Completing Your Estate Plan
An estate plan should include four elements - life insurance, disability insurance, critical illness insurance and
Life insurance is an effective way to:
||Provide for your spouse and children
||Pay capital gains and other taxes owing at death
||Facilitate the transfer of ownership of a business at your death
||Provide for a dependant with disabilities
||Leave a final gift to a favourite charity
During your lifetime, the cash accumulated within a cash value life insurance policy may also provide a substantial
supplement to your retirement income or allow you to take advantage of business opportunities.
A serious illness or injury could drastically affect your plans during your lifetime. It could also hamper the
effectiveness of your estate plan. Disability insurance can protect your standard of living if you become sick or
injured and are unable to work. If you are under age 65, you are seven times more likely to be disabled than you are to die.
Critical illness insurance
Surviving a critical illness or condition can turn your life upside down. It can affect you physically, emotionally
and financially. Critical illness insurance complements disability and life insurance protection, providing a one-time,
lump-sup benefit to help cover additional expenses associated with a critical condition.
Planning for your retirement takes time and effort. It means thinking about your priorities, considering your
future income needs and making lifestyle choices. Now more than ever, you need a plan.
There are several potential sources of income at retirement, including government benefits, CPP's, employer-sponsored
pension plans, RRSP's and non-registered personal savings.
At retirement, there are a number of options for managing your income, including RRIF's, annuities, and life income
funds. There is no single right solution. The most effective approach will depend on your needs and preferences.