Retirement Protector

What financial challenges do you face after you stop working?

The Retirement Protector helps you enjoy life by preserving your income and assets. This strategy considers health care, taxes and inflation. Unless you're confident that the government or your family will look after you the way you want, you benefit by taking steps to protect yourself.

The Strategy

You get the following:

  • guaranteed income for life to cover your fixed expenses (considering future inflation): from your pension or turning your registered savings into a life annuity ... if married, have income continue for both lives with a Joint and Survivor annuity ... cognitive abilities can decrease with age. A life annuity empowers you: you avoid making future financial decisions or relying on someone else to decide for you. Also, once purchased, you can't cash out (protection against financial elder abuse and scammers).

  • long term care insurance: to protect assets that might otherwise be consumed by providing guaranteed income for life. You also get coverage for your spouse (who may have even more need if you get afflicted)

  • life insurance to replenish capital and pay taxes: savings used for an annuity and long term care insurance can be replaced with a tax-free death benefit. Life insurance can also be used to pay for the taxes and other expenses due at death. There is a special form for couples called Joint Last To Die which costs less and provides cash when the big bills are due — when the surviving spouse dies,

Do you qualify?

The Retirement Protector helps if:

  • you start before you retire (costs less ... can wait for the annuity and get larger income if your health deteriorates)

  • you're healthy

  • your spouse is also protected


  • provides peace of mind

  • puts you in control of your financial future


  • you qualify based on your health

  • a long term commitment

  • the longer you delay, the higher the cost

How It Works

The Retirement Protector:

  1. Apply for permanent life insurance (easiest underwriting)

  2. Apply for long term care insurance (more difficult to qualify ... if you apply for this first and get rated, your life insurance may cost more

  3. Apply for a life annuity: done last because if you're deemed unhealthy, you get more income (since the payout period is expected to be shorter. You can also defer this step to allow your funds to grow in the meantime.


Since carefully-selected life insurance has guarantees and flexibility, you can also achieve other goals:

  • reduce the costs by making deposits over a shorter period (e.g., 10 years)

  • get tax-free retirement income by "overfunding" to build up a substantial tax-sheltered savings

  • corporate ownership (funding with "trapped" retained earnings and using the tax-free Capital Dividend Account)


These answers are general and simplified for clarity. For specific answers for your unique situation, arrange a chat.

What if I need money?

Your insurance policy has value. If you have a cash value, you can use that as collateral for loans or to stop making deposits temporarily or perhaps permanently. You can donate your policy for the actuarial Fair Market Value. You can sell your policy where permitted by law (not allowed in Ontario).

Can I change the beneficiaries?


Other common questions about life insurance

Read more

Arrange a chat

For personal attention, arrange a chat.