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. | Retirement Income Funding Strategies
You probably have a current need for life insurance protection to protect your assets and provide continuing income and security to your family in the event of your death. You also want to achieve the most effective growth for your estate in a tax-sheltered environment, and to preserve your assets for the future use and benefit of the next generation.
The keys to achieving these objectives are:
- the creation of an immediate tax-free death benefit;
- maximizing investment growth in a tax-sheltered environment; and,
- the opportunity to access tax-efficient funds to supplement your retirement.
Within the limits set by legislation, values in certain life insurance policies accumulate on a tax-deferred basis. Depending on the amount of life insurance purchased, you have the potential to build a great deal of value within the policy, with the growth in the plan remaining exempt from annual taxation.
The accumulated value in your exempt life insurance policy is an asset. You can access the value of that asset in order to provide retirement income in two ways:
- make periodic withdrawals; or,
- use the asset as collateral security for a tax-free loan.
Providing not only for your heirs, but also for yourself in retirement, while at the same time minimizing taxes, is a challenge. Life insurance can be an important component of your personal financial plan to help you meet that challenge. For more information on how you can use life insurance to realize your retirement objectives, contact us for a Manulife Financial representative in your area.
Problems facing affluent clients
We offer planning expertise for affluent clients
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