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Ways to use Life Insurance in Canada

By Bridge Force Financial Group Inc.
Edited by Admin
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Ways to use Life Insurance in Canada

Why Life Insurance?

 

The Life Insurance industry in Canada has not done a great job of marketing itself.  Most Canadians think that life insurance is used to either cover off funeral expenses or provide an income for a survivor, most often a spouse.  But there are many more ways that life insurance can be used:

 

Eight (other) Uses for Life Insurance in Canada

  • Paying mortgages and debts
  • Paying estate taxes
  • Creating an estate
  • Providing cash flow in retirement
  • Equalizing an inheritance
  • Paying for college/university
  • Taking out a loan/borrowing against
  • Funding charitable contribution

If you would like to learn more about what life insurance can do for you, please contact us and we will connect you with a qualified advisor in your area.

 
 
Photo Credit: Mickey Aldridge
 
2 comments
Level 6 (XP: 2400)
2 years ago
I've always been on the fence regarding life insurance, i guess its where im still young but I really do need to start looking into life insurance especially now that i see I can use it for other things.
Level 7 (XP: 2700)
2 years ago
I had no idea that there were so many different ways to use life insurance in Canada, I just assumed the funds would just be sitting there. Great info, this has definitely shed some light on what my life insurance can do for me, especially since i have been paying into it for so long. This is true, most of the life insurance companies in Canada dont do a very good job at letting the consumer know the various ways that life insurance can be used.