Why choose Parent Plan?

1

Supplement Your Retirement Income

If you have either maxed out your RRSP or don’t have a lot of room because you are self-employed, the accumulated cash value in this plan can be paid out during retirement on a tax-free basis.

2

Tax Free Growth

Similar to an RRSP, money inside a permanent life policy is deemed by Revenue Canada to be tax-exempt and therefore grows tax free.

3

Lifelong Paid Up Life Insurance

Life insurance offers you the protection you need and the peace of mind that comes with knowing loved ones and/or business interests will be looked after once you pass on.

4

Guarantees

Every year you get a policy statement indicating the cash value and estate benefit value that are guaranteed. Unlike your regular investments (stocks, bonds, mutual funds) which fluctuate year by year, every year dividends are paid in, these values guaranteed and vested.

5

Creditor Protection

Both the cash value and death benefit can be creditor proof, and the death benefit is not considered family assets in the event of marriage breakdown (unlike the RRSP and TFSA).

Image of a house in the suburbs

Why choose Parent Plan?

No restrictions on how the funds are used

Membership to healthclubs as become a lot more accessible thanks to Tutum rewards.

Your child will receive an annual dividend for life

Membership to healthclubs as become a lot more accessible thanks to Tutum rewards.

Your child with have the bonus of paid up life insurance

Membership to healthclubs as become a lot more accessible thanks to Tutum rewards.

As the parent you have full control over the funds

Membership to healthclubs as become a lot more accessible thanks to Tutum rewards.

Insured Retirement Plan
Client
Male Age 35
Initial Life Insurance
$400,000
Planned Deposit Period
20 Years
Personal Tax rate
50%
Loans Begins
Age 65
Life Expectancy
Age 85
This sample illustration is based on contributions made over a 20 year period for a 35 year old male.  The projected values are based on a Canadian  insurance company's current dividend credit rate of 6%.  This example is strictly for illustrative purposes.
Insured Retirement Plan
Taxable Investment

Annual deposit

$15,000

$15,000

Dividend Scale / Rate of Return

6%

6%

Annual Tax-Free Income / Taxable

$50,437

$50,437

Death Benefit at Age 85

$2,655,055

$0

Loan Balance at Age 85

$1,891,650

$0

Net Estate Value at Age 85

$763,405

$0

This sample illustrative scenario is based on contributions made over a 20 year period for a male age 35 non-smoker.  The projected values are based on a Canadian  insurance company's current dividend credit rate of 6%.  This example is strictly for illustration purposes.

Parent Plan

While reviewing Child Plan illustrations with parents we are often asked if they can apply for a similar plan for themselves.

The answer is Yes!

For more information please request an illustration or contact us directly.

Image of a house in the suburbs

Why choose Parent Plan?

No restrictions on how the funds are used

Membership to healthclubs as become a lot more accessible thanks to Tutum rewards.

Your child will receive an annual dividend for life

Membership to healthclubs as become a lot more accessible thanks to Tutum rewards.

Your child with have the bonus of paid up life insurance

Membership to healthclubs as become a lot more accessible thanks to Tutum rewards.

As the parent you have full control over the funds

Membership to healthclubs as become a lot more accessible thanks to Tutum rewards.

An Insured RETIREMENT PLAN

Client
Male Age 35
Initial Life Insurance
$400,000
Planned deposit period
20 Years
Personal tax rate
50%
IRP Loans begin
Age 65
Life expectancy
Age 85
This sample illustration is based on contributions over 20 years for a male under the age of one. The projected values are based on a Canadian insurance company's current dividend credit rate of 6%. This example is for illustrative purposes only.
Image of a house in the suburbs

Why choose Parent Plan?

No restrictions on how the funds are used

Membership to healthclubs as become a lot more accessible thanks to Tutum rewards.

Your child will receive an annual dividend for life

Membership to healthclubs as become a lot more accessible thanks to Tutum rewards.

Your child with have the bonus of paid up life insurance

Membership to healthclubs as become a lot more accessible thanks to Tutum rewards.

As the parent you have full control over the funds

Membership to healthclubs as become a lot more accessible thanks to Tutum rewards.

Annual deposit

IRP
Taxable
Investment
Annual deposit
$15,000
$15,000
Dividend scale
6%
6%
Annual Tax-Free
Pay-Out / Taxable
$50,437
$50,437
Death Benefit
at Age 85
$2,655,055
$0
Loan Balance
at Age 85
$1,891,650
$0
Net Estate Value
at Age 85
$763,405
$0
This sample illustration is based on contributions over 20 years for a male under the age of one. The projected values are based on a Canadian insurance company's current dividend credit rate of 6%. This example is for illustrative purposes only.
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Insured Retirement Plan

Insured Retirement Plan

Taxable Investment

Annual deposit

$15,000

$15,000

Dividend scale/rate of return

6%

6%

Annual Tax-Free Pay-Out

$50,437

$50,437

Death Benefit at Age 85

$2,655,055

$0

Loan Balance at Age 85

$1,891,650

$0

Net Estate Value at Age 85

$763,405

$0