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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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iA Private Wealth Inc. is a member of the Canadian Investor Protection Fund and the Canadian Investment Regulatory Organization. iA Private Wealth is a trademark and a business name under which iA Private Wealth Inc. operates.

This is not an official website or publication of iA Private Wealth and the information and opinions contained herein do not necessarily reflect the opinion of iA Private Wealth. The particulars contained on this website were obtained from various sources which are believed to be reliable, but no representation or warranty, express or implied, is made by iA Private Wealth, its affiliates, employees, agents or any other person as to its accuracy, completeness or correctness. Furthermore, this website is provided for information purposes only and is not construed as an offer or solicitation for the sale or purchase of securities. The information contained herein may not apply to all types of investors. The Investment Advisor can open accounts only in the provinces where they are registered.

 

Products and services provided by third parties, including by way of referral, are fully independent of those provided by iA Private Wealth Inc.  Products offered directly through iA Private Wealth Inc. are covered by the Canadian Investor Protection Fund, subject to exception. iA Private Wealth Inc. does not warrant the quality, reliability or accuracy of the products or services of third parties. Please speak to your advisor if you have any questions.

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