{"id":818,"date":"2022-11-20T02:39:17","date_gmt":"2022-11-20T07:39:17","guid":{"rendered":"https:\/\/www.rbcwealthmanagementfinancialservices.com\/en-ca\/?p=818"},"modified":"2025-04-07T15:23:21","modified_gmt":"2025-04-07T19:23:21","slug":"is-insurance-the-missing-piece-in-your-wealth-transfer-puzzle","status":"publish","type":"post","link":"https:\/\/www.rbcwealthmanagementfinancialservices.com\/en-ca\/article\/is-insurance-the-missing-piece-in-your-wealth-transfer-puzzle\/","title":{"rendered":"Is insurance the missing piece in your wealth-transfer puzzle?"},"content":{"rendered":"\n

Many are turning to life insurance as a way to grow and maximize their wealth as part of a broader financial and estate plan, to ensure loved ones and beneficiaries are looked after when they die.<\/p>\n\n\n\n

\u201cSome people see insurance as an expense. They just look at the premium,\u201d says Daniel Duchesne, financial security advisor at RBC Wealth Management Financial Services Inc. \u201cBut as soon as we put everything into perspective\u2014that we\u2019re using life insurance as a tax-effective way to transfer money to the next generation or a charity, and because of the return it can provide\u2014they realize why we are doing it.\u201d<\/p>\n\n\n\n

Even high-net-worth families who may not need the financial protection of life insurance might use it to enhance the value of their estate.<\/p>\n\n\n\n

\u201cMost of the wealthy families that I deal with, because they\u2019re wealthy, they assume they don\u2019t need life insurance,\u201d says Duchesne. \u201cThey may not need it, but many aren\u2019t aware of the leverage life insurance can provide.\u201d<\/p>\n\n\n\n

How to use life insurance in estate planning<\/h2>\n\n\n\n

The primary benefit of life insurance is it can provide income for beneficiaries when a policyholder passes away, whether it’s family or a charity, or both.<\/p>\n\n\n\n

“If a client wants to transfer a portion of their estate not used in retirement to the next generation\u2014whether that is kids, grandkids or a charitable foundation\u2014insurance is one of the best ways to achieve that,” says Duchesne.<\/p>\n\n\n\n

The policy death benefit will typically bypass the estate, which means that the monies aren\u2019t subject to probate (where provincially applicable) and can go directly to beneficiaries without delay.<\/p>\n\n\n\n

Life insurance can also help to preserve the value of an estate by leaving money behind to pay for taxes, fees or other financial obligations. This may help to ensure any non-liquid assets, such as a cottage or business, can be left to beneficiaries fully intact and don\u2019t have to be sold. Life insurance policies may be owned personally or held in a corporation or a trust.<\/p>\n\n\n\n

The two main types of permanent life insurance regularly used in estate planning are universal life and whole life. Universal life insurance offers investment choices that are self-directed and offer more flexible management to match your investor profile. It\u2019s usually suited to individuals who are comfortable managing their own investments. Whole life insurance policies are more suitable for those that wish to have a passive approach to investing, as the funds are managed by the insurance company. It\u2019s best suited to those who don\u2019t necessarily want to control their investments and prefer more stable, balanced returns.<\/p>\n\n\n\n

Different tax characteristics<\/h2>\n\n\n\n

Both types of insurance allow for cash accumulation on a tax-exempt basis. This happens as a result of guarantees within a policy and\/or when a policyholder voluntarily deposits more than the basic cost of the coverage. These excess cash flows are invested within the structure of the plan. The money is not taxed annually (within limits) as it grows, and there\u2019s no tax payable by the beneficiaries when the policyholder dies.<\/p>\n\n\n\n

\u201cThe use of permanent life insurance\u2014whether it\u2019s a universal or whole life policy\u2014can be a wise investment option, in particular for wealthy clients,\u201d Duchesne says. \u201cIt\u2019s a way for people to produce a new asset class within their portfolio with a different tax characteristic.\u201d<\/p>\n\n\n\n

The tax efficiency is also why life insurance investments have the potential to generate a higher rate of return than what might otherwise be earned through regular investing, he says. With universal life insurance, deposits can be increased to raise the amount of tax-deferred savings, with some limitations.<\/p>\n\n\n\n

An individual\u2019s health status matters as they must medically and financially qualify for insurance products.<\/p>\n\n\n\n

Overall, Duchesne says the type and amount of insurance a person should buy will depend on their investment risk tolerance, how much money they need to remain liquid in their portfolio and what portion of their estate they want to leave to beneficiaries.<\/p>\n\n\n\n

As with all insurance products used for estate planning, Duchesne says investors need to do a thorough cost-benefit analysis to determine what strategy works in their personal circumstances.<\/p>\n\n\n\n

Part of a good financial plan<\/strong><\/h2>\n\n\n\n

\u201cWhile there are a number of good reasons to consider having life insurance in an estate plan, and different options available, many Canadian families across asset classes remain underinsured,\u201d says John W. Hamilton, president and chair at RBC Wealth Management Financial Services Inc.<\/p>\n\n\n\n

He believes insurance is often misunderstood. \u201cIn many consumers\u2019 minds insurance is a negative word,\u201d Hamilton says, because it\u2019s connected with unfortunate events such as an accident, natural disaster, fire or death.<\/p>\n\n\n\n

\u201cIn reality, insurance is just part of a good financial and estate plan,\u201d Hamilton says.<\/p>\n\n\n\n

It provides financial protection and investment advantages that give investors peace of mind that their estate is being looked after.<\/p>\n\n\n\n

\u201cYou need a plan,\u201d Hamilton says. \u201cYou need to incorporate protection items because the plan doesn\u2019t always come to fruition the way you dreamed it. Life gets in the way.\u201d<\/p>\n\n\n\n

With wealth transfer, Hamilton says life insurance is an effective way to protect and share wealth\u2014and to leave a legacy on your own terms.<\/p>\n\n\n\n

\u201cIt\u2019s money you can\u2019t take with you and want to share with the people you love or the organizations you love, such as philanthropy and community,\u201d Hamilton says. \u201cWith wealth transfer, you want it to be efficient and to have some certainty that the money goes where you want it to go and do what you want it to do. That\u2019s where insurance can play a key role.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

We often worry not only about building and protecting wealth in our lifetime, but also maintaining those assets for future generations.<\/p>\n","protected":false},"author":25,"featured_media":819,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"rbcwm_post_date":"","editor_notices":[],"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[14,12],"tags":[],"rbcwm_content_owner":[],"rbcwm_need":[],"rbcwm_segment":[],"rbcwm_solution":[],"rbcwm_topic":[],"class_list":["post-818","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-insurance","category-wealth-planning"],"acf":{"rbcwm_subtitle":"We often worry not only about 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