Life insurance is an important planning tool for many Canadians. For some the protection required is temporary in nature– simply replacing income or protecting a mortgage. For others, life insurance proves invaluable in the long-term, allowing people to meet their estate planning and business succession needs.
Permanent life insurance in Canada has the added benefit of a tax-sheltered savings element. This element has been providing Canadians with flexibility in funding their plans, thus becoming an essential wealth accumulation vehicle.