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Affluent and established? What’s the best life insurance?

Affluent and established? What's the best life insurance?Affluent and established life stage

You are between age 35 and 55 and are married. Your career is either qualified as a professional or you are a business owner. Your wealth was earned or you may have inherited some of your wealth.

You place a high value on knowledge and expertise and expect value-added advice and support. You want to know the details and expect your plan to be tax effective, meeting your individual risk tolerance. In fact, you require help with tax-advantaged opportunities and recognize the need for a team of expert advisors to work with you to help you assess your financial needs. You believe in long-term business relationships. You expect a professional, planning-based approach that is focused on you.

The type of life insurance you choose depends on your immediate priorities as well as your long-term goals.

You’d like to leave a legacy for your heirs or a favourite charity.

A carefully arranged planned gift can be tax effective, and at the same time balance your final needs and the needs of your family. Insurance coverage allows you to leave a lasting personal legacy and provide your favourite charity with stable funding over the long term without reducing the estate available to your heirs or jeopardizing your future financial independence.

Term insurance

The majority of term insurance contracts end when you reach the age of 75 or 80. Therefore, it is generally inadvisable to use term insurance for protecting your estate or for charitable giving because you run the risk of ‘outliving' your coverage period. Term renewal rates can also be expensive and you may have to go through additional underwriting to get the best rates available at renewal.

Permanent life insurance: Participating insurance/Universal life

Purchasing a permanent life insurance policy using excess income or cash is an ideal way to create a tax-advantaged asset while you’re alive and leave a meaningful gift, outside your estate, to your heirs or a favourite charity. You can use three different strategies to fund a charitable bequest or donation using life insurance. Your financial security advisor can explain how to structure a planned gift using life insurance to fit your unique and personal situation – be sure to ask for details!

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