An estate protection policy ensures that when one or more beneficiaries is named, the death benefit proceeds will go directly to those named beneficiaries, avoiding potential estate administrative costs. It provides an immediate 100% guarantee on the death of the annuitant for all premiums invested in the policy prior to age 91 (proportionately reduced by any withdrawals).
Who is it for?
Available to annuitants between age 80 and 90, estate protection is ideal for those who don’t want to see the legacy they leave for their loved ones diminished by administration costs. With an estate protection policy, they can ensure that 100% of their insurance death benefit goes to their beneficiaries.*
How does it benefit you and your family?
Keep your hard-earned money in the family
100% of the death benefit on your segregated fund policy goes directly to your beneficiaries.* Nobody in the middle, no intermediary costs. You may save a significant amount on estate costs.
You decide how the benefit is received
Your beneficiaries can receive the death benefit via a lump sum payout, or an income stream. The choice is yours.
Your estate remains private
If you wish, the details of your estate can remain private throughout the process of transferring your wealth.**
* Guarantees are less a proportional reduction for withdrawals, including taxes, short-term trading fees and any other applicable charges. In addition to the 100 per cent death benefit guarantee for premiums applied to the policy prior to age 91, estate protection policies provide a maturity benefit guarantee, which is 75 per cent of your premiums applied to the policy prior to age 91. The youngest annuitant must be at least age 80 and no more than age 90 at the time the policy is issued.
** In Saskatchewan, executors must disclose all known life insurance policies owned by the deceased, including segregated fund policies. They must list the insurance company, policy number, designated beneficiaries and the value at the date of death.
Talk to an advisor
Not feeling confident in your finances? You can talk to an advisor who will work with you to craft a financial plan tailored to your needs.