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Life Insurance Tax Changes

Hello all,time is running out before significant life insurance tax changes effective January 1, 2017. Clients who already have life insurance policies will want to ensure they keep their current status; changes that could impact grandfathering need to be done before January 1, 2017 or that protection could be lost. Here are a few items for both existing and new clients to consider:

-If you are thinking of getting life insurance, the cost of insurance will be cheaper now than in January 2017


-If you plan to convert from term to permanent insurance in the future, consider doing it now so you can have access to the pre 2017 rules.


-If you are interested in increasing insurance coverage, or have multiple lives insurance under a permanent policy, implement changes before 2017.


-If you are considering increasing coverage by adding a term benefit, ensure you do this in 2016 – this will keep the entire policy in grandfathered status.


-Business owners should increase coverage to account for increased business values and key person protection.


It is a perfect time to schedule an appointment to review your current policies and complete a needs analysis.


If you would like your own copy of our insurance review check list please call or email.

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HollisWealth® is a division of Industrial Alliance Securities Inc. a member of the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada.

This information has been prepared by Carol Plaisier Investment Advisor for HollisWealth®, a division of Industrial Alliance Securities Inc. and does not necessarily reflect the opinion of HollisWealth®. The information contained in this website comes from sources we believe to be reliable, but we cannot guarantee its accuracy or reliability. The opinions expressed are based on an analysis and interpretation dating from the date of publication and are subject to change without notice. Furthermore, they do not constitute an offer or solicitation to buy or sell any the securities mentioned. The information contained herein may not apply to all types of investors. The Investment Advisor can open accounts only in the provinces where she is registered. For more information about HollisWealth®, please consult the official website at ww.holliswealth.com.

Insurance products are provided through Hollis Insurance. Only services offered through HollisWealth®, a division of Industrial Alliance Securities Inc., are covered by the Canadian Investor Protection Fund.