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INSURANCE ADVICE ​


The Role of Life Insurance in Estate Planning 


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From creating a will to choosing a power of attorney, you’ll be making some important estate planning decisions. Deciding to include a life insurance policy in your estate planning strategy can help you preserve the wealth you’ve worked so hard to build, or it can create an estate for your heirs. |

Leave a legacy with a life insurance policy

As you’re preparing to take care of your family after your gone, here are five reasons you should have a life insurance policy in your estate plan: 

1. A tax bill is almost a sure thing when you pass away. Whether it’s RRSPs deemed as income or capital gains on secondary properties, you can leverage life insurance options so more of your savings go to your loved ones—not to taxes.  

2. Life insurance offers smart options for growing tax-free funds, making it a great addition to RRSPs and TFSAs

3. The average cost of a funeral in Canada is between $5,000 and $10,000. A life insurance policy can help you plan your funeral and keep the cost from being a burden on your loved ones. 

4. Your plan can provide a much-needed cash flow for your family—especially in times when it’s not prudent to sell off assets due to factors such as a poor investment returns or a weak real estate market.

5. It can be used as an estate equalization strategy. For example, if you want to leave a family home or business to one of your kids, a life insurance policy can provide for siblings so they’re not left out.  

Get expert advice 

You may be wondering how much life insurance you need. One of our Licensed Life Insurance Advisors can answer your questions and provide you with expert, customized advice on preserving your wealth with tax-efficient estate planning. Make an appointment



Envision Financial Wealth Management is a division of FW Wealth Management Ltd. which is a wholly owned subsidiary of First West Credit Union. 

FW Wealth Management Ltd. is a licensed life insurance agency offering financial planning, life insurance and investments. All insurance products are subject to the limitations, terms and conditions in the applicable policy or insurance contract in force at the time of purchase or enrollment and applicable legislation. The products sold through FW Wealth Management Ltd. are not guaranteed or insured by a deposit insurer.


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