We can show you how insurance solutions may protect against the risk of future financial loss and help generate additional retirement income or cash flow.
At RBC Wealth Management Financial Services, we understand your needs and goals are always evolving. That’s why we work closely with you and your trusted professionals to identify potential wealth-creating opportunities.
As much as we don’t want to admit it, life can be uncertain—and sometimes too short. Life insurance may create some of the wealth you’d no longer be able to provide if you die unexpectedly.
Typically, you would use life insurance for this purpose if you’re younger with financial obligations, such as a mortgage, education savings plans and childcare expenses. Your spouse might be financially compromised if you pass away.
Life insurance proceeds may also help pay for funeral expenses and taxation at death.
Depending on your needs, a cost-effective solution may be term life insurance. The benefit may help your family meet financial needs and obligations after you’re gone.
A term policy may include the option to renew your coverage during your term or convert it to a permanent plan. In most cases, this can be done without evidence of insurability.
Insurance may help with
Converting your life savings into a retirement income stream is a delicate process. A unique set of risks—such as longevity risks, market risks and the sequence of returns before and during retirement—have the potential to negatively impact a healthy retirement income stream.
Besides longevity and market risks, there’s also the risk of our savings not lasting long enough. Thanks to advances in healthcare, Canadians are living longer. Income segregated funds are designed to address these risks. These funds offer a guaranteed lifetime income stream to help protect you from outliving your savings.
If you’re looking for another way to receive predictable retirement income, consider purchasing an annuity. Independent from market and interest rate fluctuations, annuities create a steady cash flow with locked-in payments.
People often use annuities as an efficient way to cover fixed costs. The steady cash flow may also help you avoid the need to liquidate other investments or assets.
With a life annuity in your wealth plans, you will never outlive its income stream, and only the interest income is taxable.
Income wealth solutions may help with
“I believe our estate planning specialist’s greatest attribute is their ability to simply explain to our clients how and why insurance is important to their family’s overall well-being. We always preach to our clients that investments are an important aspect of what we do, but it isn’t the only thing we do for them. We also want to make sure our clients have a financial plan, and they and their families are adequately protected if some unforeseen unfortunate event happens in their lives.”
Troy EdwardsSenior Portfolio Manager and Investment AdvisorEdwards Private WealthRBC Dominion Securities Inc.
Connect with RBC Wealth Management Financial Services or speak with your RBC advisor* to learn more about insurance planning.
*Advisors at RBC Dominion Securities or RBC Phillips, Hager & North Investment Counsel can assist you with insurance planning.
Explore how insurance solutions may help create another asset within your overall portfolio, protect the value of your estate and fund your estate’s tax liabilities.
Discover how insurance solutions may help you prepare for what happens with your estate—and provide for your beneficiaries and the causes you care about—after you’re gone.
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If you are in the early stages of creating wealth, insurance may be a low-cost way to create a financial safety net should you or an income-earning spouse pass away.
Your ability to earn an income might be your greatest asset. Help protect it with living benefits insurance, which may provide funds to offset living expenses when you are unable to work.
Your investment in a life insurance policy isn’t beyond reach. Through planning, those accumulated funds may be accessed in a tax-efficient manner during your lifetime. We can show you how.
In the event of a death, your business may need funds to ensure its continued operations. Term life insurance may provide funds for buy-sell agreements, to cover the loss of a key person and to insure collateral loans.