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01 Jul 2014

Life Insurance - The wealth generation tool often overlooked by many business owners

Life insurance for many people, represents a grudge purchase, a necessary evil that is imposed on them.

Unfortunately too many people, particularly small business owners don't see past the obvious benefits of insurance (paying out a death benefit), and as a result they miss the opportunity to not only grow their money tax deferred, but also the opportunity to invest in equities (stocks) with a guarantee of 100% of their principal.
What if you could enjoy the growth potential of the stock market, a guarantee of your principal, tax deferred growth, the ability to transfer those funds to your loved ones tax free, and protection from creditors?

There are life insurance options that allow you to achieve all of the above, and without getting into the nuts and bolts of the plan, here is how it works:
Purchase a Guaranteed Market Index insurance policy that allows you to deposit money into it. The amount deposited can be flexible and you may increase or decrease the amount deposited year after year, however you must keep the minimum amount of life insurance in place. This is not a substitute for having adequate life insurance in place to take care of your family and meet your financial obligations if you die prematurely.

The idea is to keep the insurance premiums at the minimum required to keep the policy in force so that the rest of the money will be deposited as an investment (you can choose where your money is invested).

As long as your policy meets the criteria set by the Canada Revenue Agency (CRA), it will maintain tax exempt status.

This policy gives you the best of both worlds, the ability to take advantage of the growth potential of the stock market with the protection offered by putting your money into a GIC (you can never realize negative returns).

As a small business owner in these uncertain times, why wouldn't you take advantage of an opportunity to generate and protect your wealth, grow your money tax deferred, protect your money from creditors, and pass the money to your loved ones tax free in the event of your pre-mature death.

Call me for your confidential consultation and I will help you protect what's really important.

Read 1899 times Last modified on Sunday, 06 July 2014 15:57
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