What is whole life insurance?
Whole life insurance coverage offers policy owners permanent life insurance protection that comes with fixed level premiums payable for a fixed term, as well as lifetime insurance protection.
Whole life insurance can be ideal if you're considering planning your estate and need a source of funds that will help your beneficiaries to:
Cover your funeral expenses.
Looking to replace your lost future income, in the event of your demise.
Cancel the taxes which will become payable on your RRSP.
Lower the impact of taxes on other taxable assets in your estate
Give a charity of your choosing a sizable financial gift in your name
Financial protection plus a source of cash
Looking to maximize the benefit you leave behind for your loved ones and offset the impact that taxes could have on your estate’s value? Then you should consider getting whole life insurance.