You can take a loan against the cash value. This means you won’t have to pay tax on any cash-value growth. Some whole life insurance policies also include a savings portion called the cash value, which can grow over time on a tax-preferred basis. You must be a Canadian resident to get one of our whole life insurance policies. The amount of money your beneficiaries receive depends on how much life insurance coverage you buy. At Sun Life, we guarantee the payment of a death benefit to your beneficiaries in exchange for monthly or annual payments – also called premiums. In Canada, a whole life insurance policy is a contract between you and a life insurance company. How does whole life insurance work in Canada? So you don’t have to worry about your coverage expiring or renewing your policy. While some life insurance plans offer coverage for a specific amount of time, whole life insurance has no time limit because it covers you throughout your life. Your beneficiaries can use the money from the death benefit any way they want. Whole life insurance is a type of permanent life insurance that gives your beneficiaries a tax-free payment after you die (called a death benefit). Last updated: JWhat is whole life insurance?
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