My solutions

Maintain my standard of living in the event of a critical illness or disability 

I have taken out the necessary income replacement coverage in the event that I'm no longer able to work due to a critical illness or disability.
 

• Critical Illness Insurance: Thanks to this coverage, I will receive a tax-free lump-sum payment to offset some of the expenses should I be diagnosed with a critical illness. I could use this sum to pay for any additional or experimental medical treatment or use it to adapt my home to my health condition.
   
• Disability Benefit: I wouldn't have to worry about paying my bills because the benefits I will receive will provide a tax-free source of monthly income.
   
• Payment of Premiums in the Event of Disability: If I become disabled, a monthly benefit will be paid into an accumulation fund under my universal life insurance policy to cover part or all of my insurance premiums. That way I won't have to worry about paying these premiums even if my income is reduced due to my health problems.
   

Increase my wealth and prepare my retirement

As a highly paid executive, the contributions I can make to an RRSP may not be enough to reach my retirement savings objectives. 

• The Individual Pension Plan (IPP) is a smart choice for me. This plan can help me finance my retirement and reach my objectives by providing me with a good retirement pension. 

I want to reduce my tax burden and retire as early as possible.
 

• Investing in universal life insurance:  Currently, I'm making maximum allowable contributions to my IPP. Thanks to the investment feature included in my universal life insurance, I can make tax-sheltered investments and, therefore, accumulate even more savings and reach my retirement objectives.
   

Provide financial assistance to my sister and her children

I'm in a good position to recognize how important education is. I've decided to offer my sister's children the opportunity of a higher education.
 

• Registered Education Savings Plan (RESP): Since I'm their uncle, I can't set up an RESP for my nephews and nieces. Instead, I pay my sister a monthly amount that she uses to contribute to an RESP. This plan is just the right thing, and it's the best way to contribute to these children's' education when the time comes.
   

I want to leave a tax-free inheritance to my sister and her children
 

• Life insurance: My sister and her children are very important to me. As I've designated them as my beneficiaries for my universal life insurance coverage, they'll inherit a non-taxable amount when I die.

 

Since my investments are issued by a life insurance company, I have designated a beneficiary for all my contracts. When I die, the capital will go directly to the beneficiary and thus be excluded from my estate and won't be subject to probate fees.*

* In Quebec, a notarized will and the estate capital are not subject to probate.

I need advice tailored to "My situation" 

I want to contact a financial security representative who will assess my life insurance and savings needs and suggest products tailored to my needs and my financial situation.