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Cascading life insurance strategy: A lifetime gift for your grandchildren

If you are a grandparent wishing to provide an asset for your grandchildren without compromising your own financial security you may want to consider an estate planning application known as cascading life insurance.

What are the benefits of the Cascading Life Insurance Strategy?

  • Tax deferred or tax free accumulation of wealth;
  • Generational transfer of wealth with no income tax consequences;
  • Avoids probate fees;
  • Protection against claims of creditors;
  • Provides a significant legacy

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How stable is Canada’s life insurance industry?

Over the past decade, the number of life insurance companies operating in Canada has decreased dramatically because of mergers and acquisitions.  For example, people who had policies issued by Maritime Life, Commercial Union, North American Life, or Aetna Life now find themselves insured by Manulife Financial.  How concerned should we be about the state of the life insurance industry in Canada as a result?

As it turns out, insurance is one of the most closely-regulated industries in Canada.  Unlike the United States, in Canada there is a government organization that supervises all federally-incorporated and foreign insurers to ensure that these companies operate in a prudent manner.  This organization is the Office of the Superintendent of Financial Institutions (OSFI).  Companies that are provincially chartered are overseen by the province in which they do business.  Don’t worry, though: all of the major life insurance companies are federally regulated by OSFI. Read more



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Are You Ready To Deal With A Critical Illness?

Consider the following facts:

  • 40% of Canadian women and 45% of men will develop cancer during their lifetime
  • In 2005, cardiovascular disease (heart disease, diseases of the blood vessels and stroke) accounted for 31% of all deaths in Canada

Advances in medical science means that you have a better chance of surviving a critical illness. However, a critical illness often is accompanied by a huge financial burden to you and your family. Read more »