CIBC poll indicates more than half (60%) of retired Canadians continue to hold debtBy
Retired Canadians hold less debt than those currently working, but they’re less likely to be accelerating debt repayment.
One way that Retired Canadians can do to take the worry off their debt load is to use the cash value in their whole life life insurance policies to help pay off the debt.
Many Canadians are unaware that whole life insurance policies are an asset and that a portion of the cash value in a policy can be borrowed and used for other purposes.
If you have a whole life policy hold on to it especially if there are guaranteed values in the policy. Many insurance companies have in the past couple of years taken their whole life products off the shelf. However there are still a few insurance companies that do carry whole life insurance with guaranteed values in the policies.
Make sure you check your policies to determine exactly what you have and look at possibly converting some of your term policies to whole life policies or purchase a whole life policy. They are still a good asset to carry. If you don’t understand your policy than give us a call and we can do a review for you.
Life insurance broker specializing in insurance for hard to insure Canadians and making insurance simple to understand.