Family Walking By The RiverCanadians generally agree that life insurance should be part of a sound financial security plan; however, many people aren't sure what type to buy or where to purchase it. Having the right life insurance protection can have an enormous effect on your life and the lives of those you love. A proper financial security plan can mean the difference between leaving your loved ones well positioned financially, and leaving behind debts and an inadequate income.

An Instant Estate

Few individuals, particularly those with the responsibility of a young family, have sufficient savings to adequately protect their loved ones should the main income earner die. Life insurance can help create an estate at a time when funds may be needed most. This is a low-cost way to ensure your family's continued financial well being. Your beneficiary, the person(s) you name to receive the insurance money, will be paid within a few days of the insurance company receiving the required information. By contrast, savings and other assets may be tied up legally for some time after death.

Financial Benefits You Enjoy

Some people have the impression that insurance pays only if you die. That's not the case. Many permanent insurance policies (i.e. participating and universal life) build cash values you can access during your lifetime. The cash value is the equity you build up in your policy. Cash values can accumulate within your policy on a tax-advantaged basis. The growth in the cash value is generally only subject to income tax when it is withdrawn from the policy. Your policy's cash surrender value can be used to:
  • Provide funds in an emergency
  • Finance a down payment on a home or cottage
  • Launch or expand a business
  • Act as collateral for a loan from a third-party lending institution
  • Supplement your income
How you use the money is really up to you.

Other advantages:
  • The death benefit is not subject to income taxes.
  • Probate costs can be avoided if you name a beneficiary other than your estate.
  • Unlike a will, information regarding your life insurance can remain private.
  • In many instances, life insurance may be protected against creditors.
To find out more about how Life Insurance can help with your overall portfolio please call me today for your no obligation consultation.

-Russ MacDonald, Heritage Insurance Ltd.
(306) 631-9738

Protect your future! Call Heritage Insurance Ltd. at (800) 667-7640 for more information on Moose Jaw life insurance.
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