{"id":1771,"date":"2021-08-19T09:05:00","date_gmt":"2021-08-19T14:05:00","guid":{"rendered":"https:\/\/lifeannuities.com\/blog\/?p=1771"},"modified":"2021-08-12T11:01:42","modified_gmt":"2021-08-12T16:01:42","slug":"the-insured-rrif-plan","status":"publish","type":"post","link":"https:\/\/lifeannuities.com\/blog\/retirement\/the-insured-rrif-plan","title":{"rendered":"The Insured RRIF Plan"},"content":{"rendered":"\n<p class=\"has-medium-font-size\"><strong>Your Concern:<\/strong><\/p>\n\n\n\n<p class=\"has-medium-font-size\">You have sizable amount built up in your <a href=\"https:\/\/lifeannuities.com\/rrsp\/\">Registered Retirement Savings Plan (RRSP)<\/a> or your <a href=\"https:\/\/lifeannuities.com\/rrif\/\">Registered Retirement Income Fund (RRIF)<\/a>. What happens if you die before the money is used up? If you have a spouse, the money can be transferred tax free, but when your spouse passes away, your heirs stand to lose up to half the money to taxation.<\/p>\n\n\n\n<p class=\"has-medium-font-size\"><strong>How To Solve The Problem:<\/strong><\/p>\n\n\n\n<p class=\"has-medium-font-size\">You can protect the entire balance of your RRSP or RRIF by using <a href=\"https:\/\/lifeannuities.com\/insurance\/\">life insurance<\/a>. A death benefit from a life insurance policy is not taxable. All you need to do is to purchase enough coverage to protect the amount of your estate value that would be paid to <a href=\"https:\/\/www.canada.ca\/en\/revenue-agency.html\">Revenue Canada<\/a>. The benefit far outweighs the cost.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">For example: You have a RRIF Balance of $200,000 in the year of your death. If we assume Revenue Canada taxes this amount at a rate of 50%, your heirs would have to write a cheque for $100,000 to cover the tax.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">If however, you have a life policy that paid a tax free death benefit of $100,000 your total balance would now be restored to $200,000.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">You can now enjoy the full value of your life\u2019s work and pass your own estate, intact to your heirs.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">We will give you the <a href=\"https:\/\/lifeannuities.com\/productform-insurance.html\">best online term price<\/a> available today. Then add any necessary details in the Comments box.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Your Concern: You have sizable amount built up in your Registered Retirement Savings Plan (RRSP) or your Registered Retirement Income[&#8230;]<\/p>\n","protected":false},"author":1,"featured_media":1772,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[113,366,238,116,367,36,24,23,257],"class_list":["post-1771","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-retirement","tag-insured","tag-life-insurance","tag-plan","tag-policy","tag-revenue-canada","tag-rrif","tag-tax","tag-taxation","tag-term"],"_links":{"self":[{"href":"https:\/\/lifeannuities.com\/blog\/wp-json\/wp\/v2\/posts\/1771","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lifeannuities.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lifeannuities.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lifeannuities.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/lifeannuities.com\/blog\/wp-json\/wp\/v2\/comments?post=1771"}],"version-history":[{"count":1,"href":"https:\/\/lifeannuities.com\/blog\/wp-json\/wp\/v2\/posts\/1771\/revisions"}],"predecessor-version":[{"id":1773,"href":"https:\/\/lifeannuities.com\/blog\/wp-json\/wp\/v2\/posts\/1771\/revisions\/1773"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/lifeannuities.com\/blog\/wp-json\/wp\/v2\/media\/1772"}],"wp:attachment":[{"href":"https:\/\/lifeannuities.com\/blog\/wp-json\/wp\/v2\/media?parent=1771"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lifeannuities.com\/blog\/wp-json\/wp\/v2\/categories?post=1771"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lifeannuities.com\/blog\/wp-json\/wp\/v2\/tags?post=1771"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}