Have you ever wondered how to create a legacy? Yes, I know there are those that are ultra-rich who donate millions of dollars to hospitals and foundations and then get a research building named after them. But really, for those of us that have worked all our lives to scratch out a living and are now retired, how could we possibly think of creating a legacy to be remembered by those that we love, when we are gone. Wouldn’t it be a wonderful thing to have your grandchildren have something of real value from you that they will still have long after you have passed away? Of course, you can give them your personal mementos, photographs or antiques – but what about real monetary protection and the ability to fund large future purchases like education or their own retirement? I’m talking about participating whole life insurance for children. Now before you dismiss this idea, why not consider purchasing a policy for a grandchild? The premiums are much more affordable providing permanent insurance at children’s rates and the policy can be paid up in most cases by 10 or 20 years. Participating life policies vary by insurance provider and by province so it is best to talk to a licensed advisor for guidance. The policies offer insurance protection with the potential to grow money tax-free within legislative limits inside the policy over time, called a CSV or “cash surrender value.” The premium, usually always level, is guaranteed for life at the time you purchase the policy. For some plans, the participant may even be eligible to receive dividends which can be used to pay the premiums or be added to the CSV balance creating more continuous growth over time. Cash can be accessed to fund things like education, used as future collateral to borrow against, or simply left to grow over many years and used for family protection. Bottom line, what we want when we create a legacy is to be remembered, valued, and thought of in a loving way. When your grandchild is 50 and you are long gone; wouldn’t it be nice for them to tell their advisor or banker: “I got this from my grandma!”
Let’s Create a Legacy
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About the Author: AskMoneyLady
Christine Ibbotson is an Canadian Author, National and Syndicated News Columnist, and Professional Financial Speaker and Presenter.
She also has three radio shows called the “Ask The Money Lady Minute,” “Your Money Today” and a live-call in show called “Ask The Money Lady.”
She writes for over 630 Newspapers in Canada with over 21 million readers and is heard on 327 radio stations across Canada.
Christine is the Author of her book entitled "How to Retire Debt Free & Wealthy" available on Amazon and Indigo. In How to Retire Debt-Free and Wealthy, Christine offers accessible and realistic guidelines in a series of achievable steps, from debt elimination to wealth management, teaching readers how to create their own customizable financial plans.
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