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In the accumulation years, your income and assets are increasing while overall debt is decreasing. This is a period when you have multiple responsibilities to your family and future. In fact, you may have financial and personal obligations to your children, spouse and parents.

This is a time when you may have financial obligations to spouse, children and even parents.

Along with increased assets comes the need for tax planning to make the most of your wealth accumulation. Risk management also becomes a factor-ensuring that you protect your retirement savings. Of course, you must still ensure that your family is taken care of if the primary income earner suffers a serious illness or injury, or passes away prematurely. It’s a time of your life when sound financial planning and advice are crucial.


Protecting Your Income

Life Insurance

Life insurance protects your future annual income, ensuring that your family members will always maintain their standard of living. You may also choose permanent life insurance for estate planning. For example, insurance proceeds can offset taxes on investments and other capital property payable upon death, leaving the estate value intact for your heirs.

Wellness Protection

Disability Insurance

Disability insurance pays a monthly benefit to help replace lost income if you cannot work due to a sickness or injury. It’s especially important if you are self-employed, as a disability could be financially devastating. If you are an employee with group coverage, you could still need personal Disability insurance to cover areas where the group plan may be lacking.

Critical Illness Insurance

If you are diagnosed with cancer or suffer a heart attack or other serious medical condition, Critical Illness insurance provides a tax-free lump sum benefit to cover associated costs. You can use the benefit for out-of-country treatment, home nursing care, to cover an extended recuperation period or however you wish.

Long-Term Care Insurance

If illness or failing health prevents you from caring for yourself, you may need to move to a long tern care facility or receive comprehensive care at home. But high costs, not covered by government benefits, could be unaffordable or deplete your assets. Long Term Care insurance can help cover the costs of home care or a long term care residence with tax-free benefits.

Investments

Segregated Funds

Similar to mutual funds these offer principal protection, the ability to lock in investment gains, potential creditor protection and estate benefits. In the years before retirement, protection of your principal helps maintain equity holdings with reduced risk.

Tax-Advantaged Investing with Permanent Life Insurance

Whole Life and Universal Life insurance combine permanent life insurance with a tax-advantaged savings component. The savings component in Whole Life insurance is professionally managed by the insurance company. With Universal Life, you can choose your own investment funds from all asset classes, including accounts providing guaranteed returns. Your investments grow tax-sheltered and beneficiaries receive insurance and investment amounts tax-free. This vehicle can also be used for retirement income or charitable giving.

Guaranteed Minimum Withdrawal Benefit Product

The Guaranteed Minimum Withdrawal Benefit Product provides retirement income that can be guaranteed, even if markets fall. You invest in segregated funds and can receive income for life, with the potential for your income to increase. You can also receive a bonus, commonly 5%, in each year you don’t withdraw funds, even in years of a market downturn.