Suited for those individuals who would like to accumulate additional savings for retirement on a tax-deferred basis. You have maximized your RRSP and recognize that additional savings may be necessary to maintain your lifestyle at retirement.

If you want to accomplish one or more of the following: The Adopt-a-Life plan takes advantage of several features of our universal life policies to help you accumulate additional savings on a tax-deferred basis for retirement. The owner of the plan must have a financial interest in the ongoing survival of the actual life insured. Therefore, business partners or family members may be considered as insurable interests.

By depositing funds into a universal life policy on a tax-deferred basis, you do not pay income tax on investment growth within the plan until funds are withdrawn. Income earned within the plan is not reported on your annual income tax return.

You will appreciate the fact that the growth of the cash within the plan can provide an income at retirement through a series of withdrawals. The plan can also be used as a collateral for a bank loan (interest paid may be deductible if the loan is used for investment purposes).*

Current tax legislation allows you to transfer ownership of a policy on a child or grandchild to the child or grandchild during your lifetime, without having to pay tax on the tax-deferred accumulation at the time of the transfer.