Cash Values from a Universal or Whole Life plan can be assigned to a bank,
which in turn provides a line of credit to use for retirement income.
The advantages to these arrangements are that cash values within the plans continue to
accrue without taxation. As well, individuals can access their line of credit with out
having to pay personal income tax. In corporate arrangements the income is taxable to the
retired shareholder. However in both cases, if structured properly the interest paid on
the line of credit may be tax deductible. Professional Assistance should always be sought
prior to implementing any of these arrangements.
People are living longer than ever. Medical advances have increased life
Many people fear they'll outlive their assets and are concerned about becoming a burden
on family when they can no longer take care of themselves. These concerns may become more
complicated by the uncertainty associated with the ability of our government to provide
affordable access to long term care.
Long term care policies typically provide a daily benefit amount to address these
concerns. To collect benefits the insured must be a resident in long term care facility
and suffer the loss of ability to perform the essential activities of daily living such
as; bathing, eating, dressing, toileting and transferring.
Private long term care policies where recently introduced to Canada through Life Insurance
Companies. Internationally, these policies have become very popular with consumers.
LifeCanada.Com is intended as an information and resource site for Canadians.
Professional Assistance from qualified advisors is strongly recommended prior to
implementation of any plan or concept contained within the site.