Life Insurance

Insurance is an often overlooked but important part of a complete Financial Plan. There are two main purposes for including insurance in your Financial & Estate Plans - wealth creation & wealth preservation.

Wealth Creation

Life insurance products can be used to provide financial piece of mind in the event of a severe disability, major illness or early death. There are insurance products available that will pay off a mortgage, provide continuous income for you or your loved ones or ensure the continuation of support payments, in the event of death or disability.

Wealth Preservation

Insurance can be used to preserve the money you have worked so hard to create over a lifetime, both for you and your loved ones. Annuities, in particular, are often overlooked as a source of stable retirement income. Annuities can provide piece of mind that you won't outlive your money.

Protecting the legacy you've created for future generations is another important reason to look at insurance. Life insurance can be used to protect your loved ones from having to liquidate assets to pay the estate taxes on your assets such as the family cottage, art or the family business. It can be used to leave a gift to a favourite charity. Proceeds from life insurance are tax-exempt and therefore can be used to reduce the overall tax bill in the year of your death so

Segregated Funds - A Hybrid

Insurance companies are always trying to create new products to meet the needs of investors.  To meet the demand for a product that both creates and preserves wealth, insurance companies now offer Segregated Funds (Seg. Funds).  These are essentially mutual funds with wealth preservation components such as a guarantee of principal, creditor protection or a death benefit.  They have proven to be a good fit for many investors.

We Can Help

The variety and complexity of insurance products may seem daunting but that's why we are here to help. ScotiaMcLeod offers a full array of insurance products to meet your financial goals. We can help you assess your insurance needs and shop the market to get you the best combination of features and price for your individual situation. Contact us for review of insurance needs.

More on Life Insurance

Managed Money Reporter Articles
    Universal Life Insurance Sep/01
    Universal Life Insurance Jul/00
    Universal Life Insurance May/99
    Universal Life Insurance Jun/98
    Demutualization of Insurance Companies (Issue 150 Aug/99)
    Will that be term or permanent? Part 1
    Will that be term or permanent? Part 2
ScotiaMcLeod Resources
    Insurance
    Glossary of Terms
    Which Type of Insurance is Best for You? (.pdf 97k)
    Integrating Insurance into Your Financial Plan (.pdf 222k)
    Insure a Fresh Start (.pdf 144k)
    Life Changes – So Should Your Insurance (.pdf 93k)
    Critical Illness Insurance (.pdf 132k)

More on Estate Planning

Managed Money Reporter Articles
    Estate Planning Page
    Protecting Your Estate Jul/00
    Insuring Your RRIF May/97
ScotiaMcLeod Resources
    Planned Giving Handbook (.pdf 170k)
    Reflecting on your Cottage (.pdf 91k)

More on Annuities

Managed Money Reporter Articles
    Annuities & Guaranteed Income Page
    Guaranteed Income for Life Jun/10
    Income for Life Jun/05
    Transitioning Investments at Retirement Jun/02
    Term Certain Annuity Example Jul/97
ScotiaMcLeod Resources
    Annuities
    Insured annuities
Other Resources
    Manulife website
    Standard Life website 

More on Segregated Funds

Managed Money Reporter Articles
    Segregated Funds Revisited Apr/03
    CI Introduces Segregated Funds Dec/97
    Growth Funds with the Principal Guaranteed Mar/97
Other Resources
    Canada Life website
    Maritime Life website
    CI Funds website
    Morningstar.ca Report on Seg Funds Apr/03
    Standard Life website

^TM Trademark used under authorization and control of The Bank of Nova Scotia. All insurance products are sold through ScotiaMcLeod Financial Services (Ontario) Inc. ScotiaMcLeod Financial Services (Ontario) Inc. is an insurance subsidiary of Scotia Capital Inc., a member of the Scotiabank Group. When discussing Life Insurance Products, ScotiaMcLeod Investment Executives are acting as Life Underwriters representing ScotiaMcLeod Financial Services (Ontario) Inc.