Special to The Globe and Mail
I realize that insurance agents get a bad rap. There are few people on the face of the Earth who can be more persistent than an insurance adviser.
I often tell the story of the time I met with my own adviser who was trying to sell me a policy. I told him I would sleep on it. He then said: “Tim, that sounds good. You sleep on it, and if you happen to wake up in the morning, give me a call and let me know your decision.” We had a good laugh.
If the truth be known, life insurance can be used in many effective ways, and so shouldn’t be dismissed quickly. Today, I want to share with you some of the ways in which many affluent Canadians have used life insurance in the past. Some of these ideas might just make sense for you.
1. Tax-sheltered accumulation