Participating whole life insurance is a unique, all-in-one financial solution that works to protect and preserve your estate and legacy in the future, while helping you plan and self-finance many of life’s big purchases today. No other financial product on the market can cover so many of your needs!
When structured in the right way, using one of our Bank On Whole Life™ concepts, participating whole life insurance not only offers you insurance protection and a tax-free death benefit, but a cash value. This cash value is a supercharged asset that allows you to build equity year over year through guaranteed returns and potential dividend earnings.
You can leverage the equity in your policy to finance anything you need whenever you need. And when managed properly, the cash value of your policy can also provide you with a tax-free retirement income when you stop working. Think of it as having your own personal, lifelong, savings account that continues to grow uninterrupted—even when you borrow from it! You control your money!
Saving for Education
The savings that accumulate in an RESP are not always enough to cover the entire cost of your child’s post-secondary education. Having RESPs can impact your child’s ability to get student aid which they may need to fully fund their education.
The cash value of your participating whole life insurance policy gives you guaranteed and predictable growth. Unlike an RESP, because the money is sheltered within a life insurance policy, it doesn’t impact your child’s ability to get student aid. You can even take a participating whole life insurance policy out on your child within the first year of birth at lower, affordable rates to start saving for their post-secondary education or let the cash value in the policy continue to accrue while they go to school, and then use it to pay back their interest-free student loans after they graduate. The options are yours to control, not the government.
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Lifestyle Purchases
Buying a car or a home today can be huge financial undertaking. Traditional mortgages and car loans require paying lots of money out in interest to creditors. This translates into lost potential in savings and investment income over time. Instead, you can use the cash value of your participating whole life insurance to finance whatever you want—a new car, a dream vacation or even a down payment on a new home. When you borrow against your policy’s cash value, you’re paying yourself back instead of creditors and banks. The little interest paid on these policy loans are often offset by the dividends acquired on the policy. Thereby, recouping more of your own money in the long run. Putting you in the driver’s seat to control your money.
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Divorce
Divorce is a reality of life that can leave you financially vulnerable. The cash value of a participating whole life policy provides a built-in protective financial safety net that you can leverage to help rebuild your life after a divorce—especially if the policy is in your name only. Your spouse is not privy to receive any of the funds from your policy. If you own the policy together, the funds are split down the middle.
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Securing Retirement
When many of us are struggling to save enough money for retirement or wondering if we’ll possibly outlive our retirement savings, a participating whole life insurance policy with a cash value eliminates any second guessing and provides you with liquid capital when you need it most. You’ll have peace of mind knowing exactly the minimum guaranteed value of your account on the day you except to tap into it. An RRSP that is tax-deferred and subject to market fluctuations and volatility can’t provide you a guaranteed value of funds and therefore the same level of certainty and control upon retirement.
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Leaving a Legacy
A participating whole life insurance policy provides you with the ability to earn annual dividends on top of guaranteed returns. These dividends can be used to purchase additional insurance which helps to accelerate the growth of both the cash value and death benefit of your policy—a great mechanism for building wealth and leaving a legacy for future generations. The death benefit is tax-free and exempt from probate, creating an instant legacy for your loved ones. It helps to keep your children’s inheritance intact as well as providing an income to your family to pay for whatever needs they may have if your estate is named the beneficiary proceeds from the death benefit are used to cover final expenses, funeral costs, outstanding debts, estate taxes and fees. You are in control of your money’s destiny.
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Charitable Giving
If you make regular contributions to a charity, a participating whole life insurance policy can amplify the amount of your charitable gift and reduce your estate’s income tax without impacting your family’s inheritance. What starts as a small gift today creates a substantial gift in the future to your alma mater, a hospital foundation or charity of your choice because you’re in control—a lasting memorial of your life or the life of a loved one.
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