Executives need to carefully plan for retirement, especially as their ongoing expenses may be higher and they will need to save more to support their lifestyle in retirement.
Insurance can be an effective tool. Here’s an idea involving insurance that can provide a tax-free source of cash flow in retirement.
When it comes to most forms of insurance, many people understand the importance of having coverage. Whether it’s your car, your home, or other valuable possessions, having insurance means that you’re financially protected should disaster strike.
Naming a beneficiary of a life insurance policy provides a significant benefit in planning and protecting one’s estate. With a named beneficiary, the death benefit is paid directly to the beneficiary and is received tax-free.
An expert explains whether life insurance is tax-deductible in Canada.
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