One thing many people do not know is that anyone, even a stranger can pay a small fee and receive a copy of your probated will since probated wills are public documents. For some of us this does not matter much, but for people with sizeable estates, anyone can get access to information outlining all your assets, investments and a list of everyone who will receive anything from your estate. Family members fighting over your estate is probably not the legacy you want to leave behind.
Opting to invest your wealth into an annuity or segregated fund portfolio allows you to make a beneficiary designation, and as with most products tied to life insurance, the investment is not probated and the loss of privacy issue is completely avoided.
Investments tied to life insurance are 100% private, they carry guaranteed benefit amounts and always bypass probate. With GIC’s, rates are guaranteed for whatever term you decide, for example 5, 10, 20 year terms. They are also deposit insured up to certain limits per account. With Segregated funds there are even more added benefits. 100% of your investment is guaranteed upon death to your beneficiaries, so there is no loss of capital at death. Most Segregated funds offer a maturity guarantee of 100% of your principal investment regardless of stock or bond market conditions. While your investment is growing, your guarantee to your beneficiaries is growing as well, therefore increasing profits for you and your family upon the term expiry or death. Segregated funds also offer creditor protection for professionals and small business owners.
The final and perhaps most important benefit to investing in Life Insurance products like Segregated funds is that you have the security of written guarantees. No matter what your original investment capital is protected. You can only make more, not lose money as is the case with investments not tied to life insurance and governed by the insurance act.
Reach out to me directly and I will be happy to guide you through the process of choosing the right investment product for your unique needs.