Quote:
Originally Posted by Tapioca
I'm not an insurance advisor, but having gone through this process with a broker myself, why are you considering whole life insurance at all?
Why not just go with a conventional term-20 policy and save the rest in registered accounts that you can manage yourself? It's cheaper unless you have exhausted all of your other options for reducing your taxes. And if you want to preserve your wealth, it's better to spend a few hundred and hire a lawyer to create a will, power of attorney, etc.
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registered accounts are for my retirement + my future wife's retirement.
the whole life is to ensure that the kids are taken care of and will not cause a strain on the registered accounts. whole life is never for you...it's for who's left after you.
Getting in at a young age is much more cost effective.
i'm also not looking at it from a tax perspective, purely what can i do to make sure the family is taken care of after i'm gone... i'm not planning on leaving millions and millions..hell it wont even be enough to buy a home in vancouver at todays prices.
everyone should have a will ..it's not a wealth preservation tool... it's so your loved ones don't have to deal with probate.
i hate insurance as much as the next guy, but it's a necessary evil.