Advisors can clear up misconceptions about insurance by having strong product knowledge and a comprehensive grasp of the client’s personal situation, finances and goals.The increase in the capital gains inclusion rate may force some Canadians to see the crucial role insurance can play as part of a holistic plan for minimizing taxes, building wealth, protecting against life’s uncertainties and leaving a lasting legacy.
In addition, permanent life insurance policies offer flexible options for liquidity through policy loans, dividend payments, partial surrenders, or leveraging the policy as collateral for a loan while incurring less taxes compared with traditional withdrawals from corporate accounts. While these strategies come with their own risks and considerations, they provide a degree of flexibility in times of unexpected need.
However, the insurance industry often emphasizes the sale of generic, off-the-shelf products, sometimes employing scare tactics and hypothetical worst-case scenarios, rather than tailoring insurance to fit a client’s specific wealth management strategy and lifestyle needs.
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