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IG Wealth Management Life Insurance Study: Most Affluent Canadians Unclear About the Important Role Life Insurance Can Play in Estate Planning
IG Wealth Management Life Insurance Study: Most Affluent Canadians Unclear About the Important Ro...
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[{"type":"text","content":"\n \n \n \n IG Wealth Management Life Insurance Study: Most Affluent Canadians Unclear About the Important Role Life Insurance Can Play in Estate Planning\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n Almost 90 per cent of high-net-worth Canadians plan to pass their estate to the next generation.\n \n \n \n \n However, just over half have a life insurance policy.\n \n \n \n \n Less than one-fifth are very knowledgeable when it comes to the tax advantages and benefits of life insurance on their estate.\n \n \n \n \n \n \n WINNIPEG, MB\n \n \n ,\n \n \n Sept. 27, 2023\n \n \n /CNW/ - According to IG Wealth Management's (IG) life insurance study, the majority (88 per cent) of high-net-worth (HNW) Canadians (defined as individuals with at least\n \n $1 million\n \n in investible assets) plan to pass their estate onto the next generation. However, many are unaware of the important role life insurance plays to help safeguard the value of their estate and mitigate the tax implications of a wealth transfer.\n \n \n \n \n \n \n \n \n \n The study, conducted in partnership with Pollara Strategic Insights, found that:\n \n \n \n Just over half (54 per cent) of HNW Canadians have a life insurance policy.\n \n \n However, less than one-fifth (17 per cent) are very knowledgeable when it comes to the tax advantages and benefits of life insurance on their estate.\n \n \n More generally, only one-third (33 per cent) have a good understanding of the tax implications of passing on their estate to their beneficiaries.\n \n \n \n A life insurance policy can help offset the associated costs of a wealth transfer, including probate fees and taxation, to ensure that the next generation receives the inheritance amount as intended.\n \n \n \"It's not surprising to learn how many affluent Canadians plan to pass their estate onto the next generation,\" said\n \n Alana Riley\n \n , Head of Insurance, Mortgage and Banking at IG Wealth Management. \"What's concerning is the knowledge gap – most lack understanding about the role life insuranc...