You’ve built a life, home, family, career and future. Your retirement awaits you – a time of freedom and enjoyment. To make sure nothing stands in your way, it’s a good idea to examine how insurance can help you preserve what you’ve built, not just for your own enjoyment but for your loved ones too.
Preserving your estate
In your will, you may be able to leave some assets to your spouse without incurring taxes. But if you leave assets to anyone else, they could face an enormous tax bill. The Canada Revenue Agency values your assets as if they were sold at fair market value.
If your estate realizes a capital gain on a vacation property or business you’ve left to them, your heirs could end up with a significant tax bill. They may even have to sell the asset just to pay the tax.
By planning ahead, you can make them the beneficiary of a life insurance policy that covers your final tax bill. It will provide a tax-free benefit that will allow them to pay the capital gains tax and leave them free to enjoy the asset.
You can also use life insurance to provide a bequest to your favourite charity.
In addition to life insurance to protect your family, you may want to consider some health insurance to protect your assets. For example, long term care insurance can help make sure that you don’t have to dip into your capital if you or your spouse require ongoing medical care.
Save when you protect your property and automobile
You could also qualify for a discount on your auto and property insurance, when you purchase them together. And, if you are a resident of Ontario or Quebec, you could be eligible for an online discount of up to 5% just by getting an online quote*.
Protect yourself on your travels
With travel medical insurance, you’ll get immediate emergency treatment while traveling outside of your home province or Canada. You’ll also have the coverage you need to ensure that you’re stable and comfortable before making the trip back home.
*The online discount is less for Quebec auto-plan members. The discount is only applicable for the first year of the auto policy for Ontario residents.