The most flexible form of permanent life insurance, effectively combining permanent life insurance with the benefits of tax-advantaged investing in a single product. This form of insurance is similar to whole life, however more flexible in premiums, death benefits, and the investment component thus providing you options at various stages of your life.
Premiums could be shifted over time based on your needs. Increase your premium and take advantage of tax deferred investments provided your policy value does not exceed an amount prescribed under the Income Tax Act. You could decide to reduce your premiums and pay only the insurance and administration costs each month and not use the investment component. Or, you could use the cash value accumulated to help pay premiums over time. As long as the minimum cost of insurance is covered, either through paid premiums or cash value, the policy continues to be enforced. There are unlimited ways to structure this policy and make changes throughout your life as needed.
At Everlife Financial we combine all insurance policies with tax planning. Tax is a major component of one's income and goes hand in hand with any type of investments and insurance policies. We have a team of experts to help you build a portfolio taking into consideration all components of a successful plan.