Taxevity

Question 1: "Why should I buy life insurance?"

1. We bear a heavy tax burden in Canada
2. Life insurance receives favourable tax treatment, combining benefits of a principal residence (tax-free at death), RRSP (tax-sheltered growth), TFSA (tax-free access) and an investment line of credit (tax deductions)
3. Allows much larger deposits for tax-sheltered growth than an RRSP or TFSA
4. Life insurance provides funds at death to provide for your family
5. Life insurance provides creditor protection when properly structured
6. Life insurance provides funds to pay the taxes due on your estate (e.g., on RRSPs, capital gains)
7. Life insurance skips probate tax and public scrutiny: proceeds go directly to your heirs, bypassing your will and estate
8. Overlooked by the masses who prefer to “buy term and invest the difference”
9. You can't tell when you'll die
10. Your beneficiaries will thank you