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Asset Protection

Here’s the problem

You work hard to achieve personal and financial goals during your lifetime. These include accumulating savings and investments to provide you with a comfortable retirement. But if you have to draw on your savings to pay for unexpected costs resulting from an illness, your retirement plans could be at risk.

What would happen if you had a heart attack, stroke or were diagnosed with cancer? Treating and coping wit a serious illness can mean significant costs, which may not be covered by provincial, or basic employee health plans.

For many of us, this could mean depleting retirement savings to finance our recovery. Wouldn’t it be comforting to know that you can put protection in place today to help ease the burden of a serious illness on your family and reduce its impact on your retirement plans?

Are you a candidate?

You may want to consider a critical insurance policy, if you:

  • Are a Canadian-resident taxpayer and in good health
  • Have or are accumulating retirement savings that may include:
    • Registered investments
    • Non-registered interest bearing investments including savings accounts, term deposits, mutual funds*, etc.
  • Want to protect your retirement savings

The best solution

While no one wants to think about suffering a critical illness, it could happen. And if it does, the financial impact could be devastating. By protecting yourself with critical illness insurance, you are really protecting your income and savings, so you can focus on getting better without worrying about derailing your retirement plan.

Lifecheque® critical illness insurance: helping you focus on what really matters – getting better

With four plans to choose from, Lifecheque is one of the most comprehensive critical illness plans available today. With Lifecheque’s coverage, you can:

  • Receive a lump-sum benefit if diagnosed with one of 24 covered conditions and you satisfy the waiting period
  • Receive a benefit for the early stages of some illnesses with the Early Intervention Benefit
  • Get fast access to money with recovery benefit
  • Have additional long term care protection that’s build right into the policy
  • Connect to the one-of-a-kind Health Service Navigator®, providing a medical second opinion service and integrated health information and support

Here’s the problem

You have reached a level of financial success that has allowed you to accumulate more wealth than you’ll need in your lifetime. You would like to transfer a portion of this wealth to your heirs without paying a lot of tax.

An option to consider – the Wealth Transfer Strategy

Many people will accumulate money to leave to their children or grandchildren by investing in an RESP, a TFSA or some taxable investment. These investments may have contribution limits, be subject to tax or may not provide the level of flexibility you are looking for. The Wealth Transfer Strategy uses a permanent life insurance policy as a tax effective way to transfer your wealth to your children or grandchildren and provide you with control of this wealth until it is transferred.

This financial planning strategy offers:

  • Life insurance protection on the life of your child or grandchild
  • Tax-sheltered growth of cash value
  • A tax-free death benefit at death
  • The ability to transfer ownership of the policy to your child or grandchild in the future on a tax-free rollover basis
  • After transfer, your child or grandchild can access the cash value as required
  • If the cash value is accessed by way of policy withdrawals, any tax owing is taxable to your child or grandchild, not you

Watch the following video about Asset Protection


Disclaimer: Insurance, Investment and Mortgage products & services are provided by Devangkumar Shah.
*Mutual Funds license sponsored by Shah Financial Planning Inc.
Lotus Loans and Mortgage ltd. is the principle mortgage broker.