are a young couple doing well enough to make ends meet then you might take out term life insurance to get the full coverage needed right now should anything happen to one of the family providers.

The other advantage to term plans is that they frequently do not require proof of health when they are up for renewable at the 5, 10 and 20 year marks. With regards to your estate, you will be able to use this life insurance to create one for your heirs, pay off a mortgage, taxes, business loans, or personal loans and even fund a number of agreements.

Permanent life insurance is also available in Canada and it will help protect you across your entire lifetime. This second type of life insurance can also provide a tax advantaged location which will become a death benefit or a retirement fund. For further details, please contact us.