1. Receive cash-in-hand quickly: Your beneficiary (the person(s) you name to receive the insurance money) will generally be paid within a few days of the insurance company receiving the required information. By contrast, savings and other assets may be legally tied up for some time after death.
2. The death benefit is tax free.
3. An instant estate: Life insurance can help to create an estate at a time when funds may be needed most.
4. Probate costs (not applicable in Quebec) can be avoided if you name a beneficiary other than your estate.
5. Unlike a will, information regarding your life insurance can remain private.
6. Proceeds may be protected against creditors.
7. Some types of life insurance also allow for a tax-advantaged investment component.
To learn more, contact your MD advisor.
Don't have an MD advisor? Find one in your area.
